[ratings] Number of times people ask Sir, I have forgotten to file my ITR by Due date: What is the penalty? What the consequences? and, What should I Do? Every individual is liable to file ITR if his/her income for FY 2017-18 was more than basic exemption limit by 31st July.  (Same was extended to […]

[ratings] Income Tax Slabs Rates for FY 2019-20 (AY 2020-21) → Nil tax for individuals upto income ₹ 2.5 Lakh→ 0%-5% tax for income between ₹ 2.5 Lakh to ₹ 5 Lakh depending upon age.→ 20% tax for income between ₹ 5 Lakh to ₹ 10 Lakh→ 30% tax for income above ₹ 10 Lakh Individuals

Central Government has extended March 2019 GSTR-1 filing Due date to 13th April 2019Below is the Official announcement [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification No. 17/2019 – Central TaxNew Delhi, the 10th April, 2019

[ratings] Under Reverse Charge Mechanism (RCM) the recipient of the goods and/or services is liable to pay GST instead of the supplier of the goods and/or services. Updates 6th Aug 2018: Reverse Charge Mechanism (in case of supplies made by unregistered persons to registered persons) deferred till 30th Sept 2019. Earlier, this provision was applicable

[ratings] Income Tax Department has released new Income Tax Return Forms for AY 2019-2020 and these form required more details about the income as compared to previous years to reduce the tax evading   Below are some major changes have been introduced in ITR Forms for 2019-20. ITR-1 (Sahaj) Applicable for:  Individuals having a total income

[ratings] The Goods and Service Tax Network (“GSTN”) has issued an advisory dated April 04, 2019 which state that all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or

Circular No. 97/16/2019-GSTF. No. CBEC-20/16/04/2018 – GST (Pt. I)Government of IndiaMinistry of FinanceDepartment of Revenue Central Board of Indirect Taxes and CustomsGST Policy WingNew Delhi, Dated the 5th April 2019 To, The Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central Tax (All)The Principal Director Generals / Director Generals (All) Madam/Sir, Subject:

[ratings] 1. What is input tax? Input tax” has been defined under GST Law. Input tax in relation to a taxable person, means the (IGST and CGST) in respect of CGST Act and (IGST and SGST) in respect of SGST Act, charged on any supply of goods and/or services to him which are used, or are

[ratings] Every registered person under GST is required to Issue GST Invoices/bill to his clients in bellow specified manner. Here, we will be cover follow aspects of GST Invoices: What is a GST Invoice? Who should issue GST Invoice? What are the mandatory fields a GST Invoice should have? Time Limit to issue invoices? Other