Tax Act Blog

Check Income Tax Refund Status Online

If you are anxiously waiting and want to know your income tax refund status onilne, when the income tax refund cheque will arrive or when it will  deposited into your bank account, there’s no...

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 –...

GST Payment rule in India

GST Payment: For any intra-state supply, Central GST payment goes to the account of the Central Government. State GST payment goes into the account of the concerned State Government. Inter-state supply, tax to be...

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...

Maintenance of Accounts and Records under GST India

Section 42  Deals with the maintenance of accounts and records under GST in India and Section 43 of GST India deals with the period “of retention of accounts and records. Section 42 of GST law India...

GST Registration rule 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...

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...

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...

Income from Salary under Income Tax Act, 1961

To understand Income from Salary and its taxability, one need to understand the definition of Salary:  If the following amount received by an employee from his employer the amount so received is defined as...