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Advance Ruling in GST Law

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments6761 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 comments10700 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 comments9095 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 comments9106 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 comments15281 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 comments46221 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 comments11000 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 →

Income Tax

Depreciation Companies Act

June 1, 2021January 16, 2022 TaxIndiaUpdates In0 comments8717 views

Schedule II of the Companies Act 2013 has provides useful life of assets tangible in nature. On the basis of useful life of asset, we calculate Depreciation Chart as per Companies Act: Nature of Assets Useful Life Rate Rate (I) Buildings (a) … Continue Reading →

Income Tax

Restrictions on Cash Transaction under Income Tax Law

April 29, 2021December 29, 2021 TaxIndiaUpdates In0 comments3193 views

There are certain provisions in the income tax law which discourages or restrict the usage of cash, some sections create the disallowance the of expense and other penalise the person doing the cash transaction, some of which are given as follows: (1.) Taking or … Continue Reading →

Income Tax

Tax Planning Tools In India for AY 2021-22

January 29, 2021December 24, 2021 TaxIndiaUpdates In0 comments15434 views

Tax Planning Tools In India for AY 2021-22 There are various scheme introduced by Government in their budget. Followings are most popular Tax Planning Tools In India for AY 2021-22 which is useful for salaried Individual assessee: Life Insurance Life Insurance Policy is widely … Continue Reading →