Month: July 2017

Section 139AA of Income Tax Act – Notification

Every person who has been allotted permanent account number as on the 1st day of July, 2017 and who in accordance with the provisions of sub-section (2) of section 139AA is required to intimate his Aadhaar number, shall intimate his Aadhaar number to the Principal Director General of Income-tax (Systems) or Director- General of Income-tax (Systems) or the person authorised by the said authorities. Click here to view notification.  Source – Department of Income Tax | www.incometax.gov.in  ...

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GST on Restaurants

Restaurants with Rs 50 lakh or below turnover will go under the 5 per cent composition. Moreover, it will also make it easy for the restaurants to take credit of input goods and services consumed while providing restaurant services. It is expected that GST will marginally lower the overall tax rate however, till the time the final GST rates are announced for this particular sector, no conclusion can be derived out of it. Restaurants with a turnover of less than Rs 50 lakh will be levied a tax rate of 5 per cent. Non-ac restaurants will have a 12% tax rate. AC restaurants will have to shell out 18% tax. Also five-star restaurants will have to submit a luxury tax of 28 percent. Hotels, lodges with tariffs less than Rs 1,000 will be taxed at 5%. Hotel lodges with tariffs between Rs 1,000- Rs 2,500 will be charged 12% tax Hotel lodges with tariffs between Rs 2,500- Rs 7499 will be charged 18% tax. New GST regime, the taxes applicable on air-conditioned and non air-conditioned spaces will be 18% and 12% respectively, for AC restaurants would be levied even if a customer dined outdoors. “Our restaurants are AC establishments, so whether someone sits out or in, GST for AC, which is 18%, will...

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Income Tax Forms – FY 2016-17

Forms and Purpose  ITR – 1 : For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh. ITR – 2 : For Individuals and HUFs not carrying out business or profession under any proprietorship. ITR – 3 : For individuals and HUFs having income from a proprietary business or profession. ITR – 4 (SUGAM) : For presumptive income from Business & Profession. ITR – 5 : For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. ITR – 6 : For Companies other than companies claiming exemption under section 11. ITR – 7 : For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). Checklist of documents and pre-requisites A copy of last year’s tax return Bank Statement TDS certificates Savings certificates/Deductions Interest statement showing interest paid to you throughout the year. Balance Sheet, P&L Account Statement and other Audit Reports wherever...

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State Codes in GST

01 – Jammu & Kashmir 02 – Himachal Pradesh 03 – Punjab 04 – Chandigarh 05 – Uttranchal 06 – Haryana 07 – Delhi 08 – Rajasthan 09 – Uttar Pradesh 10 – Bihar 11 – Sikkim 12 – Arunachal Pradesh 13 – Nagaland 14 – Manipur 15 – Mizoram 16 – Tripura 17 – Meghalaya 18 – Assam 19 – West Bengal 20 – Jharkhand 21 – Orissa 22 – Chhattisgarh 23 – Madhya Pradesh 24 – Gujarat 25 – Daman & Diu 26 – Dadra & Nagar Haveli 27 – Maharashtra 28 – Andhra Pradesh 29 – Karnataka 30 – Goa 31 – Lakshdweep 32 – Kerala 33 – Tamil Nadu 34 – Pondicherry 35 – Andaman & Nicobar...

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