TDS stands for Tax deducted at source, and as the name specifies, under TDS, every person who is responsible for making specific payments like interest, rest, salary etc. must deduct a certain amount as tax before making such payment in full to any person. Basic provisions of TDS: Every person responsible for deducting or collecting the tax is required to obtain TAN (Tax Deduction Account NumberIt is mandatory to quote TAN in all TDS returns.Tax shall be deducted or collected at source at the applicable rate of TDS.Amount of TDS received shall…

The Income Tax Department has introduced the new Income tax return form with some major changes in the form. The new ITR forms for the assessment year 2018-19 mandate the taxpayers to provide detailed information about their incomes including their GST number and turnover and the salaried class assesses to provide their salary breakup.  For the first time, a penalty will be levied on returns filed after the due date. The new Income Tax Returns have been uploaded on the official website of the income tax department (www.incometaxindia.gov.in). To…

FORM GSTR 9 is an annual return that should be filed by the taxpayers who are registered under GST. It should be filled by even those who are registered under the composition Levy scheme. In GSTR 9 form, you would see various information related to supplies received and done during the whole year under various tax heads such as CGST, SGST and IGST. You should also understand the types of return under GSTR-9 form. There are four different types of form under the GSTR-9 forms. These forms are as follows: GSTR 9 – This form should be filed…

The Government is looking to link the GST network (e-Way bill) with FASTag mechanism of the National Highways Authority of India and Logistics Data Bank  services of the Delhi Mumbai Industrial corridor. For those who are not aware of what FASTag is, it is a device that with the help of Radio Frequency Identification technology enabled toll payments directly from the prepaid or savings account linked to it. The tag is pasted on the windscreen of the vehicle thus enabling the commuter to drive the plaza without having to stop by at the toll…

The GSTR-9A is a simplified annual return for the business owners who are looking to avail the Composition Scheme under the GST regime. The return would consist of all the quarterly returns filed by the compounding dealers/vendors in that financial year. Simply, the form consists of all the information provided in the quarterly returns by the composition taxpayers during that financial year. You would need to file the GSTR-9A form annually by 31st December following the financial year which is being reported. For instance, an Individual who is…

National Financing Reporting Authority was approved by the Central Government this year to ensure better regulation in the financial audit of the large companies. NFRA is an independent regulator that supervises the auditing professions. Central Government took the decision to approve this regulatory authority post the report of Standing Committee on Finance in its 21st report. In addition to that, the Cabinet has also approved various posts within the regulator. These posts would be of a Chairman, one secretary and three full-time members.…