Latest News and Update

  • Hindu Undivided Family (HUF) Income.New

    HUF is a separate and a distinct tax entity and income of a HUF is to be assessed in the hands of the HUF and not in the hands of any of its members.

  • Rule-114BB Quoting of PAN or Aadhaar Number.

    As per new income tax rule-114BB, Every person shall, at the time of depositing or withdrawing cash over Rs 20 lakh in a financial year or opening of a current account. shall quote his permanent account number or Aadhaar number.

  • GST on Export of Software Services.

    Export of goods or services is considered as a zero-rated supply under GST Act and GST will not be levied on export of any kind of goods or services.

  • TDS on Transfer of Immovable Property.

    A person who is purchasing any immovable property (other than agricultural land) from a resident is required to deduct TDS @ 1% from the amount payable in respect of transfer of immovable property.

  • Taxability of Profit from Partnership Firm.

    Taxability of profit from partnership firm and income in hand of partners. Business profit partnership firm is taxable at tax rate of 30% and Surcharge is also applicable at rate of 12% if income exceeds 1 crore.

  • How to disclose financial statements in ITR-4.

    In ITR-4 return, assessee needs to disclose in financial statements the information available as on 31 march of year.It is also mandatory to disclose details of inventories, Debtors, Cash in hand and Creditors.

  • Blocked Credits (ITC) under GST - Section 17(5)

    A registered person is not eligible to take input tax credits on GST paid on specify goods and services received by him under Section 17 (5).It refers to the ITC not available on certain type of goods and services specified U/s 17(5) in CGST act.

  • All about GST Invoice and Notes

    GST invoice is issued by a registered GST supplier to the buyer of goods and services. A GST invoice consists of the names of the parties involved as well as the details of goods or services including description, quantity, discount, terms of sale, etc. under supply of goods or service.

  • How to Apply new Rule 86B - Restrictions on use of ITC

    From 1st January 2021, the registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of ninety-nine per cent. of such tax liability, in cases where the value of taxable supply other than exempt supply and zero-rated supply, in a month exceeds fifty lakh rupees.