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…