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Tag: Business

Chargeability of GST On Interest Income

Chargeability of GST On Interest Income

Is Interest Income really exempt from GST? Interest is generally part of everyone’s life. It can be in anything or for anyone. Well! here we are only focusing on interest as financial term. So, in layman language, Interest is the amount paid by borrower for usage of anyone’s money generally termed as Lender. Till the time, lender allows the borrower to use his money, later is under an obligation to pay compensation to former in terms of time value/ opportunity…

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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 This section will apply to all the sum of money or an aggregate of sums withdrawn from a particular payer…

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No GST Annual Return for businesses upto Rs 2 crore Turnover?

No GST Annual Return for businesses upto Rs 2 crore Turnover?

The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing gst annual return. Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. “It is ranging from 25-27 per cent despite extension of deadlines. The GST Council will discuss the issue in its meeting on September 20,” said an official. Sept 20 Goa meet, GST Council to look into inverted duty…

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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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Business in different states Require different GST Registration

Business in different states Require different GST Registration

After a certain exemption limit, everyone needs GST registration for the operation of the company. For some it is compulsory to take, but for others it is necessary to take advantage of getting a GST registration. Does a company with activities in more than one state require distinct GST Registration numbers for each state? Generally, a single GSTIN is assigned to a single PAN. However, in the event that a businessman or service provider provides services in more than 1…

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