Newest FAQ on GST Composition Scheme: In this article, we will answer some common questions about the GST composition scheme. These are the questions most people have when dealing with GST composition scheme. By answering them in clear and simple terms, we hope to make it easier for businesses and taxpayers alike to understand and … Read more
GST Composition Scheme Turnover Limit: The maximum turnover for a company that wants to be part of the GST composition scheme is INR 1.5 crore. This amount of income indicates which businesses can choose the Composition Scheme to simplify their taxes and reduce rates. GST Composition Scheme Turnover Limits Overview This table explains, in brief, … Read more
GST Composition Scheme Tax Rates – Latest 2024: The tax rates listed here are applicable for businesses registered under the Composition Scheme of Goods and Services Tax (GST) in India. The given tabular representation shows different types of business categories covered under the composition scheme i.e., manufacturers/traders/service providers etc., restaurants except those who serve liquor; … Read more
Composition Scheme under GST: The Composition Scheme is like a shortcut to pay GST and filing GST returns easily. They can bypass all the complexities of the Goods and Services Tax and follow this easier alternative. The Composition Scheme operates on a different principle than the normal system in which taxes are paid based on … Read more
Income tax return filing due dates AY 2024-25: For the financial year 2023-24 (assessment year 2024-25) the last date to file income tax returns is July 31, 2024. In case you miss this date, you will have to pay extra charges. To begin with, there is interest which refers to the additional amount that an … Read more
The government has released new tax forms (ITR Forms 2, 3, and 5) for the year 2024-25 through a notice called Notification No. 19/2024, dated January 31, 2024. What you need to know about the new forms: The types of forms for different taxpayers are still the same. However, the new forms ask for more … Read more
Explore the official links we’ve shared where you can easily download important documents for India’s Budget 2024. Get the Finance Minister’s speech, highlights, and the Finance Bill in PDF format directly from the official Union Budget of India website: https://www.indiabudget.gov.in/. Stay updated on crucial fiscal policies and government allocations for the upcoming year with these … Read more
Sukanya Samriddhi Yojana Calculator Excel: A tool that simplifies complex calculations and projections in the personal finance world would be a great asset. A new Excel tool makes it easier for investors to understand their investments in the Sukanya Samriddhi Yojana. With this Sukanya Samriddhi Yojana Calculator Excel, users can estimate maturity values, interest amounts, … Read more
The Sukanya Samriddhi Yojana is a government savings plan for girls. Parents can open an account before their daughter is 10 and deposit ₹250-₹1.5 lakh annually. It has a high-interest rate and tax-free earnings. Secure your daughter’s future education and marriage now. The Sukanya Samriddhi Account Scheme offers tax benefits as one of its significant … Read more
GSTR 9 Annual Return: Turnover Limit, Last Date, Late Fee and Rules: GSTR-9 is a yearly report that most businesses in the GST system need to submit. It’s like a summary of their entire year’s activities, showing what they said they did in their returns compared to what’s in their financial records. It has specific … Read more
Fillable Form 15G and 15H PDF and Excel: Form 15G and Form 15H are self-declaration forms in India used to declare that one’s income falls below the taxable limit. The primary purpose of these forms is to prevent Tax Deducted at Source (TDS) on certain incomes, such as interest earned on fixed deposits, recurring deposits, … Read more
Form 15H is a self-declaration senior (aged 60 or above) can use to lessen the tax taken from interest earned on fixed or recurring bank deposits. For senior citizens, the bank usually takes tax (TDS) on deposit interest above Rs. 50,000. However seniors can avoid this tax by using Form 15H if they meet these … Read more
Form 15G is like a declaration form you give to banks or financial places when you don’t earn enough to pay taxes. If your yearly income is under Rs. 2.5 lakhs, this form helps you avoid TDS (tax deducted) when taking money out of your PF account. It’s a way to tell them you don’t … Read more
TDS on EPF Withdrawal: TDS on EPF Withdrawal refers to the tax deduction taken directly from the amount withdrawn from your Employees’ Provident Fund. The deducted amount varies based on factors like the withdrawal duration, amount, and whether PAN details are provided. Submitting Form 15G/15H or having income below the taxable limit can exempt you … Read more
As a taxpayer under GST, you have specific responsibilities that involve complying with various regulations. Periodically, you are required to provide information through returns and statements monthly, quarterly or annually. These GST returns are submitted through the GSTN portal. These are the details of what you’ve sold and the taxes paid on those sales. The … Read more
TDS Return Due Dates FY 2023-24 AY 2024-25: TDS returns are a crucial compliance requirement for TDS deductors. Filing your TDS return in a timely manner is imperative; failing to do so can lead to substantial penalties along with late payment of TDS. In this article, we will outline the TDS return due dates, TDS … Read more
It is mandatory for the above taxpayers to file tax audit reports by the deadline. The due dates are also listed above. The assessee is liable to pay a penalty for late filing or non-filing of tax audit report if he fails to submit the audit report. Now we need to ask how much penalty … Read more
How to File Revised Income Tax Return?: As a taxpayer, it’s not uncommon to realize that you’ve made a mistake or missed important details in your initial Income Tax Return (ITR) submission. The good news is that you can rectify these errors. The process involves using the tax authorities’ online platform, known as the eFiling … Read more
Advance Tax Payment Due Dates FY 2023-24: Advance Tax is the pre-paid tax paid by the assessee on the income earned during the year. In simple terms, you can say that the assessee must pay taxes in advance on the estimated income for the year in installments. This applies to individual taxpayers, company, and corporate taxpayers. … Read more
PAN Card Correction Form 2023 PDF – Download: There may be mistakes on a PAN card, such as an incorrect name, birthdate, or contact address. It is quite common for these mistakes to occur. It is very important to correct these errors, such as name corrections and date of birth changes. It is important to … Read more