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Section 17(5) of CGST Act – Blocked Credit Under GST Section 17(5) of CGST Act, also referred to as blocked credits, is a very important provision for every regular taxpayer under GST. It defines a list of purchases on which GST is paid but businesses cannot claim these as the Input Tax Credit (ITC). In […]
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How To Check Income Tax Refund Status For FY 2023-24 (AY 2024-25) with 3 key portals If you have filed your ‘income tax returns’ and expecting the refund for the financial year: 2023-24 with the assessment year: 2024-25, there are several ways to track your refund online. Here is how you can do it through […]
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DIFFERENCE BETWEEN GSTR 2A AND 2B In this article we will discuss about the difference between gstr 2a and 2b, When a seller files his GSTR-1 and the information is captured in GSTR 2A, we can say that GSTR-2A is a purchase-related dynamic tax return that is automatically generated for each business by the GST portal. It […]
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About the GST credit set off while filing return, is there any possibility that we can change it at the time filing of Return. Input Tax Credit, Ministry of Finance brought changes in the procedure of the order of set-off of the similar order and the said change came into force with effect from 29-03-2019. These new […]
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Form 10-IA File for Claiming Deduction under Section 80U & 80DD? You might be familiar with the deductions claimed for your investments. In this article, we will learn about claiming a deduction for the medical expenses of yourself and for dependent disabled family members as well. There are deductions for expenses incurred for yourself and […]
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HOW DO I SHOW F&O LOSSES IN ITR? “Report F&O losses under ‘Income from Business/Profession’ in ITR, detailing trading losses and related expenses.” In India, derivative trading is on the rise and has significantly increased. In this article, we learn about future and option losses in ITR filling. First, we need to understand that a […]
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The Income from Other Sources where you can calculate income tax, deductions and exemptions. Heads of Income The Income Tax Department breaks down income into five heads of income for the purpose of income tax reporting: Income from Salary Income from House Property is the assesse’s net income from houses, on which facilities are let out on […]
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Double taxation Avoidance Agreement between India and USA Double Taxation Avoidance Agreements is an agreement which is negotiated between two countries eliminates international double taxation and encourage flow of goods, services and investment of capital between the two countries. This means that there exist agreed upon taxes and authority on specified types of incomes which originate […]
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How to change tax regime from new to old regime In this article we will discuss about that how to change the tax regime from new to old, how many times can you switch between it and more about new and old tax regime. While Form 10IEA must now be completed if you intend to […]
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MONEY SPENT ON CSR BY COMPANIES: CSR FUNDING COMPANIES IN INDIA In this article we will discuss in depth about CSR Funding companies in india. As per the Companies Act, 2013, this is one of the largest experiments in introducing the concept of CSR, which is a progressing concept of socio-economic development, and there are […]
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