Employee Provident Fund (EPF) is a welfare scheme framed under the Employee's Provident Funds and Miscellaneous Provisions Act,1952. As per the provisions of this act, any person who employs 20 or more employees has to compulsorily get registered and start a provident fund scheme for the benefit of it's employee after 3 years of establishment. However, voluntarily if both … [Read more...] about Tax on employee provident fund or EPF contributions
How to calculate total taxable income for FY 2019-20
In our earlier article we have discussed about Gross Total Income or GTI. In this article we will show you how to calculate total taxable income and tax liability on it. After collecting all required information to file your ITR, you are required to calculate your total taxable income. Based on the applicable slab and tax rates, tax liability is calculated on it. After … [Read more...] about How to calculate total taxable income for FY 2019-20
What is gross total income and how it’s calculated
As per section 80B, Gross total income means total of all incomes computed in accordance to the provisions of income tax act 1961 before making any deduction under chapter VIA. In this article, we have shown you how to calculate gross total income (GTI) of an assessee. To know how to calculate, you are first required to know how total or taxable income is … [Read more...] about What is gross total income and how it’s calculated
List of goods exempted from GST in India
Goods and/or services are chargeable to GST if a transaction between the supplier and recipient falls within the purview of the charging section under the GST law. However, we have few exceptions to it. For instance, if a particular transaction or activity is listed as exempt supply or listed in negative list of schedule III, then such supply will not be chargeable to GST and … [Read more...] about List of goods exempted from GST in India
Activities which shall not be treated as supply of goods and/or services – Negative list under GST
Activities listed under schedule III of the CGST Act, 2017, is termed as negative list under GST. Activities in this schedule specifies transactions which shall be neither treated as supply of goods nor a supply of services. Below is a list of these activities; Services by an employee to the employer in the course of or in relation to his employment.Services by any court or … [Read more...] about Activities which shall not be treated as supply of goods and/or services – Negative list under GST
Activities treated as supply under GST law – Schedule II
In GST law, supply is the taxable event. Supply is broadly defined in section 7 of the CGST Act, 2017. As per section 7(1A) of CGST Act, 2017, supply includes activities referred to in schedule II. This schedule of CGST Act contains the list of activities which have been classified either as supply of goods or supply of services. In this post, we have listed all those … [Read more...] about Activities treated as supply under GST law – Schedule II
Activities treated as supply in GST even if made without consideration – Deemed supply
As per section 7 one of the conditions to be satisfied to levy GST is the supply must be for consideration. However there can be certain supplies which can be made by a taxable person without consideration in order to avoid levy of GST. Therefore, the government has listed few activities to be considered as supply even if the supplier has not received any consideration for … [Read more...] about Activities treated as supply in GST even if made without consideration – Deemed supply
Is supply of goods and/or services a taxable event under GST law
Taxable event refers to any transaction that results in a tax consequences for a party who executes the transaction. Government sets rules to decide which events have taxable consequences. If a particular transaction is taxable in India then, the person who executes it is liable to tax as per rules and regulations of the country. For example, in India the government requires … [Read more...] about Is supply of goods and/or services a taxable event under GST law
GST on Mixed Supply of Goods and/or Services
Supply of individual goods or individual services which is clearly identified are subject to GST at a specified rate. However, in business you can have situations where supply of goods and/or services are not clearly identifiable. In certain cases, you will find supply is a mix of different goods or combination of different services or combination of both goods and services. In … [Read more...] about GST on Mixed Supply of Goods and/or Services
GST on composite supply of goods and/or services
Supply of individual goods or services which can be clearly identified are subject to GST at a specified rate. However, in business you will have situations where supply of goods and/or services are not clearly identifiable and it's a mix of different goods or combination of different services or combination of both goods and services. In such cases, you can not levy GST as you … [Read more...] about GST on composite supply of goods and/or services