The composition scheme was created specifically for small taxpayers to help them avoid the complexities of the GST framework and compliances. Small registered taxpayers should pay a flat rate of tax based on their annual revenue. For the financial year 2021-22, the Goods and Service Tax Network (GSTN) has released an advisory on opting into…
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ITR (Income Tax Returns) are a type of tax return that is used to declare net tax liability, claim tax deductions, and report gross taxable income. Individuals who receive a certain amount of money are required to file IT Returns. Self-employed or salaried individuals, firms or businesses, Hindu Undivided Families (HUFs), and self-employed or salaried…
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The deadline for filing the Income Tax Return (ITR) for the fiscal year 2020-2021, i.e. assessment year 2020-2021, for the general category of taxpayers, which includes all salaried workers, was July 31, 2020, but it has since been extended until January 10, 2021. What happens if you miss the bus and don’t file your ITR…
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Everyone wants to earn money to buy a property. Buyers invest their hard-earned money in purchasing property and often find themselves in a difficult situation because while everyone is aware that tax must be paid when selling a property, few are aware that investing in a house will require the buyer to pay tax as…
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In Budget 2021, Finance Minister Nirmala Sitharaman proposed a host of reforms to the goods and services tax system aimed at assisting small and medium enterprises in weathering pandemic-related disruptions. This includes easing the audit requirement for registered companies, assessing the amount of interest owed on outstanding tax liabilities, and identifying the conditions under which…
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01. What is the No. 16 Form? The employer deducts any amount of salary as income tax (Tax Deducted at Source or TDS) while paying salaries to you and deposits this amount to the government on your behalf. Your employer will send you the declaration of your wage, all other income and tax savings in…
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Budget 2021 will be announced on 1st February 2021 addressed by FM Nirmala Sitharaman New Income Tax Slabs for individuals under the new tax regime. Applicable to FY 2020-21 (AY 2021-22) Update on Budget 2021: It has been suggested to exclude senior citizens from filing income tax returns if their only source of annual income…
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What is a business tax return? Basically, a business tax return is an income tax return. The return is a declaration of the company’s revenue and expenses. In this return, any tax to be charged on the income earned by you is also declared. The return provides descriptions of the assets and liabilities held by…
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Are you averse to the thought of paying taxes on a substantial portion of your revenue? If so, you’re not on your own. Although paying taxes every year, most people feel the pinch. There have been some changes in the income tax rates in the newly imposed tax slab for AY 2020-21. Taxes are, however,…
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A senior finance ministry official said that the central government is in favour of combining the 12% and 18% goods and services tax (GST) rates into a single slab, acceding to a proposal first made by some states and endorsed by the Fifteenth Finance Commission (FFC). At its meeting in March, the GST Council, India’s…
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