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Which is better Third Party Two Wheeler Insurance or Comprehensive Coverage?

Accounting, Finance /

—In India, two-wheelers i.e. motorcycles, scooters, etc. are probably the most chosen mode for daily transportation. Not having a right insurance can turn out to be even more expensive during major accidents. People get confused between the third party and comprehensive two-wheeler insurance. Let’s see what the difference between the two is and which is […]

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All abount new GST Return Forms Normal, Sahaj and Sugam

Goods & Service Tax (GST) /

Proposed New GST Returns —Monthly/Quarterly (NORMAL) return-Form GST RET-1 —Quarterly SAHAJ Return-Form GST RET-2 —Quarterly SUGAM Return-Form GST RET-3 Old GST Returns to be removed GSTR – 1 i.e. detail of outward supplies GSTR – 2A i.e Auto-populated detail of inwards supplies GSTR – 3B i.e summary return containing summary of Outward supplies, details of

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How to adjust Input Tax Credit with GST Payable as per New Rules ?

Goods & Service Tax (GST) /

ITC Rules in GSTR 3B for set off Tax credit —The government has amended CGST Act 2017 vide CGST Amendment Act 2018 with various changes w.e.f and one of the important amendment was made in Section 49 of CGST Act by introducing new section 49A & 49B after the section 49, which is as under: —49A. Notwithstanding anything

How to adjust Input Tax Credit with GST Payable as per New Rules ? Read More »

What is Advance Tax in Income Tax ? What is the due date Advance Tax?

Accounting, Finance, Income Tax /

What is Advance Tax ? Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the income tax department. Who should pay Advance Tax? If

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GSTN has enabled a new functionality in the GST Portal 

Goods & Service Tax (GST) /

Comparison of Liability declared and ITC claimed enabled in GST Portal —The Goods and Service Tax Network (GSTN) has enabled a new functionality in the GST Portal “Comparison of Liability declared and Input Tax Credit claimed” What is Comparison of Liability declared and Input Tax Credit claimed The statement is called as Credit and Liability

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What is Letter of Undertaking (LUT) and How to Renew ?

Export-Import, Goods & Service Tax (GST) /

Under GST Law, Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules). Under the said provisions, an exporter is required to furnish a bond or Letter of Undertaking (LUT) to the jurisdictional Commissioner

What is Letter of Undertaking (LUT) and How to Renew ? Read More »