The Modi government in its second term is set to announce the first budget on July 5 under the supervision of new Union Finance Minister Nirmala Sitharaman. Although the Modi 1.0 government has already proposed some relief in interim budget back in February this year. Yet, we expect some addition in suggested sops for individuals on the income tax front in upcoming budgets on Friday but not much. ......

GSTR 9 is an annual return form for all the registered taxpayers under goods and services tax. The taxpayers have to file all the details and transactions of the complete year with invoice data and purchase history for the SGST, CGST, and IGST data. Let us understand Table 6 of GSTR 9 form having details of inward supplies. In the GSTR-9 Annual Return form, the taxpayer has to mention the details ......

The taxpayers often get confused about how to file their tax returns properly and what are the ways to do it successfully with minimal error? One must also note that filing tax returns is mandatory for every taxpayer individual in India to avoid high penalty and interest charges levied by the central government and indirect tax department. However, often, individuals get stuck when it comes to sel......

TDS or Tax deducted at source is a type of tax which is deducted by a company making a payment, only if the amount exceeds the threshold limit. The TDS rates and applicability are different for Income Tax and GST returns. TDS in Income Tax TDS in GST Rate of TDS u/s 194C In all cases, it is applicable at 1% For others, it’s 2% Rate of TDS In all cases, it is ......

It is important for every registered taxpayer in India to file their TDS returns on time in order to avoid any penalty and interest for non-deduction or non-payment of TDS. The Indian government levy TDS interest in two scenarios mainly- late or non-payment of TDS and non-deduction of TDS. The detailed explanation for TDS interest applicability in case of non-payment and non-deduction of TDS are g......