A note on composition scheme inGST Composition Scheme (Not Applicable in following cases) Taxpayer supplying exempt supplies. Taxpayer having Interstate supplies. Supplier of services other than restaurant related services. Manufacturer of ice cream, pan masala, or tobacco. Casual taxable person or a non-resident taxable person. Businesses which supply goods through an e-commerce operator. Conditions for … Continue reading A note on composition scheme in GST →

E way Bill under GST E-Way Bill   E-Way Bill is an electronic receipt which is needed to be generated for the transfer of goods from one place to another. This bill is only created for the consignments which are above the value of Rs. 50,000. The consignment value of the goods is the value … Continue reading E way Bill under GST →

Auditing In An Uncooperative Organization For an internal auditor, an uncooperative organization may be characterized as one in which it is difficult to do his or her job. This may be because of a client’s resistance to change, lack of trust in internal audit, viewing the function unfavorably, or not understanding the role of internal … Continue reading Auditing In An Uncooperative Organization →

Note on income tax return filing for financial year 2017-18 Section 80C The time has come for all of us to start filing our income tax returns (ITR). This year it becomes all the more important to file it on time as there is a penalty for missing the deadline.   To make the process … Continue reading Note on income tax return filing for financial year 2017-18 →

Note on Income Tax Deductions Section 80C   Deductions on Investments   Under section 80C, a deduction of Rs 1,50,000 can be claimed from your total income. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income through section 80C. This deduction is allowed to an Individual or a HUF. … Continue reading Note on Income Tax Deductions →

Benefits of Filing Income Tax Return   Helps the bank loan documentation process easier Being a diligent income tax filer makes it easier for banks to assess your source of income when you apply for loans like an auto loan, home loan, personal loan etc. Banks usually ask for copies of tax returns filed for … Continue reading Benefits of Filing Income Tax Return →

Key points on return filing and availing of credit as approved by GST Council in 27th Meeting 1.Unidirectional Flow of invoices    There shall be unidirectional flow of invoices uploaded by the seller on anytime basis during the month which would be the valid document to avail of input tax credit by the buyer. Buyer … Continue reading Key points on return filing and availing of credit as approved by GST Council in 27th Meeting →

Be cautious before undertaking a Cash Transaction Every year in Union Budget, Central Government come out with some rules and prohibited those transactions which generate Black Money.To curb all these types of transactions, Government has imposed certain Limits on transaction in cash. Some of transaction along with their penal provision are as follows:   Accepting … Continue reading Be cautious before undertaking a Cash Transaction →

GST impact on E-commerce Sellers GST impact on E-commerce Sellers   As we all are aware with the development of advanced technology in India and businessman is too taking advantage of this technology by buying and selling items online with the help of smartphones and internet connectivity. Many platforms such as Amazon, Flipkart, Jabong etc. … Continue reading GST impact on E-commerce Sellers →