Things to be noted by NRIs: NRIs are considered resident if their stay in India in all visits during an year exceeds 120 days. this limit was earlier 182 which is reduced to 120 now. This means NRIs need to plan their visits to India to restrict their stay to 120 days to avoid being... Continue Reading →
Key personal taxation updates from Union Budget 2020
Finance Minister has given food for thoughts to the salaried Individuals who plan their tax and investments. A puzzling year with options given on choosing a tax rate. Union budget has been an attempt and a step towards simplifying the tons of rules and sub rules in tax. The new tax regime as per the... Continue Reading →
36th GST council meet
GST rate related changes GST rate for electric cars reduced from 12% to 5% as announced in the Uninon Budget to boost electric vehicles segment.GST rate on electric chargers and charging stations slashed from 18% to 5%Hiring of electric buses (carrying capacity of more than 12 passengers) by local authorities is exempt from GSTThe above... Continue Reading →
GST return due dates
Turnover upto Rs.1.5 cr GSTR-3B April to Jun 2019- 20th of subsequent monthJuly- Sep 2019- 20th of subsequent month GSTR-1 April to June 2019 quarter- 31st July 2019July to Sep 2019 quarter- 31st October 2019 Turnover more than Rs.1.5 cr GSTR-3B April to Jun 2019- 20th of subsequent monthJuly- Sep 2019- 20th of subsequent month GSTR-1... Continue Reading →
Interim Budget 2019 and Union Budget 2019- Highlights of Income tax updates for Individual- Financial Year 2019-20
Tax rate and Rebate Individuals whose total income (after deductions and exemptions) is not more than INR 5 lakhs will get a rebate(i.e., reduction) of total tax liability. Thereby resulting in a Zero tax liability on income upto INR 5lakhs. NRIs are not eligible for this rebate. Surcharge on Individuals 10% on total income in... Continue Reading →
35th GST council meeting updates-
In much awaited GST council meeting held on June 21 post Modi 2.0 regime the below decisions were taken: Extension of filing of annual return for FY 17-18 (GSTR 9) by another two months to August 30, 2019The tenure of NAA(National Anti-Profiteering Authority) has been extended by another two years till November 30, 2021Simplified one... Continue Reading →
34th GST council meeting decisions- Real estate sector
GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house. The outcome... Continue Reading →
Who is liable for registration under GST? Any business whose turnover in a financial year exceeds – 20 lakhs . (In case of special category states it is 10 lakhs) 40 lakhs in case of exclusive supply of goods (effective from april 01, 2019) with some exceptions Mandatory registration cases Inter state supply of goods... Continue Reading →
Interim Budget 2019 – Highlights for Individual tax payers
Tax Rebate: Individual with taxable income up-to INR 5 lakhs will get full tax rebate. Which means if your taxable income after all the investment deductions and eligible income exemptions is up-to INR 5 lakhs, there is no tax to be paid If the taxable income of individual is beyond 5 lakhs ( after claiming eligible deductions... Continue Reading →
