Professional Tax in India The term “Professional Tax” can be easily found written in your salary payslip or Form 16. Since the name does not justify its real meaning people often misinterpret it as an error or fault of paying additional tax by an employee to the government. In this article, for the basic understanding of the concept, we have tried to answer most of the commonly asked questions related to Professional Tax. What is professional tax? The concept…
Depending on the type of income, the category the taxpayer falls under (Individual, HUF, Company etc.), and the income that the taxpayer makes, there are different types of Income Tax Returns (ITR) Forms which needs to be filed. In case taxpayers choose the wrong form, they will have to go through the process of filing their ITR again. To help the taxpayers pick the correct form, a brief synopsis of the applicable tax return forms has been tabulated below:…
Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended due dates for GST Returns filings and provided relief to taxpayers which includes Relief in late fee and interest to taxpayers filing Form GSTR-3B, GSTR-1 and other returns. The same is summarised below for your ready reference. DUE DATE OF GSTR-3B Taxpayers having turnover more than 5 crores in previous FY Month Original Due Date No late fees if filed by No Interest if filed by Interest @9%…
Background In order to promote the growth of Micro, small, and Medium Enterprises (MSMEs), the government of India gives various concessions and extends financial assistance exclusively to the units or enterprises which qualify to be micro, small or medium enterprises. It is one of the many sectors that have immensely impacted and hit during this pandemic situation. It not only contributes to our country’s GDP but also contributes massively by employing lakhs and lakhs of both skilled and unskilled…
MEANING OF CORPORATE SOCIAL RESPONSIBILITY: ‘Corporate Social Responsibility’ means and includes but is not limited to projects or program relating to activities specified in Schedule VII to The Act and projects or program relating to those activities which are undertaken by Board of directors of a company in ensuring the recommendation of the CSR Committee of the Board as per declared CSR policy of the Company along with the conditions that such policy will cover subjects specified in Schedule VII…
GSTR-9 is an annual return, to be filled by registered dealers, which contains a consolidated summary of all monthly returns, i.e. GSTR-1, 2A, and 3B under CGST, SGST and IGST during the entire year, along with turnover and audit details for the same. Thus, GSTR-9 can be called a compilation return for all the supplies made and received during the year under different tax heads. The return can be filed at https://www.gst.gov.in/ either online or through an offline tool. However,…
Brief on Internal Audit Definition:- Internal audit provides independent assurance on the effectiveness of internal controls and risk management processes to enhance governance and achieve organisational objectives What is key terms/features of Internal Audit Independence: Internal audit shall be an independent function, achieved through the position, organization structure and reporting of the internal auditor.An internal auditor is expected to evaluate the design and operating effectiveness of internal controls and risk management processes as designed and implemented by the management Organizational objectives…
A: Scope of Taxability on Non resident companies in India In India, companies are taxed on their income according to their residential status. A company with residential status in India will be taxed on its global income whether earned in India or outside India whereas a non resident company will be taxed only on income received, accrued or arise in India. As per Section 6(3), Residential Status and scope of total income, A company is said to be resident in…
As the due date to file GSTR-9 (Annual Return) & GSTR-9C (Reconciliation Statement) for the financial year 18-19 is 31/03/2020 via Order No. 08/2019-Central Tax dated 14.11.2019. Attention The forms GSTR-9 & GSTR-9C for the F.Y.18-19 were enabled in the month end of February in the GST portal. But there is no official notification with respect to the same. Errors in GSTR-9 form – Rectification Required There are two errors that are being faced by people while trying to file…
LLP Settlement Scheme 2020 is announced by Ministry of Corporate Affairs with an aim to bring non-compliant LLPs into the legal fold. As per one estimate, the scheme could benefit 20-25 per cent of the 1.25 lakh LLPs registered in the country*. Under the scheme, LLPs will be given a three-month window to complete overdue filings of four forms viz. LLP Form 3, LLP Form 4, LLP Form 8 and LLP Form 11. The additional fees on the forms is…