CA Ankita Mathur For quick and efficient collection of taxes, Income Tax Department has launched the system of deduction of tax at the point of generation of income. The provisions of TDS as contained in Income Tax Act, 1961 applies to several payments like salary, interest, commission, brokerage, professional fees, royalty, etc. The person deducting
CA Ankita Mathur
CA Ankita Mathur Every business and startup’s major concern revolves around taxation and the ways to ensure that they don’t get stuck in assessment or scrutiny undertaken by the Department of Income Tax. Majority of the businessmen don’t possess a proper understanding regarding the books of accounts to be kept, and when to get them
CA Ankita Mathur It is important to know the purpose of various forms that have to be filled for submitting income taxreturns ITR 3 and ITR 4 are the two forms applicable to taxpayers earning income from business and profession. Where ITR 3 applies to income from business profession, salary and other sources; ITR 4
CA Ankita Mathur Invoicing is a critical function for executing the process of any transaction. The invoice is a basic document used for recording the details of sales or purchase in the books of account. The government has introduced new rules of invoicing, along with a template of the invoice, under the Goods &Services tax
How is Input Tax Credit (ITC) available to ‘rent a cab’ service providers? The service provider has two options. Option1: Pay 5% and not claim ITC. If they choose not to take credit of tax paid on various inputs, then they can pay only 5% GST on output service. Option 2: Pay 12% and claim ITC.