A. | Allowances | ||
No. | Section | Particulars | Taxability/Exemption |
1 | 10(13A)read with Rule 2A | House rent allowance | Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Chennai) c) Rent paid minus 10% of salary * Salary = Basic + DA (if part of retirement benefit) + Turnover based Commission Note: i. Fully taxable, if HRA is received by an employee who is living in his own house or if he does not pay any rent.i.e.house is self occupied. ii. It is mandatory for employee to report PAN of the landlord to the employer if rent paid is more than Rs. 1,00,000 [Circular No. 08 /2013 dated 10-10-2013]. |
Wednesday 5 July 2017
Exemptions and Deductions from Salary Income
Defination of Salary as Per Income Tax Act
Salary include:
a) Wages
b) Annuity
c) Pension
d) Gratuity
e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages
f) Advance of Salary
g) Leave Encashment
Tuesday 4 July 2017
GST MISCONCEPTION BUSTED BY THE REVENUE SECRETARY
Sn. | Myths | Reality |
1 | I Need To Generate All Invoices On Computer / Internet Only. | Invoices Can Be Generated Manually Also . |
2 | I Need Internet All The Time To Do Business Under Gst. | Internet Would Be Needed Only While Filing Monthly Return Of Gst. |
Manner of Issuing Invoice
Invoice shall be prepared in triplicate, in case of supply of Goods
in the following manner:-
in the following manner:-
- Orignal Copy - For Receipient
Saturday 1 July 2017
Details Required to be mentioned in Tax Invoice under GST
Sn. | Items Required to be mentioned on Bill |
1 | Name,Address and GSTIN Of the Supplier |
2 | Seriel Number not exceeding sixteen characters. |
3 | Date of its issue |
4 | Name,address and GSTIN or UIN,if registered,of the Recipient |
5 | Name and address of the recipient and the address of delivery,along with the name of state and its code,if such recipient is un - registered and where the value of taxable supply is fifty thousand rupees or more. |
Friday 30 June 2017
List of Documents Required for New GST Registration
List Of Documents Required For Fresh GST Registration | ||||||
S No. | Nature Of Documents | Sole Proprietor | Partnership | LLP | Company Private /Public | Size of Documents |
1 | PAN | YES | YES | YES | YES | NA |
2 | ID & Address proof | YES | YES (Of Partner) | YES (Of Partner) | YES (Of Director) | NA |
3 | Photo | YES | YES (Of Partner) | YES (Of Partner) | YES (Of Director) | (JPG-100KB) |
4 | Pass Book Bank Statement | YES | YES | YES | YES | (JPG,PDF-100KB)/ (JPG,PDF-500KB) |
5 | Electricity/Landline or Water Bill /Rent Agreement | YES | YES | YES | YES | (JPG,PDF-100KB)/ (JPG,PDF-200KB) |
Thursday 29 June 2017
Interest on delay payment of GST
- Interest on Delay Payment of GST -18% p.a.
- Interest on Excess claim of Input Tax Credit - 24% p.a.
Undue/Excess Reduction in Output Liability
- Interest on Refund to be paid by Govt. - 6% p.a.
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