TaxIndiaUpdates.In : GST, Service Tax, Income Tax, VAT, Tax Planning

Composition Levy Scheme in GST

July 7, 2021December 7, 2021 TaxIndiaUpdates In0 comments2664 views

Composition Levy Scheme in GST Composition Levy Scheme under GST law. Composition levy scheme is a very simple, hassle free compliance scheme for small taxpayers. It is a voluntary and optional scheme. A taxpayer registered under composition levy scheme has to pay an amount equal … Continue Reading →

Goods and Service Tax

Appeals and Revision in GST law (Procedural Aspect)

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments9044 views

Chapter XVIII of the Central Goods and Service Tax Act 2017 (Sec. 107 to Sec. 121) deals with Appeals and Revision in GST law: Appeals to Appellate Authority (Section 107) (1) Any person aggrieved by any decision or order passed under this Act or … Continue Reading →

Goods and Service Tax

Demands and Recovery under GST Regime (SCN and Adjudication)

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments8360 views

Chapter XV of the Central Goods and Services Act 2017 (Sec. 73 to Sec. 84) deals with Demands and Recovery under GST regime which includes issuance of Show Cause Notices and Adjudication proceedings: Determination of tax not paid or short paid or erroneously refunded or … Continue Reading →

Goods and Service Tax

Advance Ruling in GST Law

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments5389 views

Chapter XVII of the Central Goods and Services Tax Act 2017 (Sec. 95 to Sec. 106) provides provisions of Advance Ruling in GST Law: Introduction An advance ruling helps the applicant in planning his activities, which are liable for payment of GST, well in advance. … Continue Reading →

Goods and Service Tax

Reverse Charge Mechanism in GST Regime: A Critical Analysis

July 1, 2021December 3, 2021 TaxIndiaUpdates In0 comments8380 views

Reverse Charge Mechanism in GST Regime: Every Government wants speedy and smooth collection of its taxes from public. The ‘Reverse Charge Mechanism’ is nothing but a system of Government to collect its Taxes from easy point. The term ‘Reverse Charge’ is defined under the Central … Continue Reading →

Goods and Service Tax

Taxation of Job Work in GST Law

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments7633 views

Taxation of Job Work in GST Law: The term “Job Work” is defined in section 2(68) of CGST Act, 2017 as any treatment or process undertaken by a person on goods belonging to another registered person and the expression “job worker” shall be construed accordingly;. … Continue Reading →

Goods and Service Tax

Introduction to Indian GST Law

July 1, 2021December 8, 2021 TaxIndiaUpdates In0 comments7832 views

An Overview of GST: In the earlier Indirect Tax Law (Excise Duty, Service Tax, VAT etc.), the Central Government levies tax on, manufacture of certain goods in the form of Central Excise duty, provision of certain services in the form of service tax, inter-State sale … Continue Reading →

Income Tax

Income Tax Rates for AY 2021-22 & AY 2022-23

June 10, 2021November 30, 2021 TaxIndiaUpdates In0 comments13645 views

Income Tax Rates for AY 2021-22 & AY 2022-23 The income Tax Act, 1961 provides different tax rates for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates whereas, companies are taxed at fixed rate, … Continue Reading →

TDS/TCS/Advance Tax

Advance Tax Liability for the A.Y. 2021-22

June 6, 2021November 29, 2021 TaxIndiaUpdates In11 comments44542 views

Advance Tax Liability for the A.Y. 2022-23 (FY 2021-22) As per section 208, every person whose estimated tax liability for the year is Rs.10,000 or more, shall pay his tax in advance, in the form of “advance tax”. In this part you can gain knowledge … Continue Reading →

Income Tax

Income Tax depreciation Chart

June 1, 2021November 29, 2021 TaxIndiaUpdates In0 comments9234 views

Income Tax depreciation Chart Rates of depreciation as per Income Tax Act, 1961 Block of assets Depreciation Rate (in %) PART A Up to AY 2017-18 AY 2018-19 onward TANGIBLE ASSETS I. BUILDING (1) Buildings which are used mainly for residential purposes except hotels … Continue Reading →