Under GST Audit would be done in Two Ways: Section 65 (compulsory audit by tax authorities) Section 66 (special audit by chartered accountant or cost accountant) What is an Audit? As per Section 2(13) of CGST Act, 2017’audit’ means the examination of records and other documents maintained or furnished by the registered person under this Act or rules made there under or under any other law for the time being …Read More

The composition scheme which we are witnessing under GST is a carry over from earlier taxation law and was implemented under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. Alternatively GST composition scheme assures greater compliance without the requirement of maintaining records. Any taxation system whether be Direct Tax or Indirect Tax levy each taxation system  has got some prescribed rules or regulations which must be …Read More

Taxpayers guide on making changes in the refund application. For more information on Refund, please visit the Help section on the GST Portalhttps://t.co/B5b01kNqjM https://t.co/1vXVdeqpv0

CBDT Instructions

Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employee and the benefit, in case of a claim, goes to the employer. The `keyman’ here would be any person employed by a company having a special skill set or substantial responsibilities and who contributes significantly to the profits of …Read More

Persons who are having rental income from land, building, plant & Machinery ,furniture & fittings etc. What is Section 194I? The person (not being an Individual or HUF) who is responsible for paying of rent is liable to deduct tax at source. in case the aggregate of the amount of rent credited or paid or likely to be credited or paid during the financial year exceeds Rs. 1,80,000/- Also, individuals and/or HUFs who are …Read More

TDS RATES FY 2017-2018

Introduction: HRA is given to meet the cost of a rented house taken by the employee for his stay. This is a part of the salary. HRA is given by the employer due to generally accepted Business practice. Taxability & Exemption: HRA is an allowance and is subject to income tax. HRA received from the employer is taxable under head “Income from Salaries”. However Income Tax Act, 1961 allows for …Read More