Reverse Charge Mechanism in GST

Reverse Charge Mechanism in GST

The GST is typically borne by the provider of the products and services. With the Reverse Charge Mechanism, the tax responsibility is reversed because the recipient of the goods and services must pay the tax. As a general rule, GST works as follows: The recipient purchases the goods or services from the supplier, who is …

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GST Composition Scheme and Features

GST Composition Scheme and Features

Manufacturers of goods, dealers, and restaurant operators who do not provide alcohol may make use of the composition system. Compared to business owners under the conventional GST scheme, those registered under the plan pay a substantially lower tax percentage. One percent of the annual turnover is the tax paid under the composition plan. Based on …

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House Rent Allowance(HRA)

House Rent Allowance(HRA)

House Rent Allowance(HRA) The house rent allowance (HRA) is a tax-related term. It refers to the salary portion of the rent payment that was received and is permitted as a deduction from taxable salary under Section 10(13A). How Are HRA Tax Exemptions Calculated? – The smallest of the following amounts is the deduction that is …

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Section 12A of Income Tax Act

Section 12A of Income Tax Act:

– The Income Tax Department grants trusts and other not-for-profit organisations a one-time registration known as a 12A registration. – The registration is done in order to avoid having to pay income tax. – Typically, 12A registration is requested as soon as an entity is incorporated. FORM 10A Entities who want to create a registration under Section 12A should submit Form 10A. Both the Section 12A registration application process and the Form 10A filing procedure are only now available online. Documents Necessary For Section 12A  – A …

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Nidhi Company: what is it?

Nidhi Company: what is it? One type of non-banking financial company is a nidhi company (NBFC). Nidhi Companies are created to lend and borrow money on behalf of their members. It is founded on the idea of mutual benefit and instils in its members the habit of saving money. In the southern region of India, …

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Tax Audit Form 3CA

Tax Audit Form 3CA

An income tax audit form is 3CA. According to income tax regulations, taxpayers are required to submit their audit reports by completing either Form 3CA or Form 3CB, one of the two audits. The auditor who physically assessed or audited the tax assessee in question’s accounts is the best individual to complete Form 3CA. Who …

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Definition of Small Business

When presenting the Union Budget for 2021, the Indian Finance Minister proposed changing the definition of a small company as stated in section 2(85) of the Companies Act, 2013. The proposal’s primary goals were to make doing business easier and lessen the burden of compliance on a large number of businesses. As a result, the …

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GST Refund in case of Exports

90% of the integrated GST paid on exports will be refunded within 7 days, and the remaining 10% will be refunded within 60 days. If exporting goods or services is done without submitting a bond or LUT and IGST was paid on those exports, the GST refund will invariably be due. No IGST would apply …

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FCRA Registration

FCRA Registration

According to Section 6(1) of the Foreign Contribution Regulation Act of 2010, charitable trusts, societies, and Section 8 companies that accept donations or contributions from abroad must register. A FCRA registration is one such registration made pursuant to the Foreign Contribution Regulation Act, 2010. In this post, we examine the steps involved in becoming FCRA-registered …

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