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TDS/TCS

Person deducting tax under GST is required to get compulsory Registration? Yes, the person deducting tax needs to take compulsory registration under section 24 of CGST or SGST Act, 2017. In this case, registration has to be taken without any threshold limits. Also, the same can be taken only with TAN and having PAN (Permanent Account Number) is not mandatory. Whether the status of Registration application be tracked online? Yes, it is possible to track the status of a registration application by the process mentioned below Click on GST websiteSEE DETAILS

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Composition

What is the meaning of Composition Scheme under GST? Composition scheme is an alternative taxation levy under GST. It is an optional scheme introduced to benefit the small taxpayers. This will save them from the hustle of lengthy tax compliances like maintenance of detailed records, the filing of multiple returns monthly etc. Also, the procedures in terms of the issue of invoices etc are very minimal and simplified. Under this scheme, a registered taxpayer would be required to pay tax(GST) on their turnover based on the prescribed percentage. The taxSEE DETAILS

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TDS/TCS

TDS means Tax deducted at source. It means the income is taxed as and when you earn. The concept of TDS is applicable in both Acts – newly introduced GST and the Income Tax Act. So, with the help of this blog, let’s get the deep insights. The below table represents the differences between TDS under Income Tax and TDS under GST in a summarised form. S.No. Particulars TDS under Income Tax TDS under GST 1 Deductor Every person who is making the specified payments mentioned under the Income Tax.SEE DETAILS

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TDS/TCS

Tax Collection at Source in respect of GST means an amount of tax collected by the e-commerce operators from the proceeds transferable to actual sellers. Let us get a clear understanding of the complete scenario with a case study Suppose, there is a seller named M/s XYZ who sells his goods through Amazon For ₹ 1200. In this case, the customer will place a purchase request on Amazon and will remit money i.e ₹ 1200 to Amazon. Further Amazon will give pre-decided consideration to actual seller M/s XYZ (say ₹SEE DETAILS

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TDS/TCS

Tax deduction at source i.e. giving the receiver money after subtracting from it taxes has been an age-old concept. But, its inception in GST is quite recent. Now the notified classes of persons would be required to comply provisions of TDS under GST. In this blog, we will try to decode all related matters and get an in-depth understanding of the same. What is TDS in GST? BlogBlogTax Deduction at Source means when a payment is made to a person it is already adjusted for taxes. For eg. if paymentSEE DETAILS

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Did GST replace all taxes in India?
Basics, GST (Goods and Services Tax) India, GST System

Before understanding which taxes have been replaced by the GST in India, let us first understand the taxation system in India. The Indian taxation system is classified into two parts namely  Direct Taxes & Indirect Taxes.Direct tax is collected by Central Government. Whereas Indirect Tax used to be collected by the Central and State government & local bodies. For Instance,  Entry Tax and VAT were charged by State Government but along with this Central Government. Other taxes like Property Tax, Water Tax, Toll Tax etc. were levied by the Local Bodies.For better enforcement, tax payment andSEE DETAILS

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What is GST SYSTEM
GST (Goods and Services Tax) India, GST System

Goods and Services Tax came into effect from 1st July 2017 in India. It replaced multiple existing indirect taxes which were previously levied by the Central and State government in the country. Under this article, you will come to know about the existing GST system in India-                                                                                       SEE DETAILS

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The Most Comprehensive Guide On TDS In India
Guides, TDS, The Most Comprehensive Guide on TDS in India

Containing All the Updated TDS Sections that You Should Know for current FY 2018-19(AY 2019-20)”When it comes to tax deduction at source, there are lot of confusions. The first question being, what exactly is TDS? And when we understand that, the next question which pops-up, how many times do I have to pay tax? Why TDS is deducted from my salary? How the amount of TDS deduction on salary is calculated? What is the need of TDS and the list is, literally endless!So, to clear all your queries and provideSEE DETAILS

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Section-195 of Income Tax Act
Guides, Section 195, TDS

In this part of our TDS series, we will discuss the concept of Section 195 of the tax deduction, which is-Section 195: TDS on Other Payments Made to NR (Individual) or Foreign CompanyWho is required to deduct TDS u/s 195?Any person (resident or non-resident) who pays any sum other than salary to a non-resident is required to deduct tax under this section.What is the rate & time of tax deduction u/s 195?        The rate of tax deduction u/s 195 shall be either of the below rates whichever is beneficialSEE DETAILS

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What is Section 194 IA under Income Tax Act?
Guides, Section 194IA, TDS

In this part of our TDS series, we’ll touch Section 194IA tax deduction provisions which are as follows:Section 194IA: TDS on Payment on Transfer of Immovable Property (Not Being an Agricultural Land)Who has the need to deduct TDS u/s 194IA?Any person (Buyer or Transferee) who enters into an agreement with a resident for transfer of an immovable property (land or building or both but not an agricultural land) is required to deduct TDS under this section.What is the rate & time of tax deduction u/s 194IA?The rate of the taxSEE DETAILS

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