New GST Return (GSTR) Forms have been announced by the Central Board of Direct Taxes (CBDT), the apex authority for taxation in India. The new forms have been titled as GST Return (Sahaj), GST Return (Sugam) and GST Return (Normal). These new forms will be available as part of a pilot project for use by…
The Central Board of Direct Taxes (CBDT), the apex body for collection of indirect taxes in India, has clarified that no GST (Goods and Services Tax) will be levied on TCS (Tax Collected at Source) of a product. Thus going forward, the TCS component will not be part of the price of the good used…
India is mainly an agricultural country. More than 60 percent of our population depends on agriculture for their livelihood. Despite this, the Indian farmer is almost always in debt. Lack of agricultural credit or the access to it forces the farmers to resort to unorganized sector, such as moneylenders, for loans. Though the moneylenders may…
At the 33rd GST council meeting held in late February 2019, input tax credit was recently removed in case of residential real estate transactions. The new lower GST rates for under construction residential property purchases are 1% GST in case of affordable housing residential transactions (from 8% earlier) and 5% GST in case of residential…
Credit cards can be a great addition to your wallet but only if used wisely. Reckless use of your credit can result in a debt spiral that can ruin your budget and eat into all your future income. However, credit card debt is not a life sentence. There are multiple ways how you can get…
As per the latest communication shared by the income tax department, eligible tax refunds will be only issued digitally. Further, tax refunds will be made only to the bank accounts which are linked with PAN. The new guidelines regarding the tax refunds will be effective from March 1, 2019. E-refund of income tax means…
Note: PAN cardholders now have to pay Rs. 1,000 to link their PAN with Aadhaar and the last date to link PAN with Aadhaar is 30th June 2023. The Central Board of Direct Taxation (CBDT) has reiterated that Aadhaar-PAN linkage is mandatory for tax filing and the deadline for linking is the 30th June 2021. This follows…
