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2019

Rules related to Threshold Limit for GST Registration

Due to continuous amendments in GST Act since it came in force in July 2017, there is lot of confusion regarding threshold limit for registration under the Act. A dealer can charge GST on the outward supply only if he is registered under GST. There are certain provisions under GST which makes it compulsory for the dealer to register under GST in certain cases. The most important criterion for registration under GST is threshold limit of the turnover. However, due to amendments in rules related to threshold limit, there has been lot of confusion. In this article we will zero-in on this matter.

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2019

Obligation of an Assessee to file Income Tax Return

It is generally believed by most people that a person needs to file Income Tax Return only if the total income of such person exceeds maximum amount not chargeable to tax. However, we must bear in mind that there are certain other conditions as well which necessitates a person to file his/her income tax return even though his/her total income does not exceed prescribed limit. Hence, even if your income is less than Rs. 2,50,000, you may be required to file income tax return.

2019

GST on Charitable Institutions

Activities carried out by Charitable Institutions are mostly not-for-profit in nature. However, certain transactions undertaken by charitable institutions may fall under the definition of supply as defined by GST Act. Hence, it creates lot of confusion whether charitable institutions are covered under GST and whether they have to register under GST or not. It is important to scrutinize the transactions of charitable institutions to determine whether there is any applicability of GST.

2019

Fees and Penalty for Late Non Filing of TDS TCS Return 1

Tax Deducted at Source and Tax Collected at Source (Commonly known as TDS/TCS) are very important concepts in Income Tax Act, 1961. Every assesse who is liable to deduct / collect TDS or TCS at source must be well versed with all the related provisions. After collection/deduction of tax at source, the same must be deposited within a prescribed time limit to the credit of the Government of India. Along with that four quarterly TDS/TCS Returns must also be filed by the Deductor on or before prescribed dates during the financial year. 15th July 2019 is the due date for filing TCS return and 31st July 2019 is the due date for filing TDS Return for the quarter ending on 30th June 2019. Hence in this article we are going to discuss various provisions related to filing of TDS/TCS return as well as penalty and late filing fees associated with TDS/TCS Return if deadlines are missed.

2019

Key Highlights of Union Budget 2019

Finance minister Nirmala Sitharaman in her maiden budget kept the income tax slab rates unchanged but announced many new income tax proposals that could impact many tax payers.

2019

Compliance Related to Records Keeping under the Companies Act 2013

  • The Companies Act, 2013 (the Act) and the rules made there under lays down that every Company incorporated under the Act has to maintain Statutory Registers (the Registers) and Records.
  • The Registers need to maintained and updated eventually and should be kept at the Registered Office of the Company.
  • Some of the Registers are required to be kept open for inspection by Directors, Members, Creditors and by other persons.
  • A Company is required to provide the extracts from the Registers, if demanded by Directors, Members, and Creditors and by other persons on payment of specified fees.

Financial Management