The GST Council in its 31st meeting decided that a new GST return system will be initiated to facilitate taxpayers. Government introduced a transition plan for all the taxpayers under the goods and services tax switching to new simpler return Forms. In order to ease the transition to the new return system, a transition plan has been worked out. This mechanism allows taxpayers to try the new return filing Forms during July-September and it will become mandatory only from October. The new return mechanism will have 3 Forms – one main return Form (Form GST RET-1) and two annexures (Form … Read more
One of the forms taxpayers need to keep track of is annual returns (GSTR-9) under Goods and Services Tax (GST) system. This form is required to be filed once every year by registered taxpayers such as businesses. The due date for filing GSTR-9 for FY 2019 is set as June 30, 2019. While the Government is going to be extra vigilant to flag defaulting filers, taxpayers need to be cautious to avoid making any errors, as there is no way to amend the GSTR-9 return once filed. Below are some of the common mistakes that taxpayers can avoid while filing … Read more
Recently, the government notified the income tax return (ITR) forms for financial year (FY) 2018-19. The year following the financial year in which income earned by a person is assessed is referred as assessment year (AY). This is the year in which you file your ITR for the financial year gone by. For instance, for the financial year 2018-19, the AY is 2019-20.There are various different categories to file ITR of taxpayers.
For individuals, Hindu Undivided Families (HUF) and the taxpayers whose accounts are not required to be audited, the deadline to file the ITR for the FY 2018-19 is … Read more
As per tax laws, an individual is required to report all sources of income and file ITR (Income tax returns) using the correct form applicable to him. It is mandatory to file ITR with utmost care because even a small mistake can land you in a trouble getting tax notice. The tax authorities have spruced up their efforts to catch the evaders. The new ITR forms seek detailed disclosures paving no scope for taxpayers to conceal income in their returns. Moreover, the Central Board of Direct taxes mandate to file the returns online, barring super senior citizens above 80 years … Read more
India could review the goods and services tax (GST) structure to further prune the number of items in the highest slab of 28% as it attempts to stave off a slump in demand. Some states have favored a reduction in tax rates, worried that the slowdown may get entrenched, and have communicated their concern to the Centre. The first GST council meeting to be chaired by Nirmala Sitharaman may meet on June 20, 2019 ahead of the budget presentation on July 5, 2019. Below mentioned are some specific points which will be focused in the meeting:
- Automobiles are placed
An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards are adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which is a committee under Institute of Chartered Accountants of India (ICAI) consisting of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.
Ind AS stands for Indian Accounting Standard and are converged standards for IFRS (International Financial Reporting Standards). Before the introduction of Ind AS, financial statements were prepared on the basis … Read more
With a field of vision to facilitate fund raising by start-ups, the Department for Promotion of Industry and Internal Trade (“DPIIT” or the “department”) proposed relaxation in the income tax laws proposing a customized incentive package to attract foreign investments in sectors such as electronics, chemicals and food processing. This proposal is a part of a 100 day action plan prepared by DPIIT focusing “Startup India Vision 2024” to promote growth of bussing entrepreneurs facing difficulty in raising finances. At present, startups comply with a plethora of requirements such as GST filings, tax returns and other local laws every month. … Read more