REVERSE CHARGE MECHANISM What is RCM under GST? The Reverse Charge Mechanism (RCM) is the process of GST Payment by the receiver instead of the supplier. In this case, the liability of tax payment is transferred to the recipient/receiver instead of the supplier. The Reverse Charge Mechanism is applicable in the case of : Imports Purchase from an unregistered […]
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EVERYTHING ABOUT DRAFT COMMON ITR FORM The Central Board of Direct Taxes (CBDT) has proposed the introduction of a common Income Tax Return (ITR) Form which will replace the current different types of ITR forms available to taxpayers for filling their Income Tax Returns with the Income Tax Department. The proposed new common ITR
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GST RETURNS FOR E-COMMERCE OPERATORS AND SELLER What is E-Commerce? E-commerce refers to the purchase and sale of goods and/or services via electronic channels such as the internet. E-Commerce refers to any form of business transaction conducted online. The most popular example of E-Commerce is online shopping, which is defined as buying and selling of
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EVERYTHING ABOUT THE SECTION 194N UNDER THE INCOME TAX ACT What is Section 194N? Section 194N is applicable on withdrawals of more than Rs 1 crore from banks/cooperative banks/post offices during a financial year. It will apply to the withdrawal of all the sums of money or an aggregate of sums from a particular bank/cooperative
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RULE 132 UNDER INCOME TAX AND THEIR IMPORTANCE The Central Board of Direct Taxes (CBDT) has introduced Rule 132, which came into effect on October 1, 2022. Rule 132, deals with the re-computation of income under sub-section 18 of section 155 of the Income Tax Act, 1961, in the Income Tax Rules, 1962. The new
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GST ADJUSTMENTS FOR THE F.Y 2021-22 The forms GSTR-1 and GSTR-3B returns which need to be filed in the month of November have been a challenge as the taxpayers have their last opportunity to rectify their errors which were not considered at the time of filing the returns at the previous year for the financial
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TDS RETURN AND THEIR TYPES OF CORRECTION What is TDS return? TDS stands for Tax Deducted at Source. According to this idea, a deductor who is required to make payment to another person (deductee) must deduct tax at source and submit the money to the Central Government. Based on a TDS certificate, the deductee
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COMPLIANCE CALENDAR FOR THE MONTH OF NOVEMBER 2022 I. Compliances under GST A. Filing Form GSTR-1: Due Date: 11.11.2022 Month: October 2022 1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year,
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HOW TO FILE GSTR-9 FOR THE FY 2021-2022 What is the GSTR-9 annual return? GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. Points to note: It consists of details regarding the outward and inward supplies made/received during the relevant financial year under different tax heads i.e. CGST, SGST
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DUE DATE OF ANNUAL FORMS PROVISION OF LAW A. Due Date of AOC-4: (1) A copy of the financial statement, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements under this Act, duly adopted at the annual general meeting of the company,
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