What is POS software and how it is different from Billing Software.

What is a POS software? POS stands for Point of Sale. A point of sale system, or POS, is the place where your customer makes a payment for products or services at your store. For example: When you go to Dominos and the counter person clicks on screen and select the items you orders and […]

Income Tax Guide 2021 (FY 20-21) for Indian Seafarer (Merchant Navy)

Meaning of Seafarer A sailor, seaman, mariner or a seafarer is a person who navigates water bone vessels or assists as a crew member in their operation and maintenance. Seafarer holds a variety of ranks and professions, each of which carries unique responsibilities which are integral to the successful operation of an ocean-going vessel. A […]

6 Best GST Software for CA

GST has created a lot of burden on Chartered accountants as well as business organizations as it includes lot of compliances. The other tax liabilities such as VAT, service tax etc. has been reduced. Now there is only one indirect tax regime that need compliances. However, this increased calls for practicing chartered accountants to utilize […]

6 Best TDS Software for CA

The best software can make your life easy and comfortable. Earlier, all the work was done manually. But after looking at today’s scenario, working manually may consume a lot of time. The software will make things less time-consuming. Moreover, with the introduction of IFRS and other taxation and accounting amendments, things have become complex. It […]

Pre-validate Bank Account on Income Tax e-Filing Portal

There are various ways in which you can verify your e-return, one of which is using bank account details. This option comes handy when you do not have a mobile number registered in your Aadhar card and even do not use net banking which is the most commonly used method for verifying income tax return. […]

Save Yourself from Clubbing Provisions for the Gifts Made in Cash

Meaning of Clubbing In general, clubbing means including the income of any other person into the Assessee’s total income for the purpose of taxation. Certain cases have been defined under the Income Tax Act, in which the income of other person is statutorily required to be included in the income of another person. This addition […]

Refunds under GST

A person can make an application for refund of GST before expiry of two years from the relevant date in such form and manner as may be prescribed. Such refund may be claimed in the return filed in regular manner by the taxable person if refund is related to credit balance in electronic cash ledger. […]

Section 194J – TDS on Professional or Technical Fees

Any person (other than individual or huf who is not liable to audit under section 44AB who is responsible for paying to a resident Fees for professional services Fees for technical services Royalty Any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192 to a director […]

Penalty on Late Filing of Income Tax Return – Section 234F

New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income tax return of Financial Year 2017-18 and onwards. If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on time then he is liable […]

Computation of Long Term Capital Gain/Loss

Long term capital gain means capital gain arising from transfer of long term capital asset. Indexation benefit is available for long term capital gains. Long term capital gain is computed as under Long Term Capital Gain/Loss Amount Full value of considerationLess: Expenses incurred wholly and exclusively in connection with such transfer          […]