gst

GST AND IT’S IMPLEMENTATION – A RETROSPECTION

GST AND IT’S IMPLEMENTATION – A RETROSPECTION   GST – a brief explanation Before explaining on GST it is better to lay out a brief intro on the indirect tax scenario prevailing in the country as of now. There are 2 levels of indirect levies on goods as of now ie by each State and by Central Government and on services only by Central Government. Also there are multiple taxes…

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GST LAW & REGISTRATION ASPECTS

GST LAW & REGISTRATION ASPECTS Who is required to be registered under GST Act Sec 23 lays down that persons specified in Schedule V of the act should get themselves registered in every such state in which they are liable to be registered within 30 days from the applicable date. Casual Traders and Non Resident persons should be registered within 5 days before commencement of business. For existing assesses under…

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IT Return due date extended to 17th October for Tax Audit cases

IT Return due date extended to 17th October for Tax Audit cases   Based on F No. 225/195/2016-1 dated 09-09-2016 and Order under section 119 of the Income Tax act 1961 the due date for Filing Income Tax Return for Assessees liable for audit and required to file return u/s 139(1) on or before 30 th September 2016 has been extended to 17th October 2016.   This is on account…

GST Bill receives President Assent

GST BILL gets president Assent The government plan to roll out GST by April 17 gets an inch closer by signing of Constitution 122nd Amendment Bill 2014 by President. It will be enacted as the Constituion 101 st Amendment Act 2016. A GST Council will be setup within 60 days, which will recommend GST Rate , Exempted Goods and Servicess, Subsumation of Surcharge etc. Later CGST , IGST Legislations have…

How deductor can Submit Self-Declaration for Lower Deposit of TDS

Centralized Processing Cell (TDS) has started sending notices to those deductors who have paid 40 to 60% lesser TDS during the period from April 1 to October 15, 2015 as compared to the corresponding period in Financial Year 2014-15. If as a deductor you have reasonable causes for less Deduction and less Payment of tax with respect to the above mentioned reduction. CPC TDS has released a “Self Declaration” feature…