What Is the Current GST Rate? The Goods and Services Tax (GST) is a tax levied on traded goods and services in India. The GST was implemented on July 1, 2017, with the goal of creating a unified tax system across the country. Rice, wheat, barley, and other cereals are subject to a 12% GST. …
What is EPF ? EPF or employee provident fund is a retirement scheme that every salaried employee can avail from their employer. What is the use of EPF ? ● It helps in saving money for the long run. There is no requirement to make a single, lump-sum investment. ● Deductions are made on a …
The following are some of the major changes to the ITR form for the fiscal year 2022-23: Changes to ITR-1 for the fiscal year 2022-23 While calculating their net salary, this form requires them to provide information about their income from overseas retirement funds. Changes to ITR-2 for the fiscal year 2022-23 The following changes …
First Applicable – 1st July 2022 TDS to be deducted by – Business or Profession To be deducted on – Any Prerequisite / Benefit to RESIDENT Type of advantage or Prerequisites – In Cash or In-Kind or Partially in cash and Partially in Kind. …
~ The Companies (Accounts) Fourth Amendment Rules, 2022 have been notified by the Ministry of Corporate Affairs (MCA) in order to update the Companies (Accounts) Rules, 2014. ~ The clause referring to “Manner of keeping books of account in electronic mode” has been amended. ~ Under sub-rule (5), in the proviso, the terms “daily basis” …
Under the new Goods and Services Tax GST rules, effective from 18th July 2022, a tax of 18% is now applicable to rent on residential property. The tax will be charged as per the GST reverse charge mechanism (RCM), where the tenant will pay the liable GST. Previously, no GST was payable on residential property …
The CBDT stated that those who have not submitted income tax returns for two years will be subject to a higher TDS or TCS rate. TDS or TCS will be taxed at the higher of twice the rate outlined in the applicable Income Tax Act provision or 5%. The requirements of this section will apply …
What is Form 11 of the Employees Provident fund (EPF) The EPF form 11 is a self-declaration form that every employee must complete when joining a new organization that is registered under the 1952 EPF Scheme. This form contains information about the employee’s EPF history. An employee can use this form to indicate whether or …
Form 11 – Employees’ Provident Fund (EPF Form 11) Read More »
The GST registration process is completely online, and no physical documents must be submitted to the GST Department. To complete the GST registration steps, it is critical to organise the paperwork in accordance with strict regulations. To obtain GST registration, the proprietorship must submit an application to the GST site in Form GST REG-01. As …
What exactly is Section 80CCC? Individuals can claim tax deductions for donations to certain pension schemes under Section 80CCC of the Income Tax Act of 1961. This section allows for a tax deduction of up to Rs. 1,50,000 per year on costs paid in purchasing a new policy or continuing an existing plan that pays …
