Blog

2019

Policy Measures for Revival of Indian Economic

Data indicates the United States, the world’s largest economy, may be headed for another recession. This could lead to another global economic slowdown. Many of the world’s other top economies may also be headed for troubling downturns.

The turmoil over Brexit has partly led the UK’s economy to slowdown in the second quarter. Growth has also stopped in Italy, amid political crisis and situation does not seem to be improving soon. Germany’s economy declined in the three months before June, according to new numbers, a troubling sign for the world’s fourth-largest market.

Argentina just went through one of the worst stock market crashes in decades after an allegedly corrupt politician nears power once more. Brazil and Mexico, two leaders of Central and South America’s economies, are expected to perform weakly this year.

Japan faces a recession, and it’s recently entered into a trade dispute with South Korea. Singapore, another Asian economic engine, is also on the brink of recession. Months of protests in Hong Kong have brought the financial hub’s economy to a standstill, and also there is a looming threat of a possible Chinese military intervention. On top of it all, China’s growth rate has slowed due in large part to the trade war launched by President Donald Trump.

Archive


2019

TDS on Insurance Commission Section 194D

There are various provisions related to TDS in the Income Tax Act, 1961. One of the very important provisions related to TDS is TDS on TDS on insurance commission under section 194D. In this article we are going to discuss section 194D in to detail.

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.

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.

Financial Management