Skip to main content

Knowledgebase for GST and Income tax

 Updated information for GST

Section 80EEB- Deduction in respect of Interest paid on loan taken for the purchase of electric vehicle.

ü Applicable from AY 2020-21

ü An Individual Can Claim the deduction up to Rs 1.50.000 for interest payment on  vehicle loan which is taken  for purchase of electric vehicle either for personal or business use.

ü Loan must be taken from FI or NBFCs , and loan must be sanctioned between 01April 2019 to 31st March 2023.

ü This Section introduced for the promotion of use of electric vehicle.

#GST Update-01

CBIC has lifted time bar for claiming refund for the unutilized amount lying in ECL, Currently, assesses cannot take the refunds of this money after two years. the CBIC has issued a clarification that the limitation period of two years will not be applicable for refund of excess balance lying in ECL.

#GST Update-02

Finance Minister has notified uniform 12% GST Rate for Fabrics Apparel, & Footwear to correct the inverted duty structure.

#GST Update-03

CBIC has detected Rs 38,000 Crore bogus ITC claim Since Last November.

#GST Update-04

From 1st January 2021 onward, Auto rickshaw services provided through e-commerce would attract 5% GST, Earlier these service are exemption under GST regime. However autorickshaw services which is provided through offline would continue to exempt.

#GST Update-05

On November 18 2021, GST rates on fabrics has been increased from 5 % to 12 %,  and that apparel of any value has been increased to 12 % compared to earlier when pieces priced upto Rs 1000 were subjected to 5% GST.

Knowledge for deduction limit for Income tax

Section-80GG- Deduction on Rent Paid.

ü 80GG is a deduction under chapter VI-A of income tax Act 1961.

ü It is available to individual who do not claim or receive HRA.

ü Deduction can be claimed either by salaried person or by self-employed person.

ü Condition to Claim deduction under 80GG

o   He should claim HRA

o   He has to be filed declaration in form 10BA

o   He , his spouse, or his minor child should not own residential house at the place where he ordinals resides.

o   Quantum of Deduction. (lower of the followings)

§  Actual rent paid less 10% of adjusted total income

§  Rs 5000/month

§  25% of Adjusted total income.

So that you should take service for GST and Income tax from professionals for best security. They are well trained and always alerted for new circular regarding these services. Don’t worry there are many income tax registration consultant and GST registration consultants are available in all big cities like Patna, Kolkata, Ranchi, Jamshedpur, Tata, Lucknow, Allahabad, Pune, Delhi, Indoor, Bilaspur, Mumbai, Pune, Surat, and many more. Although they only one head office in one city but they have many branches all over India. We have a professional team of CA, CS and Cost account. You can make a call for brief discussion.

Comments

Post a Comment

Popular posts from this blog

Process of Expand Your Business

In today’s era, every business wants to expand their market globally to sustain in prevailing market competition.    To expand their business beyond the domestic market, such businesses need to obtain an importer-exporter License (IEC) which is to be issued by the Director-General of Foreign Trade (DGFT).   It is a Ten digit key business identification number that is mandatory for all the businesses who are engaged in the Import Export Business.    If a Person intends to export or import any good, services then he shall apply for Import Export Code. IEC is required to avail benefits under foreign trade policy. After the introduction of GST, IEC being issued is the same as the PAN of the firm. IEC can be applied on behalf of proprietorship firm, partnership, LLP, Company, Trust, HUF, or individual.   Eligibility for obtaining IEC.   ·        Who wants to import/export goods or services. ·    ...
Post a Comment
Read more

Value of Trademark

Any rights associated with intangible assets (non-physical property, including the right of ownership in intellectual property) owned by a person or company and protected against use without consent. It Protects Brand.   As Per TM Law, the trademark is anything by which customers can recognize a product or the source of a product, generally, the trademark would be the words or names associated with the product or service.   TYPES OF TRADEMARK 1. Wordmark:- name written as Text or a word or letter or group of letters is the most common forms word of mark   2. Device Mark;- Logos, design of a name, is called Device mark. It includes any label, sticker, monogram, logo, or any geometrical figure other than a wordmark.   3. Colour Mark:- It can be limited to a particular colour or combinations of colours. As TM Law allowed to register one colour or combination of colour as a trademark.   4. Shapes of Goods:- Shape Mark is capable of distinguishing the g...
Post a Comment
Read more

Export of goods and refund under GST

Because consideration is received in foreign currency, our Government has always focused on making industry friendly policies when it comes to exports. Zero-rated supply - Supplies which specified in section 16 of IGST Act are called Zero rated supply. It is one where exemption is issued under section 6 of IGST Act. As per Section 2(5) of the IGST Act Export means taking goods out of India to a place outside India. It is treated as inter-state supply in accordance with section 7(5)(a) of IGST act. As per Section 16 of the IGST Act, following are treated as zero-rated supplies: 1.      Export of goods or services or both 2.      Supply of goods or services to Special Economic Zone developer or a Special Economic Zone unit. Nil Rated or subject to 0% tax is not Zero Rated supply. Section 16(3) provides options to neutralize the incidence of GST on exports:- ·         Rebate Option ·      ...
Post a Comment
Read more