What is Gift Tax in India

We always have a question regarding Gift Tax or tax treatment of gifts received by an individual or HUF. We have divided this topic (Gift Tax) into three parts as below: Part 1 – Features of gift tax rules Part 2 – Tax implication of various parties involved in gifting process and income clubbing provisions

GST Payment rule in India

GST Payments: For any intra-state supply, Central GST to be paid and it goes to the account of the Central Government. State GST into the account of the concerned State Government. Inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST. In addition, certain categories of registered

Types of GST Returns to be filed in India

Under the new GST regime, GST registration would be required for all enterprises involved in the buying or selling or delivery of services exceeding Rs.10 lakhs a year in north-eastern and hill states, while the limit is Rs.20 lakhs for rest of India. All entities having GST registration would be required to file GST returns.

Maintenance of Accounts and Records under GST India

Section 42 of GST India deals with Maintenance of accounts and records and Section 43 of GST India deals with the period “of retention of accounts and records. Section 42 of GST law India deals with Maintenance of accounts and records: Every registered taxable person must keep and maintain at his principal place of business mentioned in

GST Registration in India

Who required to get GST registration and what is GST registration threshold? Any person (individual or entity) that fulfills any of the following conditions needs to get GST Registration compulsorily: Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh

GST Transition: How to Migrate Existing Input Credits?

Taxpayers already registered under VAT/Service tax in India also need to register under GST. Each entity registered under the previous indirect tax laws shall get a certificate of registration on the provisional basis. This certificate issued would be valid for a period of 6 months. Businesses having a turnover of more than Rs 20 Lakhs

What is GST, definition of GST in India

What is GST? GST – Goods and Service Tax is a kind of tax imposed on manufacturing, sale and usage of services and goods. Goods and Service Tax (GST) is applied on services and goods at a national level with a purpose of achieving overall economic growth. GST is particularly designed to replace the indirect

Tax on Income from Salary

Definition of Salary:  If the following amount received by an employee from his employer the amount so received is defined as Salary: includes the following amounts received by an employee from his employer, during the previous year Wages; any annuity or pension; (Family pension received by heirs of an employee is taxable under income from

Capital gains tax 2017-18

Capital gain tax rate 2017 under Income tax act, 1961. Capital gain Long term capital gain tax rate Short term capital gain tax rate On sale of shares and mutual funds 15%  Nil On sale of assets (other than shares and mutual funds)  Tax at normal rate (income tax slab) 20% On sale of debt

Income Tax Return 2017

From 1st April 2017 onward, the Income Tax department has made easier for taxpayers to file Income Tax Return for salaried individuals. This year the Income Tax department had simplified the form filling process and for the Assessment Year 2017-18, there will be fewer columns, simplifying the tax filing process for people with salary and interest income.