Due dates of filing Form GSTR 3B, for the month of February, 2020 Government of India vide Notification No. 07/2020 – Central Tax, dated 03rd February, 2020, has staggered filing of Form GSTR-3B, for the month of February 2020, in the manner as given below: Sl. No. Taxpayers with aggregate turn over (PAN based) in the previous FY And Taxpayers having principal place of business in the State/ UT of Due date 1. More than Rs 5 Crore All States and UTs 20th March, 2020 2. Upto Rs 5 Crore State of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep 22nd March, 2020 3. Upto Rs 5 Crore State of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pr
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GST - Threshold limit for Registration In Goods and service Tax laws, a person who carries on any activity for the furtherance of business, for a consideration liable to collect and pay GST to Government. In order to provide relief to small Businesses, a threshold limit has been incorporated in laws. A Business whose turnover does not exceed the aforesaid limit doesn’t need to get register, but voluntarily any business can get registered. Who is liable to get register? Every supplier is liable to get registered under GST laws, if aggregate turnover of the business exceeds 20 lacs during the financial year, provided in case of special category states, the threshold limit is 10 lacs. For the purpose of this proviso, special category states include Mizoram, Tripura, Manipur and Nagaland. Also Read: https://savvytaxcorp.blogspot.com/2020/02/bu-dget-2020-highlights-finance.html Also, any person who is engaged in the exclusive supply
Budget 2020 highlights
Bu dget 2020 highlights Finance Minister Nirmala Sitharaman today presented the Union Budget 2020-21 in the Lok Sabha. This is the second budget after Narendra Modi led National Democratic Alliance returned to power for a second term. Sitharaman today also proposed new income tax slabs and lower rates. These income tax rates are optional and are available to those who are willing to forego some exemptions and some deductions. Here are the highlights of Budget 2020 Manufacturing Ø Scheme focused on encouraging manufacture of mobile phones, electronic equipment and semiconductor packaging to be introduced Ø To encourage private sector to build Data Centre Parks throughout the country Ø 80 billion ($1.13 billion) over five years to be provided for quantum technologies and applications Ø Milk processing capacity to be doubled by 2025 More airports, highways Ø India to develop 100 more airports by 2024 Ø India to monetize over 6,000 km of highways i
Documents required for filing ITR in any Financial Year
Documents required for filing ITR in any Financial Year. Financial Year 2018-2019 is just ended a few days back. Now you all must be thinking about the ITR filing for this year. As we all know the due date for filing ITR is on 31 st July for the Taxpayers, who are not liable to comply Section 44AB, i.e. Tax Audit. And for those Taxpayers who comes under preview of Section 44AB and also the partners of partnership firms whose firms are liable for Tax Audit under the said section, the due date for filing is 30 th September. In order to make filing of ITR Hassle-free and smooth at that time, one has to be collect a few documents for the information which will be required at the time of filing. Person having Income as Salary, Business or Profession, Interest, Capital Gain, Dividend Income and any other form of Income needs to know the documents required so that they can claim all deductions, expenses, exemptions need to know the documents which will be needed at the time o
All About Interest Income- Recognition and taxability
What is Interest Income ?? Interest Income is the amount earned by an investor on his funds that he allow to utilize to another person, who will give him return on the funds. Interest can be earned on Saving bank accounts, Fixed Deposits, Recurring Deposit & Post Office saving bank accounts. One can also be earned on any securities such as Debentures, Bonds, Government Securities, etc. Also, on the loan given to another person for a specified period. When to recognize the interest income in the books of accounts?? As per AS-9 (Revenue Recognition) Interest income is recognized on time proportionate basis. For Example Mr. A lend the amount of Rs. 5,00,000 to Mr. B for his business purpose for a period of 1 year at the rate of 15% per annum. The transaction took place on 16th June and interest is payable quarterly. Interest will be received as follows: 1. 15th September Rs. 18,750 2. 15th December Rs. 18,750 3 15th Mar
It's March End. Plan it Now.
Yes, It's the end of March, which means we guys have the last chance to Save our Tax . But how???? Lets figure it out together. Today, we will discuss Some Tax Deductions for Salaried Resident Individuals. I. SLAB BENEFITS (For Individual Salaried) Income Tax Slab for Resident Individual for the age less than 60 years at an time for the Previous Year 2018-19 ( A.Y. 2019-20) Taxable Income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,001 to Rs. 5,00,000 5% Rs. 5,00,001 to Rs. 10,00,000 20% More than Rs. 10,00,000 30% * Health and Education Cess is applicable @ 4% on tax (including surcharge), which is earlier known as Education Cess and charged @3%. II. EXEMPTION BENEFITS BASED ON INCOME There are some exemption benefits a