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Income Tax blog

Income Tax on Gifts

Tax provisions about gifts Though Gift Tax Act was abolished in 1998, where the donor was required to pay gift tax, but gifts tax in different form was introduced in 2004 making certain gifts taxab

Posted On Nov 10, 2020
GST Compliances blog

Self Assessment under GST

Self Assessment of Tax under GST u/s 59 Every registered person shall self assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39.  O

Posted On Nov 10, 2020
GST Compliances blog

Composition Scheme

Composition scheme was essentially introduced for the convenience of small traders. It has an upper hand over the conventional method in a way that it provides lesser tax rates and higher liquidity to

Posted On Oct 22, 2020
TCS Income Tax blog

TCS on Sale of Goods

Sub-Section (1H) of Section 206C proclaims that a seller, who receives any amount  as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in an

Posted On Oct 13, 2020
Cost Inflation Chart Income Tax blog

Cost Inflation Chart

As per Notification No. So 3266(E) [No. 63/2019 (F.No. 370142/11/2019-TPL)], Dated 12-9-2019, following table should be used for the Cost Inflation Index :- Sl. No. Financial Year

Posted On Oct 13, 2020
Salary Income Tax blog

Cash Package Scheme in Lue of LTC

The Government vide office memorandum no. F.No. 12(2)/2020—EH(A) dated 12 October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Government employees. 2. What is LTC Sch

Posted On Oct 13, 2020
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