Order of Utilisation of Input Tax Credit Under GST
Meaning of Input Tax Credit (ITC) Input Tax Credit refers to the tax already paid by a person at time of purchase of goods or
Meaning of Input Tax Credit (ITC) Input Tax Credit refers to the tax already paid by a person at time of purchase of goods or
Resident & Non-Resident Individuals (all age group) for FY 2023-24 & FY 2024-25 under the New Tax Regime under section 115BAC Net Income Range FY
Cost Inflation Index (CII) Applicable from Financial Year 2017-18 Financial Year (01 Apr to 31 Mar) Cost Inflation Index (CII) 2024-25 363 2023-24 348 2022-23
Managing finances, taxes, and cash flow has become significantly easier due to the rise of online accounting software. Here, we’ll delve into the top ten
Each year, individuals earning income higher than the basic exemption limit are required to file their income tax returns (ITRs) online. If you belong to
Anyone whose total taxable income exceeds the basic exemption limit is required to file an Income Tax Return (ITR) during the relevant assessment year. If
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
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,
Who is considered as e-commerce operator? CGST act defines electronic commerce as – ” Electronic Commerce means the supply of goods or services or both,
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
GSTR-2B is introduced on GST portal only some days back. At first, GSTR-2A and GSTR-2B seems to be same. But they are different in some
What is a dropshipping business? Dropshipping is a business in which the seller sells the goods which he does not own at time of selling
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
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
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
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
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
The following conditions should be satisfied for claiming deduction under section 80D. Assessee should be individual or HUF (whether resident or non-resident) Payment is made