GST taxpayers look forward to simplified filing forms – 36 returns to 12 In the 27th GST council meeting, one of the most notable announcement was that the government was considering a simplified return filing system, where input credit would be system driven. This system will be implemented gradually after trial, allowing sufficient time for […]
Investment options for post retirement needs There are Investment options for post retirement needs solely meant to take care of one’s post-retirement needs. Each of these products has their own unique features that you should be aware of. They come with certain tax benefits that come along either at the investing age or/and on maturity. […]
Incorporation of company under Section 8 of Companies Act 2013 Company formed company under Section 8 is a Companies Act 2013 which is incorporated for the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment and appliy its profit or any other income for on its object not for […]
Single master form – Foreign investment in India Foreign Investment in India – Reporting in Single Master Form (SMF) As announced on dated April 5, 2018 The First Bi – Monthly monetary policy review of Reserve Bank, with the objective of integrating the extant reporting structures of various types of foreign investment in India, will […]
Income tax Return form ITR-1? WHAT IS ITR 1? The ITR-1 form is one of the simplest one-page form which should be filed by individuals having an income up to Rs. 50 lakhs. However, the Income can be from the following sources:
Refund process for IGST Paid on Export of Goods The Refund process for IGST paid on export of goods has been fully automated and facility has been made available on the dashboard of taxpayer to track status of transmission of Invoice data to ICEGATE system of Customs.
Benefits available to senior citizens under income tax The Indian income tax laws provide certain tax Benefits available to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income tax 2. Higher Deduction limit under Section 80D for senior citizens under income tax 3. Higher Deduction Limit for […]