Every business organization is engaged in finalizing books of accounts and preparation of Balance Sheet for each financial year. It becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet.…
The new Direct Tax regime proposed in Budget 2020 is an option to continue existing or choosing the new tax regime. There may be confusion as to which regime is more beneficial than other. Under the old tax regime, the…
The Finance Bill, 2020 has brought a major amendment to section 44AB of the income tax act. After insertion of such changes, Tax Audit limit has been increased from Rs 1 crore to 5 crores provided the taxpayer has Cash receipts which…
Any organization, small or big may have several business processes that may require lot of manual efforts and workforce. This calls for paying out hefty salaries and other employee benefits. The software developers have come up with handy solutions for…
What is GST? Term GST stands for the Goods and Services Tax. GST bill was passed on 6th May 2015 in Lok Sabha. Once the bill is implemented it can give some major advantages to businesses. GST is basically a…
During the last few months there were several media reports relating to the electronic invoice (‘e-invoice’) in the GST law. The e-invoice system will first be rolled out, on a voluntary basis, from January 1st 2020 for the business houses…
The Finance bill 2020 proposed to abolish dividend distribution tax (DDT) which may result in boost in dividend pay-outs in corporates. A dividend is the share, a company pays its shareholders from the profits it earns, and DDT is the…
GST collections for February were at Rs 1.5 lakh crore, registering an increase of over 8.3% year on year, higher than the nominal GDP growth of 7.5% in 2019-20. This is welcome. The 8.3% growth comes from 12% growth in…
As per the Finance Bill 2020, the following amendments have been made in TDS Section 194J which will take effect from 1 What is TDS Section 194J? Section 194J of the Income Tax Act 1961 contains provisions with respect to…
GST and its impact on consumers The finance ministry released the recently released draft of goods and sales tax. And, based on the current scheme of affairs, consumers are expected to pay a service charge tax of around 14.5-15% for…
