50th GST Council meeting
Very Important Decisions were taken in the 50th GST Council meeting dated 11th July 2023. Brief for your quick access:
K2Y India
Deductions under 80C
When it comes to tax saving, most people consider only those options that come under 80C, however, the truth is you can bring down your tax liability further by claiming tax deductions on the best available options. SECTION NATURE OF…
Individual mandatory to file Income Tax Return (ITR)?
As per income tax laws, ITR must be filed if a resident individual’s total income during the financial year exceeds the basic exemption limit. Remember, the basic exemption limit for an individual depends on his/her age, provided he/she opts for…
Holding of AGM through Video conference or Other Audio-Visual Means
MCA has issued the most awaited clarification to provide relaxation to the companies to hold their Annual General Meeting through Video Conference, this clarification beneficial to all those members who are neither available in India nor in position to travel…
FSSAI Registration (FSSAI License)
The Food Safety and Standards Authority of India (FSSAI) is an autonomous authority that offers a food license to all food business operators (FBO) in India. All FBOs are required to get a license or registration and follow the rules…
Bill TO Ship TO Transactions
Bill-to-ship-to transactions are a common practice in today’s business scenario. These transactions involve supplies where goods are to be delivered to the recipient on the instruction of a third party i.e. bill to. The Goods and Service Tax is an…
TDS should be deducted at the average rate
TDS Deduction from Salary- It is the liability of the employer to deduct tax at source from salary under section 192 of the Income Tax Act, 1961. Tax must be deducted at the average rate calculated based on the rates…
Input Tax Credit Reversal due to non-payment to vendor
Under the GST law, the input tax credit can be availed by a registered person on goods/services used during business subject to satisfaction of conditions and restrictions set out therein. Accordingly, such a person can avail the ITC on the…
How to make payment of TDS on the Sale of Immovable Property
1% TDS for Resident Seller The purchaser of an immovable property (whether built up or under construction) of value INR 50 lakh or more has the responsibility under the Income-Tax Act, 1961, to pay a withholding tax of 1% from…
ITC: Input Tax Credit
ITC means credit of input tax. Input tax means the central tax, State tax, integrated tax, or Union territory tax paid on receipt of goods or services from the registered person. ITC can only be claimed under GST if its…