Section 194N – TDS on Cash withdrawal of more than 1 crore Meta Description: Finance Minister Nirmala Sitharaman delivered her maiden Union Budget on 5th July, 2019. It included a Section 194N where tax would be deducted for withdrawals exceeding ₹1 crore. Since assuming office as the Minister of Finance and Corporate Affairs on 30th […]
The basics of e-Invoicing What is e-Invoicing? Ans. e invoicing under gst or Electronic Invoice is the process of generation of Invoices in a specified format as per a schema, so it is readable by all other users. These Invoices are to be authenticated and reported on the Invoice registration Portal (IRP) where a unique […]
Recovery of Money from Debtors in India Many businesses and individuals have at one particular time, sold goods and serve services to the customers / clients with an agreement or without agreement, that payment will be made at a later date or granted loans to debtors who even after several attempts of payment reminder have […]
Cancellation of GST Registration 1. The proper officer may, either on his own motion or on application submitted by registered person or his legal heir (in Case of death of such person) cancel the registration, in prescribed manner and within prescribed period. As per Section 29 of the CGST Act, read with rule 20 of […]
Income Tax Rate for AY 2020-21 (FY 2019-20) 1. Individual (resident or non-resident) or HUF or AOP or BOI or any other artificial juridical person Taxable Income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Please note that this […]
GST is the form of indirect tax collected in India, which is levied on the supply of good and services. It is calculated on the sum of reverse charge, inward supplies and outward supplies. It has replaced VAT; a tax collection system which was cumbersome in nature, the tax was collected by laws laid out […]