Lay man Term : The provision shifts the responsibility of paying GST (18%) from the unregistered landlord to the registered tenant under RCM. The registered recipient (tenant) is required to calculate, pay GST, and may claim Input Tax Credit (ITC), provided the rented property is used for taxable activities. GST on Commercial Rental Income: Scenarios…
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Tax Audit Due Date Extended to 07-October-2024 https://incometaxindia.gov.in/news/circular-10-2024.pdf Read the official circular above. Let us know if you have any additional questions. Contact – anshul@karwaandassociates.com
The scheme for applicability of Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) to non-company entities shall come into effect for accounting periods commencing on or after 1 April 2020. For the applicability of Accounting Standards, non-company entities are classified into four categories: Level I Level II Level III Level IV…
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Summary of Major Decisions at 54th GST Council Meeting: Goods: – Namkeens and Savoury Products: GST on extruded/expanded savoury food products reduced from 18% to 12%, excluding un-fried/un-cooked snack pellets. – Cancer Drugs: GST rate reduced from 12% to 5% for Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. – Metal Scrap: Introduction of Reverse Charge Mechanism…
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DIRECT AND INDIRECT TAXES CHANGES: CHANGES FROM 1ST SEPTEMBER 2024 Let us know if you have any additional questions at anshul@karwaandassociates.com
How can NRIs e-Verify IT Return from Abroad? Step-wise procedure Given below are the steps for NRIs to e-Verify IT Return from Abroad through Net Banking: To begin with, log into your e-filing account on the website of the IT Department. Once you’re logged in, you’ll be taken to your dashboard. From there, navigate to…
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Top Highlights of Budget 2024-25: Capital Gains Taxes: – Short-term gains: 20% on all financial assets. – Long-term gains: 12.5% on all assets. – Exemption on profits up to ₹1.25 lakh a year. Standard Deduction: – Increased from ₹50,000 to ₹75,000. Family Pension Deduction: – Increased from ₹15,000 to ₹25,000. New Income Tax…
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F&O Income: Non-Speculative Business Income F&O income is classified as non-speculative business income, i.e., normal business income. Declare your F&O profits or losses under the “Profits and Gains from Business” head. For example, if you earned ₹50,000 from F&O trading, it should be reported as business income. Using the Correct ITR Form Use…
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Prepaid Insurance Calculator Prepaid Insurance Calculator Premium Amount (₹): Period Type: MonthsDays Prepaid Period (months): Prepaid Period (days): Calculate
Key Recommendations made by the 53rd GST Council meeting held today: 1. Waiver of Interest and Penalty 2. Extended Time Limit for ITC 3. Monetary Limits for Appeals 4. Reduced Pre-Deposit for Appellate Authority 5. Reduced Pre-Deposit for Tribunal 6. Amendment in Appeal Time Limits 7. Extension of GSTR-4 Filing Deadline 8. No Interest on…
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