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Category: Tax

Top 8 Importance of September 2019 GST Returns

Top 8 Importance of September 2019 GST Returns

October 2019 is the month for filing GST returns for the tax period of September 2019. The due dates are-   Any mistake in filing GST returns, GSTR 3b or GSTR1, from 1st April 2018 to 31st March 2019, i.e. FY 2018 -19, could be corrected in GST Returns for tax period September 2019. The last chance to fix your mistakes committed in filing previous GST returns for the tax period April 2018 to March 2019. Below are the corrective majors one should take in September GST…

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Section 194M- TDS summary on payment to resident contractors and professionals

Section 194M- TDS summary on payment to resident contractors and professionals

A lot of modifications have been noted in the Finance Act recently. In particular, in the tax area –income tax or GST. Some parts are modified and some are launched lately. Let’s see one of the 194 M section of the freshly launched TDS. Q. What is section 194M? This section was implemented to provide a 5% TDS tax on the amount paid or credited in a year due to contract job or professional service in a financial year above…

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Everything about Section 194N- TDS on Cash Withdrawal

Everything about Section 194N- TDS on Cash Withdrawal

A new section 194N introduced which increased the stress level for many. The Section came in effect on 1st September, 2019.  It brings good for Government but on the other hand problem for the common people. Let’s understand the new section. Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year. This section will apply to all the sum of money or an aggregate of sums withdrawn from a particular payer…

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Income Tax on selling of Shares and Securities

Income Tax on selling of Shares and Securities

An investment in knowledge always pays the best interest. With that knowledge, we all invest in many things for a period of time. These all things are not left from the tax. Share and securities are part of them. But what about the taxation of income from sale or purchase of shares? Gain earned at the time of transfer of capital asset is taxable to Income Tax under the head “Capital Gains”. Income from capital gains is classified as “Short…

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GST Fitment Committee Opposes Tax Rate Cut On Automobiles

GST Fitment Committee Opposes Tax Rate Cut On Automobiles

The Indian Automobiles industry is going through a turbulent period and one of the ways in which a temporary reprieve can be obtained is by reducing the GST rate on automobiles from the current 28 per cent to 18 per cent, even if temporary. But the GST Fitment Committee (a panel of officials from the GST Council, which discusses requests from various industries for GST reduction), says that reduction on GST rates for automobiles will lead to a major loss…

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Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019

Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 39/2019 – Central Tax New Delhi, the 31st August, 2019   G.S.R. ….(E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of September, 2019, as the date …

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How does the government catch tax fraud ?

How does the government catch tax fraud ?

Tax Fraud It occurs when an individual or business entity willfully and intentionally give false information on a tax return to limit the amount of tax liability. Tax fraud essentially entails cheating on a tax return in an attempt to avoid paying the entire tax obligation. Procedure :- For this crime the government has set up the tax departments like income tax, sales tax, GST, etc which look at the fraud process. It depends on the fraud that which type of fraud has happened, and which department would come into…

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