Are Winnings from Online Betting taxable in India?

Following an increasing internet penetration in India, more and more Indians are beginning to make use of so-called online betting sites which allow users to place bets on popular sporting events from India and around the world and potentially win money. As with all activities that have an element of income-earning potential, the inevitable questions […]

GST Returns for Persons Registered under Composition Scheme

Details, as furnished in Details of outward supplies in Form GSTR-1, will be available to the composite dealer in Form GSTR – 4A. The dealer can add, correct or delete such details. After such addition, correction or deletion quarterly return in Form GSTR-4 is to be furnished. Form GSTR-4 shall include- (a) invoice wise inter-State and intra-State inward […]

Taxability of Salary and Other Income for Seafarers

Taxability of Salary Income As per Section 5(2), the total income of any financial year who is a non-resident includes all the incomes from whatever source derived which – is received or deemed to be received in India or arise in India during such financial year. accrue or arises or is deemed to accrue or […]

GST on Hotels – A Complete Guide

Services provided by the hotel is a taxable service in GST.  The place of supply will always be the state/union territory where the hotel is located even if the guest is a registered person and has GSTIN of another state. Therefore, a hotel has to charge SGST and CGST always. The guest can take input […]

Filing Income Tax Return (ITR) for Seafarer

As per Section 139(1)(b), every individual, if his total income exceeds the maximum amount which is not chargeable to income tax shall file his return before giving any benefits of any deduction under Chapter VI-A (like LIC, medical premium, school fees etc. provided under section 80) shall furnish his return of income. Filing return of […]

Type of Bank Accounts for Seafarers

Non-resident seafarers are allowed to have various types of bank account as follows: – Non-resident Ordinary Account (NRO) It is a rupee-denominated saving account for managing income earned in India by the non-resident. Interest earned on this account is not tax-free and TDS is deducted by the bank @ 31.2%. It is highly advisable to […]

Composition Scheme for Service Providers in GST

Introduction Composition scheme under GST law is for small businesses. This is to bring relief to small businesses so that they need not be burdened with the compliance provisions under the law. An option has been provided to the eligible taxpayer who can opt to pay a fixed percentage of turnover as fees in lieu […]

GST for Indian Freelancers: Applicability & Compliances

Rules for GST are same for individual freelancers as well as partnership firms, LLP, Companies etc. These same rules apply to self-employed professionals whether providing services to a single client or to multiple clients. Registration Requirement under GST 1. When you are providing services of up to Rs. 20 lakhs in a financial year – […]

Invoice Terms and conditions for Indian Businesses

When a buyer receives an invoice from the seller, he expects it to be accurate with all the necessary details and an easy to read format. All the elements of the invoice should be properly places with the market standards like total amount is expected to be on bottom right. An important element of the […]

What is Pro Forma Invoice? Format and Status under GST

What is a Proforma Invoice? Pro forma Invoice is a document similar to invoice regarding the particulars of the goods/services yet to be delivered to the customer. It states the prices and quantity of the goods/services, taxes applicable and also state other charges like delivery charges. “Pro forma” is a Latin term, literally means “for […]