Written on May, 28, 2017 by in

Illustration: Mr. A who is 46 years old, has the following details for financial year 2017-18:- Income from business                                               Rs.3,50,000/= Deposited in PPF account                                         Rs.60000/= Calculate the amount of income tax payable by him. Solution: Income from business                                                           Rs.350000/= Less: Deduction under Chapter VI-A Deposit in PPF Account                                                         Rs.60000/= Net taxable Income                                                                 Rs.290000/= Income Tax on above                …

Written on May, 27, 2017 by in

INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2017-18 (ASSESSMENT YEAR 2018-19) For Male Individuals below 60 years (Resident of India) INCOME UP TO 250000 0 250001 TO 300000 5% 300001 TO 500000 5% 500001 to 1000000 20%  EXCEEDING 1000000             30% Notes: Add: Education Cess 2% on Income Tax Payable Add: Secondary & …

Written on May, 27, 2017 by in

Input tax means:- when a business man pays SGST, IGST, CGST or UTGST at the time of purchase of goods or services for the purpose of resale. Input tax paid on purchase of capital goods which are purchased by registered person during the course of running of business and also activities which would further the interest of business. Thus, the …

Written on May, 21, 2017 by in

Any Manufacturer/Service Provider/Trader whose annual turnover is below Rs.20 lakh need not to pay any GST and need not register.  A person  would be liable to be registered under GST if he is making a taxable supply of goods or services or both under same PAN in the entire country exceeds the threshold limit as provided in GST. Threshold limit …

Written on May, 20, 2017 by in

CGST (Central GST) IGST (Integrated GST) SGST (State GST) UTGST (Union Territory GST) CGST will go to Central Government. IGST will go the Central Government. SGST will go to the State Governemnt. UTGST will go to the Union Territory. In case of Intra-state sales SGST will be collected along with CGST. Intra-state sales means if the goods are supplied within …

Written on May, 20, 2017 by in

WHAT IS GST TYPES OF LEVIES IN GST WHO IS LIABLE TO REGISTERED UNDER GST HOW INPUT TAX CREDIT WOULD BE ALLOWED IN GST GST IDENTIFICATION NUMBER COMPOSITION SCHEME UNDER GST RETURNS TO BE FILED UNDER GST REVERSE CHARGE UNDER GST GST RATES OF GOODS AND SERVICES TRANSITION PROVISIONS UNDER THE GST LAW FAQ IN RESPECT OF GST TAX INVOICE …

Written on May, 20, 2017 by in

There are so many indirect taxes which are levied on sale of goods and services in India. These indirect taxes are divided in two parts ie. State Indirect Taxes and Central Indirect Taxes. State Indirect Taxes:- These taxes are classified as under:- Local Sales Tax or Value Added Tax (VAT) Central Sales Tax Purchase Tax Luxury Tax Entertainment Tax Purchase …

Written on Feb, 05, 2017 by in

Income tax rates have been reduced from 10% to 5% in case of individual tax payers in bracket of Rs. 2.50 Lakhs to Rs. 5.00 Lakhs. Tax rebate is cut from Rs.5000/= to Rs.2500/= for individuals with taxable income up to Rs.3.5 Lakhs. Individuals having net taxable income up to Rs.3.00 Lakhs need not to pay any tax. 10% surcharge …

Written on Nov, 12, 2016 by in

Consignment means:- to send the material by the owner of the material to some one else to sell the material on his behalf. The person who sends the goods is called consignor and the person who receives the goods for sale is called the consignee. In consignment all the payments relating to consigned goods are received on behalf of the …

Written on Oct, 23, 2016 by in

When two or more person jointly start a business, the business firm shall be called as partnership firm and persons who have started the business shall be called as partners of the business firm. As per Indian Partnership Act, 1932 the definition of the partnership firm is as given below:- “Partnership is the relation between persons who have agreed to …


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