Due date for filing of Belated Returns Income tax authorities are sending reminders through mails and SMS, regarding your returns pending for filing, if you have received the same you might need to file your income tax return within due date, So, here we are explaining when you are responsible to file the return: If…

Who should pay it?  Advance tax is mandatory for all the person like individual, Corporate & Companies as an when there tax liability increases more than  Rs. 10,000/-, However, salaried employees need not to pay advance tax if your employer deducts tax at source (TDS). However, further, in case of any other income earned by…

Section 194C states that a person is responsible for paying any sum to the resident contractor for carrying out any work (including the supply of labor), in pursuance of a contract between the contractor and the following: The Central Government or any State Government Any local authority Any corporation established by or under a Central, State or…

Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernization of existing business. Thus, under the GST regime, there will be a standardized form for making any claim for refunds. The claim and sanctioning procedure will be completely online and time-bound,…

After the implementation of GST in India, several exporters have had difficulties in claiming GST refunds. This has led to large amounts of working capital being locked up until refunds are correctly applied for and received. In this article, we answer some questions on getting GST refunds for service exporters. Application to be filed in…

NRE deposits are emerging as an attractive investment option, according to a report in the Business Standard today. “With global interest rates continuing to remain low, non-resident Indians (NRIs) can use the non-resident (external) rupee account (NRE) as an attractive option to park their funds,” said the report quoting experts. For those who can’t tell an NRE account from…

Introduction Indian Accounting Standard (abbreviated as Ind-AS) is the accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department,…

“Mr. A, the accountant of XYZ Ltd, Jayanagar had omitted generation of E Way bill for a consignment sent from Jayanagar to Bellandur due to clerical mistake while preparing invoice, showing the consignment value to be Rs 25,000/-, wherein its correct value was Rs 2,50,000/-.  The goods have already reached its destination without any issue,…

During VAT era, it was difficult for the department to stabilise and track the movement of goods from one place to another because of the various rules followed by different state. Some states used to generate e-forms, however, some states were still using manual system which was tedious and cumbersome process for both officers and…

Introduction of GSTR 2A GSTR 2A is a purchase-related tax return that is automatically generated for each business by the GST portal. When a seller files his GSTR-1, the information is captured in GSTR 2A.  GSTR 2A will be auto-populated from the following returns of the sellers/counterparty- Return  Filed by GSTR 1  Regular Registered Seller…

As you already know, returns filed through Form GSTR-3B is just an interim return and the regular returns in GSTR-1, GSTR-2 and GSTR-3 are required to be filed by the businesses. Now we will discuss: •              What is GSTR-2A? •             What is GSTR-2? •             What is the relevance of GSTR-2A with GSTR-2? What is GSTR-2A?…

Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, reassess, or re-compute income, turnover etc, which has escaped assessment.  Sec.147: Income escaping assessment. Sec.148: Issue of notice for Income Escaping Assessment. Sec.147: Income escaping assessment Income Escaping Assessment under section 147 of Income-tax Act is the…