It is a destination-based tax on consumption of goods and services, applicable from July 01, 2017 in which the number of indirect taxes was subsumed into one tax. Centre will levy and administer CGST through the “CGST Act 2017” & IGST through the “IGST Act 2017” and their respective rules framed thereunder, while respective states /UTs will levy and administer SGST/ UTGST though respective, UTGST or State Acts and their respective rules framed thereunder. GST Laws requires strong controls on Compliances to avoid additional cost.
The GST Law prescribes for various compliances like...[read more]
ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry-forward of losses and helps to claim a refund from the income tax department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
Who is Required to File Income Tax Return in India?
The following persons are required to file their Return of Income...[read more]
For the quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called “Tax Deducted at Source”, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.
The provisions of deduction of tax at source apply to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments made by...[read more]
The EPF & MP Act, 1952, and the schemes framed thereunder are meant to provide Social Security in the form of Provident Fund, Pension and Insurance to all the employees who are employed for wages, in or in connection with the work of an establishment. The Employees Provident Fund Organization is entrusted to administer the Act, and in case of default, the Principal Employer is liable to penal action. The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 applies to the Factories engaged in Industries specified in Schedule I of the Act or to other establishments notified and engaging 20 or more employees. Further, a business entity which is not statutorily required to register can register themselves under...[read more]
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