Introduction The Composition levy scheme is a very simple scheme for small taxpayers. It is a voluntary and optional scheme. Benefits of Composition Scheme Easy compliance as no elaborate accounts and records to be maintained Simple Quarterly Return Quarterly payment of tax Provisions related to composition levy have been provided under section 10 of the …
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It’s mid of January and Employers has started asking their employees to submit proof of Investment and Expenses that qualifies for tax deduction and exemption under the Income Tax act. It is employer responsibility to deduct TDS of Employees and deposit it to government every month. In order to deduct tax employer first ask the …
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GST council yesterday recommended a ‘’Composition Scheme’’ for the small Service Provider. The scheme which was neither existed under the Service Tax nor in GST. Soon Service Provider can also opt for composition scheme. The purpose of this scheme is to reduce compliance burden on small tax payer. In this scheme you can pay GST …
Continue reading “A relief for Small Service Provider under the GST announced yesterday.”
Exporter of services raised issue that, what would be tax treatment if Exporter of services outsourced a portion of the services contract to another person located outside India, which is usually happened in business? Let’s say Mr. A India has received a contact from Mr.B. Canada for supply of services of which Mr.A outsourced a …
The biggest problem faced by employees is the mismatch between the TDS shown in Form 26AS and TDS deducted by Employer. If your TDS deducted but not deposited by employer, demand will automatically be raised against you by income tax department. Section 199 of income tax also specified that credit of TDS shall be given …
