Nowadays, the Central Government is working to overhaul the GST Return Filing System with an aim to offer some relief to those taxpayers who are earning an aggregated business turnover of less than Rs 5 crores. In this regard, CBIC by way of Circular No 20/01/08/2020 has released some notifications to prescribe a new scheme […]
The COVID- 19 pandemic and the series of lockdown have majorly disrupted the Indian Economy. As a result, the Government of India had announced several measures to tackle the situation of hassle, such as Food Security, Extension of Tax Deadlines, Extra Funds for Healthcare Services, etc. In the same manner, CBIC has waived off Late […]
On 29th March, 2017 Parliament passed an act with the concept of “One Nation, One Act”. This was termed as “Goods and Services Tax” which further into effect on 1st July, 2017. GST is an amalgamation of various Central as well as State taxes into a single tax. It is considered to be a comprehension […]
The term “Form GSTR 1” denotes a Monthly GST Return in which a “Regular Dealer” requires to gather all the “Outward Supplies” made by him/ her in a month or quarter. In other words, Form GSTR 1 is a statement in which all the details of sales and outward supplies are captured. In this blog, […]
The term “NGO Registration in India” denotes the process in which a voluntary union or group of people decides to start an organisation, which will work for the charitable and non-profit making purpose. Further, it shall be relevant to note that an NGO cannot payout dividends and benefits to its members and individuals. Also, starting […]
In midst of Covid-19 pandemic where the world is facing huge economic crisis the Finance Minister Nirmala Sitaraman introduced the Taxation and Other laws (Relaxation and Amendment of Certain Provisions) Bill,2020 in the Lok Sabha. This bill provides the compliance relief to all the taxpayers of the country. The said (Relaxation and Amendment of Certain […]
The term “Form ITR 7” denotes an Income Tax Return that is filed by all the companies and entities which are claiming exemption under section 139(4A), 139(4B), 139(4C), and 139(4D) of the Income Tax Act 1961. In this blog, we will discuss the concept of “Form ITR 7”, together with the changes made and the […]
The term “Form ITR 6” denotes an Income Tax Return filed by the companies that are not claiming exemption under section 11 of the Income Tax Act 1961. Further, section 11 of the act deals with the Income from Property held for a Religious and Charitable purpose. In this blog, we will discuss the concept […]
The term “Form ITR 5” denotes an Income Tax Return filed by every taxpayer who is neither filing Form ITR 7 nor filing any return under section 139 (4A), 139 (4B) or 139 (4D). Further, this ITR includes all the Heads of Income but does not include the income specified under section 11 of the […]
The term “Form ITR 2” denotes an Income Tax Return filed by the individuals or HUFs (Hindu Undivided Family), who are not earning income from PGBP (Profit and Gain from Business or Profession). Moreover, it does not apply to the individuals who are filing Form ITR 1 (Sahaj). Further, the term “income” under ITR Form […]
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