We are here discussing the provisions relating to Goods Transport Agency in Goods and Services Tax and Income Tax. What is the Goods Transport Agency? As per Notification No. 11/2017-Central Tax (Rate) dated 28th June 2017, “Goods transport agency” means any person who provides service in relation to the transport of goods by road and […]
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KEY CHANGE IN ITR FORMS FOR AY 2023-24
On February 10, 2023, the Central Board of Direct Taxes (CBDT) announced the tax return forms for the financial year 2022–2023. This year, ITR forms were announced in advance, which is a very positive step toward making compliance easier. The disclosure and reporting requirements on tax return forms will be better understood by taxpayers. Here […]
Tax Saving Options Available for Salaried Person
As we all know March 2023 is coming. This means the financial year 2022-23 is about to end. Everyone looks for tax planning to save tax. Here we will talk about ways to save tax for salaried people. Standard Deduction 16(1) The standard deduction is allowed from gross salary. It is available to all […]
Compliance Calendar for the month of December, 2022
Nature of Compliance Act Due Date/ Extended Due Date Depositing of TDS/ TCS for Nov 2022 Income Tax 07.12.2022 Filing of GSTR-7 (TDS Deductor) for the month of Nov 2022 GST 10.12.2022 Filing of GSTR-8 (TCS Collector) for the month of Nov 2022 GST 10.12.2022 Filing of GSTR-1 (other than QRMP) for Nov, […]
Don’t forget to include these incomes in your Income Tax Return
Are you filing Income Tax Return? If yes, this article is for you. The due date for filing of Income Tax Return is extended to 31st December 2021 from 30th September 2021 for the Financial Year 2020-21 i.e. A.Y. 2021-22. In this article, we will discuss the incomes that are part of taxable income but […]
Compliance Calendar for the month of August, 2021
Nature of Compliance Due Date INCOME TAX Depositing of TDS/TCS for July 2021 07.08.2021 Issue of TDS certificate for tax deducted under section 194-IA, 194-IB and194M in the month of July 2021 14.08.2021 Challan cum statement in respect of tax deducted under section 194-IA, 194-IB, and 194M for the month of July 2021 30.08.2021 […]
Extension of Time Limit for Income Tax Compliance
The CBDT vide circular No. 08/2021, dated 30-04-2021 has extended the due dates relating to various compliance under Income Tax Act, 1961. In order to provide further relief to taxpayers in view of a severe pandemic, the CBDT vide circular No. 09/2021, dated 20-05-2021 has further extended the time limits of certain compliances. Extension of […]
Relaxations in GST Compliance during Covid Period
1. GSTR 1/ IFF FACILITY: DUE DATE Particulars Month Due Date Extended Due Date GSTR 1 (Monthly Scheme) April 2021 11 May 2021 26 May 2021 IFF Facility (QRMP Scheme) April 2021 13 May 2021 28 May 2021 2. GSTR 3B (Monthly Scheme): DUE DATE, TAX PAYMENT, LATE FEES, AND INTEREST Turnover in Previous Financial […]