How to file Income Tax E-return for deceased person?
Legal representative/heir of the deceased person is require to file the income tax return on his/her behalf. In most cases, spouse or eldest son/daughter assumes the status of legal representative or heir unless will mention another person to be executor or administrator of the estate. As per Section 159 of the income tax act:- Legal […]
Input Tax Credit (ITC) under GST
What is Input Tax Credit (ITC) Input Tax Credit refers to the tax already paid by a person at time of purhase of goods ro services and which is available as deduction from tax payable . For eg- A trader purchases good worth rs 100 and pay tax of 10% on it. And now this […]
How to Resolve Error in GSTR-3B
GSTR-3B is required to be filed every month by all taxpayers till 20th of the next month. Although this is a relatively easy form and there is less scope for mistakes. But a mistake in calculating the sales, purchases, input and output taxes is very common. Many a time the person misses some sale or […]
File request for refund of excess TDS deposited by Deductor
Deductor can request a refund for excess TDS deposited by him via TRACES for the financial year 2007-08 onwards. An online utility is available for the Forms type 24Q, 26Q, 26QB, 26QC, 27EQ & 27Q. Checklist for filing raising refund request via TRACES for Form 26B Digital Signature should be registered for Authorised Person on […]
Basics of GST with Examples
Introduction Goods and Service Tax (GST) is applicable in India from 1st July 2017. Before 1st July 2017, service tax applies to services and vat, excise duty, etc. apply to goods. After 1st July 2017, GST applies to trading and manufacturing of goods as well as on providing services. GST is not applicable to alcohol, crude […]
Complete Guide on Depreciation as per Income Tax – Section 32
If you don’t know what is depreciation then you can read about it here – What is depreciation and common methods/types of depreciation. Basics of Depreciation Depreciation is allowable as expense in Income Tax Act, 1961 on basis of block of assets on Written Down Value (WDV) method. Depreciation on Straight Line Method (SLM) is not […]
Depreciation Rates and Provisions as per Companies Act 2013
Depreciation Calculator for Companies Act 2013 Depreciation as per companies act 2013 for Financial year 2014-15 and thereafter. These provisions are applicable from 01.04.2014 vide notification dated 27.03.2014. Depreciation is calculated by considering useful life of asset, cost and residual value. Any method WDV or SLM can be used. Schedule – II contains a list […]
GST on E-commerce Sellers – 14 Questions Answered
Who is considered as e-commerce operator? CGST act defines electronic commerce as – ” Electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network.” And defines electronic commerce operator as – “Electronic Commerce Operator means any person who owns, operates or manages digital or electronic facility […]
GST on Commission Agents
Agent is defined in CGST act as “agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another. For the purpose of […]
Depreciation rates as per I.T Act for most commonly used assets
Rates has been changed for financial year 2017-18 and onwards. Now the maximum rate of depreciation is 40%. S No. Asset Class Asset Type Rate of Depreciation 1. Building Residential buildings except hotels and boarding houses 5% 2. Building Hotels and boarding houses 10% 3. Building Purely temporary erections such as wooden structures […]