How to Surrender your GSTIN

A new functionality has been introduced on the GST portal for the surrendering of GST Registration. If you want to cancel your GST registration, follow below steps: – Step 1: Login into your account on GST.GOV.IN Step 2 : Go to Services >> Registration >> Application for Cancellation of Registration There will be three tabs […]

Composition Scheme under GST for traders/manufacturers of goods

As per the GST law, generally a taxpayer pays tax under normal rates i.e 5%, 12%, 18%, 28% and avails cenvat credit on inputs, input services and capital goods. The balance tax payable after claiming the cenvat is paid in cash to the government. Using this method all the procedural compliances have to be adhered […]

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 […]

TDS on Purchase of Property from Non-Resident

As per Section 195, any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest on securities) or any other sum chargeable under the provisions of this Act (not being income chargeable under the head Salaries) shall, at the time of credit of such […]

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 […]

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