GST Audit has been abolished in Budget 2021. Finance Minister has Discontinue GST Audit in the Budget 2021 proposal. GST Audit has been scrapped as Budget 2021 through omitted section 35(5) from CGST Act and allow self-certification to the taxpayer in CGST section 44. As per budget presented on 1st Feb 2021 abolished GST audit. […]
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बजट 2021 में इनकम टैक्स हाइलाइट्स 1. सीनियर सिटीजन 75 वर्ष का हो चुका हो। रिटर्न फ़ाइल की जरूरत नहीं, बशर्ते कि, सिर्फ पेंशन व ब्याज की इनकम हो। पेंशन वाले बैंक के अलावा कहीं खाता नहीं हो। सरकार करेगी सिर्फ कुछ बैंकों को नोटिफाई। डिक्लेरेशन देना होगा ताकि सही टैक्स कैलकुलेट हो सके। 1A.
बजट 2021 में इनकम टैक्स हाइलाइट्स Read More »
Highlights of Union Budget 2021-22. General First digital Budget in the history of India Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles 64,180 crores allocated for New Health Schemes 35,000 crores allocated for Covid Vaccine 7 Mega Textile Investment parks will
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Cost inflation index for the Financial year 2019-20 has been notified by the Ministry of Finance. In a notification dated September 12, the finance ministry stated that cost inflation index for FY 2019-20 has been set as 289. This cost inflation index is important as it is used to arrive at the inflation-adjusted purchasing price
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Tax Rates 1.1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Individuals(Other than senior and super senior citizen)Net Income Range Rate of Income-tax Assessment Year 2021-22 Assessment Year 2020-21Up to Rs. 2,50,000 – –Rs. 2,50,000 to Rs. 5,00,000 5%
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Contribution margin means the sale price minus the variable cost incurred on the product. It is the ability of the firm or company to cover its variable cost with the revenue. The remaining amount i.e. the contribution covers fixed cost or is the profit earned by the firm or company. The calculation of contribution margin
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Advisory for RoDTEP (Remission of Duties and Taxes on Exported Products) Incentive Scheme A new scheme, RoDTEP (Remission of Duties and Taxes on Exported Products) has been launched by the government for exporters. The scheme provides for rebate of Central, State and Local duties/taxes/ levies which are not refunded under any other duty remission schemes.
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What is an E- Invoicing ? E-invoicing Electronic Invoicing is an electronic authentication mechanism under GST. Under the mechanism, all the invoices generated by a business (aggregate turnover more than 100 CR) will have to be authenticated on the GSTN portal, electronically, Furthermore, to manage these invoices, the Invoice Registration Portal (IRP) will issue a
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Calculate your Tax Liability and steps to reduce it Tax liabilities burn a hole every year in your savings. A massive chunk of your earnings is deducted from your account in the name of taxes. Majority of people try to hide their income sources or do not pay taxes, just to save that money. But,
Debt Service Coverage Ratio (DSCR) is a coverage ratios, calculated for known the cash profit availability to repay the principal and interest. Essentially, DSCR is calculated when a company takes a loan from bank and other financial institutions. This ratio suggests the capability of cash profits to meet the repayment of the financial loan including
