GST Exemption List – For Services

GST Exemption List - For Services In the GST Council meeting held on 19th May, 2017, the GST rates and GST exemption list for services was decided. The GST Council approved five broad GST rate categories for services like goods…

Calculating GST Payment Due – Electronic Liability Register

Calculating GST Payment Due - Electronic Liability Register The GST platform in India uses a system of three ledgers, namely Electronic Liability Register, Electronic Credit Ledger and Electronic Cash Ledger to manage the GST liability, credit, payment due, deposits, interest,…

Making GST Payment – Electronic Cash Ledger

Making GST Payment - Electronic Cash Ledger The GST platform created by the Government has three ledgers for managing GST payment, liability, input credit, interest due, penalty due, late fee or any other amount - namely GST Electronic Liability Ledger,…

Rule 114B and Form 60 Filing for Income Tax

Rule 114B and Form 60 Filing for Income Tax Rule 114B of the Income Tax Rules, 1962 (the Rules) require mandatory quoting of PAN in respect of certain transactions for capturing information pertaining to high value transaction and curbing black money circulation.…

Solved: GST Provisional ID Not Generated or Not Working

Solved: GST Provisional ID Not Generated or Not Working An existing taxpayer who is already registered under Central Excise, Service Tax, VAT, Entry Tax, Luxury Tax or Entertainment Tax is migrated to the new GST Platform under a process called enrolment. Enrolment…

Section 80DDB Deduction – Tax Deduction for Specified Diseases

Section 80DDB Deduction – Tax Deduction for Specified Diseases For certain specific diseases, Income Tax Department offers tax deduction to individuals and HUFs under Section 80DDB on the basis of expenses incurred by him for the treatment of such diseases or ailment.…

FATCA Filing

FATCA Filing The Foreign Account Tax Compliance Act (FATCA) is a legislation put in place by the United States Government. Its purpose is to ensure that foreign financial institutions provide the US government with information about clients who could be…

Agricultural Income – Tax Treatment

Agricultural Income and it’s Tax Treatment The definition of agriculture income is given under section 2(1A) of the Income Tax Act, which defines that any income from the following sources will be treated as agriculture income: Any revenue from the…

Guide to Excise Duty in India

Excise Duty The primary and fundamental meaning of "excise duty" or Duty of excise is tax on articles produced or manufactured in the taxing country and intended for home consumption (i.e. consumption within the same country). It is an indirect…

GST Tax Deduction – Rules and Regulations

GST Tax Deduction - Rules and Regulations TDS or Tax Deduction at Source is a means of indirect tax collection, wherein a tax "deductor" is made responsible for the collection and deposit of tax while completing a notified transaction. Tax…