TAX ADVISOR - YOUR OWN TAX GUIDE

How would you reach Rs 1,50,000 under Section 80C with no investments? Let’s examine that in detail here. Lately not a day passes without someone mentioning Section 80C and Rs.1,50,000, does it? You sit down with coworkers for lunch and someone tells you that they just invested money in an ELSS in a last-minute attempt to save taxes. You get calls at least once a week from mutual fund agents telling you to make the most of the increased limit. But before you get convinced that you must make investments to take advantage of the extended limit under Sec 80C, just pause. We’ll show you how to reach the Rs.1,50,000 limit without making any investments. Section 80C not only encourages investments in savings schemes but also offers tax relief on some of your expenses. The following  investment  instruments get tax deduction  under  Section  80C  of the Income Tax Act, 1961 NSC. PPF. SCSS. Life Insurance. EL...

It is always good to be well-prepared, especially when it comes to matters of money. To make sure that you have a smooth 2020, money-wise at least, here are eight important financial deadlines you must be aware of. Credit subsidy under PMAY on home loan: March 31 March 31 is the last date to avail the benefit under Pradhan Mantri Awas Yojana (PMAY) for the middle income group. According to the PMAY scheme details, middle income group I & II (MIG - I&II) can avail the benefit of credit subsidy available on buying a house subject to certain terms and conditions. Under the scheme, categories are divided basis annual household income. MIG - I household's income lies between Rs 6 lakh and Rs 12 lakh. This category can avail credit subsidy of four per cent. Similarly, MIG - II are those whose household income is between Rs 12 lakh and Rs 18 lakh. They can avail credit subsidy of three per cent. With interest rates on fixed deposits falling, there is anot...

The waybill is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include name of consignor, consignee, the point of origin of the consignment, its destination, and route. Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal. The e-way Bill System for Inter-State movement of goods across the country has been introduced from 01 April 2018. e-Way Bill is mandatory for Inter-State movement of goods of consignment value exceeding Rs.50,000/- in motorized conveyance. E-Way Bill under GST E-way bill is an electronic document generated on the GST portal evidencing movement of goods. It has two Components Part A comprising of details of GSTIN of recipient, place of delivery...

Goods and Services Tax  ( GST ) is an  indirect tax  (or  consumption tax ) used in  India  on the supply of goods and services. It is a comprehensive, multistage, destination based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination based tax, it is collected from point of consumption and not point of origin like previous taxes. Goods and services are divided in into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However,  petroleum products ,  alcoholic drinks , and  electricity  are not taxed under GST and instead are taxed separately by the individual  state governments , as per the previous tax system. There is a special rate of 0.25% on ro...

What is TDS? Tax Deducted at Source (TDS)  is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the name suggests, the concept of TDS is to deduct tax at its source. Let us take an example of TDS assuming the nature of payment is professional fees on which specified rate is 10%. XYZ Ltd makes a payment of Rs 50,000/- towards professional fees to Mr. ABC, then XYZ Ltd shall deduct a tax of Rs 5,000/- and make a net payment of Rs 45,000/- (50,000/- deducted by Rs 5,000/-) to Mr. ABC. The amount of 5,000/- deducted by XYZ Ltd will be directly deposited by XYZ Ltd to the credit of the government. In this comprehensive guide on TDS, we are answering 15 frequently asked questions by business owners. Check out.. 1) What Is TAN and How t...