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Filing of Income Tax Returns for Financial Year 2016-17

by Sanjeev Archak Sanjeev Archak 2 Comments

Yes! It’s time to file your income tax return for the Financial Year 2016-2017. Who should file income tax returns? What is the due date for filing returns? How to claim a refund of TDS deducted? Which tax form is applicable to you? Should a salaried person file income tax returns?

These are the questions which have to be sorted without delay. Here are some snap answers:

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What is Composition Scheme Under GST Act 2017?

by Sanjeev Archak Sanjeev Archak 1 Comment

Composition Scheme under GST Act is a provision where a registered taxable person, whose aggregate turnover in the preceding financial year does not exceed Rs. 50 lakh, to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not more than 2.5% in the case of a manufacturer and 1% in any other case, of the turnover in a State during the year.

This provision of the Composition Scheme under GST was introduced keeping the best interests of small businesses in mind. These businesses often face challenges of maintaining a timely compliance with the statutory bodies of the country.

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GST Impact on Indian Sectors – Who are the Winners & Losers?

by Sanjeev Archak Sanjeev Archak 1 Comment

Previously we wrote about the complete list of GST rates for Goods and Services that was finalized by the GST council last week in Srinagar. The Council has broadly approved the GST rates for goods and services at nil rate, 5%, 12%, 18% and 28%. Today we will dive deep into the GST impact on the Indian sectors while mentioning the list of winners and losers, as a result, of these tax rates.

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Return Filing Compliances Under GST Law

by Sanjeev Archak Sanjeev Archak No Comments

Timely action and fulfillment of the various compliances under GST law is one of the most critical activity for businesses. A thorough knowledge of the several aspects of the return filing compliances under GST law is needed. Before we get down to talk about the specific return forms that need to be filed and the deadlines associated with them, it’s important to know what return means under the GST law.

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GST Rates in India 2017 – All You Need to Know

by Sanjeev Archak Sanjeev Archak No Comments

The Goods and Services Tax has taken the entire nation by storm. It’s been the government’s most ambitious attempt at reforming the indirect tax policies into one universal taxation.

This national tax is projected to create a common market for 1.3 billion people.

The 14th GST Council meeting was held yesterday at Srinagar, Jammu & Kashmir, chaired by the Union finance minister Arun Jaitley along with several members that included the representatives of the 32 states and Union territories.

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Best Payroll Practices For Internal Control

by Sanjeev Archak Sanjeev Archak 1 Comment

For every organization, be it private, public or those of the government, employees are needed to meet the various goals and objectives of the company. These individuals are employed based on a cost to the organization that is reflected in the form of salaries, wages and the relevant benefits attached to them.

The primary purpose of a payroll department is to take care of paying the employees and remittance of correlated benefits, taxes, and deductions. For this department to function in an effective, efficient and adequate manner as stated by the management, internal controls are a necessity.

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Tax Implication on Imports and Exports Under GST

by Sanjeev Archak Sanjeev Archak 1 Comment

In the present tax scenario, laws on VAT, Service Tax, Customs duty and Excise duty are the ones that lay down the respective tax treatment of imports and exports. However, under the GST regime, the VAT, Service Tax, Excise, and Customs would all be comprehended within GST and the duties on Customs would still continue to be imposed separately.

Before we do a detailed understanding of the impact of imports and exports under GST, let us first understand the basic meaning of import and export of goods and services under the GST laws.

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