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Highlights of the Budget 2019 – TaxGoal
Striving to make a last push to its targeted vote bank, the NDA government presented its Final Union budget for 2019-20 in the Lok Sabha Session held on 1st February 2019. Led by the Interim Finance Minister Piyush Goyal, Highlights of the Budget 2019 considered in round expectations of all sectors from Agriculture to tax… Continue reading Highlights of the Budget 2019 – TaxGoal
February 16, 2019
Reverse Charge Mechanism (RCM) under GST
What is the Reverse Charge Mechanism? Mr. A is a small trader of goods in Delhi having turnover below 20 Lakhs and purchases goods from a supplier who is not registered under GST, does he require to take GST registration under Reverse Charge Mechanism (RCM) in Delhi? Normally, the supplier of goods or services pays… Continue reading Reverse Charge Mechanism (RCM) under GST
August 9, 2018
Due Date for Filing of income Tax return for A.Y. 2018-19 (F.Y. 2017-18) extended to 31st August 2018 by the Government.
31st July 2018 is the due date for filing of Income Tax Return for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI) and Non-Audit Assessees. The Central Board of Direct Taxes (CBDT) has extended the due date for filing of income tax return to 31st August 2018 for the category… Continue reading Due Date for Filing of income Tax return for A.Y. 2018-19 (F.Y. 2017-18) extended to 31st August 2018 by the Government.
July 27, 2018
What is the Concept of Input Service Distributor (ISD) under GST ?
Who is an Input Service Distributor under GST regime? Input Service Distributor is a central office (HO) of a tax payer, which receives common input tax invoices from goods and service providers and further distributes the Input tax credit to individual units i.e. to branches on a proportionate basis.(Branches may have different GSTN number but… Continue reading What is the Concept of Input Service Distributor (ISD) under GST ?
July 24, 2018
Penalty for delayed or non filing of Income Tax Return (Sec 234F)
After section 234E of the Income-tax Act, Section 234F has been inserted with effect from the 1st day of April, 2018. (Applicable for returns file from Assessment Year 2018-19 and onwards) Fees for default in furnishing return of income – where a person required to furnish a return of income under section 139, fails to… Continue reading Penalty for delayed or non filing of Income Tax Return (Sec 234F)
June 25, 2018
Items on which Input tax credit is not allowed under GST Regime (Section 17(5))
Input Tax Credit (ITC) of GST paid on almost all inward supplies of goods and services is allowed under GST except for some of the items which are given below: Motor Vehicle and conveyances, But in following cases credit will be available (For Taxable supplies only) Transportation of goods. Transportation of Passengers. Imparting training on… Continue reading Items on which Input tax credit is not allowed under GST Regime (Section 17(5))
June 12, 2018