Posted On:  21 hrs ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  21 hrs ago


Is corporative Housing Society Labile to Pay GST on Society Maintenance ?

There are some press reports that services provided by a Housing Society [Resident Welfare Association (RWA)] will become expensive under GST. These are completely unsubstantiated.

article author CA Chirag Chauhan

Posted On:  21 hrs ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  1 week ago


If you love your country, know why you should celebrate Independence Day by paying your taxes honestly!

We Indians are proud of our country and always show our love and affection towards it by celebrating Independence Day with flag hoisting, viewing parade, posting messages on what’s app, facebook and other social media, singing patriotic songs and the national anthem, and finally by listening speech of the Prime Minister of India. Leaders and many prominent celebrities will comment on various government policies and changes government should implement to make India a better place for next generation.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Missed Filing Income Tax Return on deadline you can still file till 31 March

While the government has extended the last date for filing income tax returns to August 5 because of some technical glitches, if an assessee still misses the deadline, it does not mean that he cannot file his tax returns for the assessment year 2017-18. . Missing the deadline does not mean you cannot file your return.  Infact if you have missed to file your return for last financial year ended March 2016, you can still file till 31 March 2018 however there is some catch. Read the article to know more.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Over 11.44 lakh PAN cards deactivated How to check if your is active and process to activate

The government has deleted or de-activated over 11.44 lakh permanent account numbers (PANs). This was informed by minister of state for finance Santosh Kumar Gangwar in a written reply to the RajyaSabha.11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person. 

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Filed IT Return, got Income Tax Intimation or Notice? Know what to do next

The Deadline for filing Income Tax Return which was 5th August. Central Processing Center (CPC) of Income Tax have started processing return and sending various intimation and notices. The processing of Income Tax returns have expedited compared to previous years and most of returns are processed within month time. The communication or intimation are usually send by Email with hard copy at address mention in ITR. Do check all communication you received on the register email id and check under which section you have received intimation or notice and respond

article author CA Chirag Chauhan

Posted On:  1 month ago


Process and documents required for Education Loan

Anyone who has secured an admission into an approved course in India or elsewhere is eligible for an Educational Loan. The bank manager has discretion in approving the loan based on the student's academic performance and the expected employment opportunities for the course.

article author CA Chirag Chauhan

Posted On:  1 month ago


10 important points while file Income Tax Returns

Many taxpayers mess up their tax returns because of either out of greed, ignorance of rules, or just lack of time for knowing the rule. Some mistakes are not very serious offences and the taxpayer will get away with an additional tax demand. But some errors, such as not mentioning cash deposits after demonetization or foreign assets and income or sale of property disclosure, can land the taxpayer in serious trouble How to avoid such mistakes? There have been several changes in tax filing rules in the past year. The tax payer may not be aware of all the changes so it is advisable to take help of professionals in filing the return and avoid any mistakes. There might be many mistake which a individual makes if filing is done by self. Here are the few common errors or mis outs in case of filing returns.

article author CA Chirag Chauhan

Posted On:  1 month ago


7 myths of GST clarification on Twitter by Government

Revenue secretary addresses doubts on twitter 1. Myth: All invoices need to be generated on computer only Reality: Invoices can be generated manually too 2. Myth: It is said that you need internet all the time for the business

article author CA Chirag Chauhan

Posted On:  2 months ago


Do you really require to buy Software for GST?

The most common question asked by many SMEs right now is the required to have software for migration or implementation or filing returns for the GST. There are many software which are available in the market by the GSP service provider starting from range of Rs 3000 to 25000. Are these software’s really worth? Do your organization really require GST software

article author CA Chirag Chauhan

Posted On:  2 months ago


Short FAQs on Tweets Questions received by GST_GOI handle

The tweets received by ask GST_ GoI handle were scrutinized and developed into a short FAQ of 100 tweets.

article author CA Chirag Chauhan

Posted On:  2 months ago


Sign the Petition - Disability goods to be taxed at zero rate in GST

The Finance Minister, Shri ArunJaitleyon 6 June 2017 stated on social media that daily consumer goods being used by the common man among others to become cheaper after GST.  Ministry of Finance stated that day-to-day commodities will attract zero GST after the indirect tax regime is rolled out on July 1

article author CA Chirag Chauhan

Posted On:  2 months ago


List of documents required for fresh GST registration

The fresh registration window for GST no is going to start from 25th June 2017 for all those who do not have existing Service tax no, vat no or excise no can now directly apply for fresh GST no from 25th onwards. The following are the documents required for fresh enrolment for GST:

article author CA Chirag Chauhan

Posted On:  2 months ago


Format of Invoice in GST for Goods and Service and Mandatory Requirement

Under the GST act the details to be maintained in invoice, types of invoice has been specified. As per nature of transaction they are required to be prepared. Under this article a detailed elaboration has been made on the types of invoices which are required to be prepared along with the details to be mentioned.

article author CA Chirag Chauhan

Posted On:  2 months ago


How to pass Accounting and Journal entries under GST and Register to be Maintained (Goods and Service Tax)

Under the new system of one nation one tax, i.e. GST all these taxes (excise, VAT, service tax) will get subsumed into one account and assesse will get benefit of setting of and availing Input credit at all levels. Following are the accounting ledgers which needs to be maintained by assesse for recording in books of accounts apart from Purchase, Sales and other ledgers

article author CA Chirag Chauhan

Posted On:  2 months ago


Relaxation in return filing procedure for first two months of GST implementation Form GSTR 3B

The government recently has received so many representation from various industry and professionals to postponed date of implementation of GST from 1 July to 1 September. So considering many representation government has given extension for filing returns for first two months, with the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry. For the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month.

article author CA Chirag Chauhan

Posted On:  2 months ago


How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2017-18

Most of salaried individual do their tax planning at the end of the year, as many are not aware of what all options are available to save taxes. Very few start planning at the beginning of the year. The article will help individuals to plan their taxes well in advance so that can invest and plan in systematic manner much in advance. The Article gives you brief idea on how to save tax and at the same time make proper investment and cover insurance and Medical expenses risk.

article author CA Chirag Chauhan

Posted On:  3 months ago


New Cost Inflation Index Base year 2001-2002 as per Income Tax

CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18. S.O. 1790(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961

article author CA Chirag Chauhan

Posted On:  3 months ago


Registration for GST migration started from 1 June, Step wise process and documents required.

Have you missed to register and migrate to GST. The Enrolment process has started again from 1 June 2017 and will be open for 15 days. All the exsisting taxpayer need to migrate to GST

article author CA Chirag Chauhan