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Deduction of tax at source from payment on transfer of certain immovable property 1 Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, […]
Read More Effective date This levy shall come into force on June 1, 2016. Charge of equalisation levy Following persons a) a person resident in India and carrying on business or profession; or b) a non-resident having a permanent establishment in India. have to charge/deduct at the rate of 6% of the amount of consideration […]
Read MoreCRUX of Sec.44AB:-In A/Y 16-17 There was the concept that Assesssee claiming less that 8% of income than he must do the Audit of accounts…but now the person who show there income less than 8%/6% in 44AD …in these cases person need not to go for audit until the limit of turnover not reaches the […]
Read MoreGST refund can be Submitted Online through The GST portal , after applying online you have to submit the Following Documents in their respective State VAT department:- Application for refund should be compulsorily filed before jurisdictional officer. Refund ARN Receipt No. (ARN) Form GST RFD-01A downloaded from GST website. Electronic Credit Ledger download from GST […]
Read MoreIndian Government has recently introduced the facility to Download the GSTR-2A in Excel Based file, To Download the same you need to follow the following steps:- 1.Login at www.gst.gov.in 2. Enter your GST username and Password and than click the Return dashboard. 3. On Return Dashboard -Select your Financial year and Month for which GSTR-2A […]
Read MoreFollowing is the list of Goods on which no tax is payable under GST :- 1 Salary, wages & bonus paid to employee 2 Electricity bill 3 Water Charges/ Plain Water 4 Bank Interest 5 Professional Tax 6 BMC Tax 7 Building / Property Tax 8 Rent Deposits 9 Other Deposits 10 Petrol / Diesel/ […]
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