A registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme.
Drafting is an art and not a mere skill and that every artist has his/her own way of doing it. Every Tax Professional/Practitioner must know the art of drafting.
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ITR refund on hold. No notice yet, just warning. File revised return by 31 Dec and avoid notices!
CFSS-2020 is required to be filed by Companies who have filed belated forms/documents in the MCA-21 registry under the Companies Fresh Start Scheme, 2020 during the moratorium period from 1st April 2020 to 31st December 2020.
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Assessment (Section 2(11) of The CGST Act, 2017) - Assessment means a determination of tax liability under this act and it includes self- assessment, re-assessment, provisional assessment, summary assessment, and best judgment assessment.
Central Government has come up with a new section 12AB in Union Budget 2020. It mandates the requirement of re-registration of 12AA and re-approval of existing 80G and 10 of all existing Charitable / Religious Institutions.
If the turnover exceeds the threshold limit mentioned in the GST Act, then the person is mandatory to take GST registration. In some cases, people are mandatory to take GST registration like in case of the interstate supply of goods, reverse charge, selling on e-commerce portal, etc.
The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on short-term capital gain tax.
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