FINBOAT

  GSTR-1 is required to be filed by registered taxpayers under the Goods and Services Tax (GST) system in India on monthly or quarterly basis as the case may be. It contains details of all outward supplies (sales) made by a registered person during a specific tax period. Under GSTR-1, registered person are required to provide detailed information of every supply such as name of buyer, gst number of buyer types of supply whether business to business (B2B) or business to customer, value of supply, applicable tax rates, export supply, debit note, credit note, advances received against future supplies, HSN or SAC wise detail of supply, number of documents issued during the month or quarter etc. HSN or SAC detail under GSTR-1 is mandatory to be filled by supplier if the turnover of supplier is more than 5 crore, if turnover is below 5 crore then HSN or SAC is mandatory only in case of B2B supply. The due date for filing GSTR-1 depends on the scheme based opted by the business. B...

Section 147 gives the power to Assessing Officer (AO) to reopen the assessment proceedings, whenever AO finds that income has escaped assessment, they can reopen the case at anytime however before opening any case, AO must have reason to believe that either whole or part of income has escaped assessment. The processing for assessment is very transparent under AO will send a notice under section 148 to provide your income for the particular assessment year. The notice will be issued in a prescribed manner mentioning all the particulars in the notice you will be granted an opportunity of being heard for period 7-30 days from the date of notice issued.AO will verify whether the income has escaped or not. Notice for Income escaping assessment refers to any income earned by a taxpayer that is not reported to the tax authorities or underreported in the income tax return filed by the taxpayer. This income is not disclosed to the income tax department and therefore escapes taxation, leading...

GST APPLICABILITY ON RENT GST applicability on rent depends on factors like the type of property and the terms of the rental agreement. For the purpose of GST on rent we need to know the nature of property because there are different GST law and rules applicable according to the nature of property. Commercial Properties : In case of commercial property there is no confusion of GST applicability means renting of commercial properties is subject to GST. The GST rate applicable on commercial properties is 18%. Therefore, landlords need to charge 18% GST on the rent amount for commercial properties. Residential Properties : In care of residential properties there are two possibilities first one is the said property is let out for residential purpose then renting of such property for residential purpose is exempted from GST. Another possibility is the residential property is let out for commercial for purpose. If the residential property is let out for commercial purpose and landl...

  Liberalised Remittance Scheme (LRS) is a program introduced by the Reserve Bank of India (RBI) on 4 th February, 2004 on recommendation of Tarapore committee’s recommendations to facilitate the transfer of funds from India to foreign countries for certain permitted transactions. Under LRS, Indian residents can remit money abroad for various purposes, such as travel, education, medical treatment, investment, and gifting, up to a certain limit. Since June 2015 the limit under the LRS scheme is USD 250,000 per financial year per person. This means a person can remit up to US$ 250,000 in a financial year without seeking prior approval from the RBI. The scheme is available to all individuals, including minors, and is applicable for any foreign currency account or overseas investment.   There are certain conditions and restrictions that apply to the LRS scheme like remittance for purchase of lottery tickets, betting and gambling, or illegal activities are prohibited. Additi...

WHAT IS TAN ? TAN stands for Tax Deduction and Collection Account Number in India. It is a 10-digit alphanumeric code that is issued by the Income Tax Department of India to individuals or entities that are required to deduct or collect tax on payments made to others. The employers who is required to deduct tax at source (TDS) on salary payments and for individuals or entities who collect tax at source (TCS) on certain specified transactions is mandatory to take TAN. TAN must be quoted in all TDS/TCS returns, challans, and other relevant documents. In summary, TAN is an important document to deduct TDS and collect TCS in India. HOW TO OBTAIN TAN ? To apply TAN in India, you need to follow these steps: Need to visit the NSDL (National Securities Depository Limited) website or the UTIITSL (UTI Infrastructure Technology and Services Limited) website. Look for the TAN application form that is the Form 49B . Now you need to fill the application form with accurate information s...