As per the provisions of Central Goods and Service Tax Act, every registered person under GST is required to file the annual return GSTR-9 irrespective of his business turnover. GSTR-9 contains all the details about inward or outward supplies of an entity, taxes paid, refund claimed and ITC availed by the taxpayer. Deadline for filing GSTR-9 is already nearby and the Government has clearly stated that the date will not be extended anymore. Thus, to avoid any interest and penalties or any demand notice by the tax department, taxpayers should…

As the Government of India has already notified the ITR Forms for the Financial Year 2018-19, thereby to ensure easy and convenient filing of the return, it is necessary to collect all the required documents in advance and keep in hand to make the process of ITR filing easier and fast. Filing the Income Tax Return before the due date will also help an assessee to avoid any penalties and interest that would otherwise be levied. As per the directions of the Income Tax Department, for the Assessment Year 2019-20, all the below-mentioned documents…

GST return is a statement of facts containing all the details pertaining to the nature of business, taxable turnover of business, determination of tax liability etc. It is furnished by the taxpayer to tax administrators at regular intervals. Taxpayers can file the statements and returns directly on the GST common portal online. The details furnished by the taxpayer in the form of returns is consolidated and stored at the common portal which will be common for both, i.e. Central Government and State Governments. Currently taxpayers file…

Form 16 is a certificate issued by an employer to his employee under Section 203 of the Income-tax Act, 1961 and contains all the details about the amount received by the employee as salary, Tax Deducted at Source (TDS) on salary, and any other deduction claimed by the employee during the year. The Income Tax Department has revised the format of Form 16 and notified the new format that will have more essential details about an employee’s income and deductions. The amended format of Form 16 will come into effect from May 12, 2019. Thus,…

National Common Mobility Card (NCMC), commonly known as One nation one card is a single card that can be used for doing various transactions. The card was launched by Prime Minister Narendra Modi on 4th March, 2019 at Ahmedabad. This card is supported by Indigenous Automatic Fare Collection System (SWEEKAR) and SWAGAT. The card will benefit millions of travelers in the country. With this facility, India’s dependence on foreign technology will be ended. This card is similar to a debit-credit smart card issued by a bank with some special…

Gratuity is a benefit which an employee gets when his employment comes to an end due to the retirement or superannuation. It is an amount as a lump sum payment which is paid by an employer to his employee for his past services rendered for not less than 5 years. The payment of gratuity is a statutory right of the obligation of the employers and a statutory right of the employees as per the payment of Gratuity act, 1972.  The condition of completion of 5 years continuous service is however not essential in case of termination of employment…