Author: CA Tarannum Khatri

13 Highly concerned GST issues and their solutions

Goods and service tax is a very ambitious tax scheme which will be subsuming almost every indirect taxes currently prevailing in India. The Indian government and presumably all the business sectors are ready to implement GST into their structure. The apex governing body of this new tax scheme i.e. GST council has finalised almost all the tax rates and laws concerned but there is still some bone of contention and shortcomings into the pipeline. There are a number of GST issues for which Government is facing stiff opposition from the business class.Let’s understand the GST issues regarding the returns,...

Read More

GST Rate chart applicable from 1st July, 2017

Do you know what will be GST rate for products/ services you sell? No worries. We have given here GST rate chart covering most of the goods, services with HSN and SAC code. Following points are covered in this article: What is GST in India? GST rate for goods and services with HSN code what is composition scheme and GST rate under the scheme? Reverse charge under gst and GST rate under the same GST Compensation Cess Rate How to charge CGST, IGST, SGST while issuing invoices? GST benefits GST credits What is Good Service Tax (GST)?: GST is...

Read More

Section 269ST : Explanation with practical example

Introduction of Section 269ST: Cash forms the base for any business or profession. There is always continuous cash cycle to keep a business moving and enter all daily transaction. Cash transaction many times means chances of tax evasion or generation of black money. There are many sections under Income tax that governs the limits of cash transaction, let me highlight a few sections to elaborate on cash transaction and their respective limits.     Section 40 of Income Tax under Income from Business and profession section: Section 40A(2) and (3) are sections which checks tax evasion by disallowing cash...

Read More

11 common TDS Errors and their solutions

It is time consuming to solve TDS errors while filling TDS return. In this post, we have given most common TDS errors and their solutions. Most common TDS Errors and their solutions: Tax Deducted at Source (TDS) in India is a tax collection method. In simple terms it is rate prescribed which is mandatory to be deducted and paid by the persons responsible for making payments. A person responsible for deducting and paying TDS has to make the below mandatory compliance. TDS payment has to be made for each month: by 7th of following month & File TDS return...

Read More

Income tax notices and what to do next

Income tax notices are issued by income tax department for various non compliance. In this post, you can get insight about reasons for income tax notices and their solutions.   Income tax notices and their solution: In today’s time tax compliance is very important. We all being an individual or company or trust or any other organization are always under eye the of income tax department. In modern computerized times the income tax department has access to wide range of financial information of taxpayers with the help from computer-aided scrutiny system (CASS) which generates cases where there is discrepancy...

Read More