Jul24
2019Activities 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.
Jul15
2019Tax 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.
Jul09
2019Finance 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.
Jul02
2019Jun25
2019The 35th GST council meeting was held on 21st June 2019 at New Delhi. Here are the key highlights of the recommendations of the GST Council.
1. Extension of Certain Due Dates:
Jun18
2019Q1. What is Form GSTR-2A?