The CBIC has recently launched circular No. 201/13/2023-GST. This circular clarifies the important questions that businesses like you had regarding: Whether services supplied by the director of a company in his personal capacity such as renting of immovable property to the company or body corporate are subject to Reverse Charge mechanism. The GST Council discussed … Read more
The CBIC has released circular 197/09/2023-GST, which clarifies concerns relating to GST refunds. These changes are intended to bring much-needed clarity to taxpayers and make it easier for them to receive refunds. For ease of understanding and reference, a summary of clarifications is provided below. CBIC Provides Clarity on GST Refunds Question 1 Is the … Read more
The ITR-3 applies to individuals and Hindu Undivided Families (HUFs) who earn income from profits and gains derived from business or profession. On the other hand, the ITR-4 is designed for taxpayers who choose the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. Nevertheless, if the turnover … Read more
ITR Filing offers multiple benefits to everyone. In fact, you also get the benefits of filing income tax returns even if it is not mandatory for you to file returns. By doing so, you may unlock potential advantages and safeguard your financial interests. Moreover, filing before the deadline can provide you with peace of mind, … Read more
As you already know, House Rent Allowance (HRA) is a benefit that salaried employees receive as part of their salary. Furthermore, you must also know that it can be used to reduce your Income Tax Liability while ITR Filing. Know all the crucial details to claim house rent allowance exemption in ITR Filing through this … Read more
Computer repair shops, which offer a wide range of electronic equipment, are required to pay taxes based on their turnover and business type. To streamline tax payments and ensure simplicity, computer shop owners must get GST Registration. GST replaces various indirect taxes on goods and services provided by both state and central authorities. When you … Read more
The Goods and Services Tax Network (GSTN) has developed a highly efficient application known as the GST E-Invoice QR Code Verifier. This app addresses the importance of streamlined and precise e-invoice verification. By utilizing this application, users can easily authenticate e-invoices using the prominently displayed QR code. The main goal of developing this app is … Read more
Renting out properties is a booming business these days. Whether you’re renting out your home to tenants or leasing out as office space to businesses, you need to be aware of the latest GST rules. GST, or Goods and Services Tax, is a tax that is applied to most goods and services sold in India. … Read more
GST is exempt on several healthcare services. However, it is still mandatory for companies, doctors and other medical professionals to get GST Registration for Healthcare Service in various circumstances. This article will guide all that you need to know about GST Registration for Healthcare Service. When do you need GST Registration for Healthcare Service? You … Read more
The Goods and Services Tax (GST) is an indirect tax system that has streamlined the taxation process in many countries, including India. If you own or plan to start a toy business in India, understanding the requirements and procedures for GST registration is essential. This article provides a comprehensive guide to GST registration specifically for … Read more