As per section 194IA, the buyer of the immovable property (i.e. a building or part of a building or any land other than agricultural land) will be liable to have TDS deducted on any sum paid or payable under consideration to the seller at the rate of 1% on the date of payment/ cr[...]

Provisions related to Advance Tax

Before we get started with the provisions let us first talk a little about advance tax.Advance tax is the income tax payable if your tax liability exceeds INR 10,000 in a financial year. Advance tax should be paid in the year in w[...]

Circumstances under which EPF can be withdrawn

There are always times when you may have thought about withdrawing your EPF. However, do you know about the circumstances under which EPF can be withdrawn? If your answer is no then we will help you with it. So, let’s get started. EPF can be completely withdrawn under any of t[...]

Exports of Goods & Services under GST

Indian government has initiated to increase the exports from India as portrayed by the “Make in India” policy, and the many tax benefits provided to the exporters. GST rolled out on July 1 and yet there is still some ambiguity among the exporters on the possible impact of the[...]

How to rent a Cab under GST

The market has been witnessing robust growth over the last few years as customers are increasingly shifting from traditional taxis to radio taxis. Nowadays, we call a cab to our doorsteps thanks to applications like Uber and Ola. But, do you know how to rent a cab under GST? Let[...]

How are EPF and ESI applicable

EPF (Employees’ Provident Fund) and ESI (Employees’ State Insurance) are some of the most frequently queried topics. However, how much do we know about their applicability? In this article, we will talk about their applicability, starting with EPF. EMPLOYEES' PROVIDENT FUND A[...]

What is Letter of undertaking under GST?

According to the Notification no. 37/2017 Central Tax, any registered person who intends to supply goods /services to outside India or units covered under SEZ (Special Economic Zone) or developer of SEZ without payment of integrated tax (IGST) is required to furnish Letter o[...]

Incorporating your business is a burden or a benefit

Almost every small business person considers whether or not to incorporate their business at some point.Note that the form of business ownership isn't fixed forever; you can change the legal structure of your business as it grows. A common scenario is for small businesses to[...]

What are the provisions related to GTA Services under GST?

Goods Transport Agency has not been defined in GST Act. However, notifications related to provisions regarding GTA services have been issued by Central Tax 2017 on various dates. An attempt has been made to compile these notifications in one place & simplify the provisions &n[...]

What is Composition Scheme under GST?

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate on turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore.Who can opt for Composition S[...]

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