20 November 2017

What is TDS?

(watch this video till the end to understand TDS🎬)
Tax Deducted at Source or simply TDS is an tax imposed on income, which unlike normal assessment, deducted from the source of assessee's income by a deductor, and the deductor will become liable to pay the deducted tax to the government behalf of the assessee.

The deductor shall also issue TDS certificates to the assessee in Form 16 (for employer) or Form 16A (for all other than employer).

Although, if the assessee fallen under nill/lower tax bracket, then he/she is entitled to claim a refund for the tax, he/she already paid in excess of the payable amount, simply by filling an annual income tax return along with all TDS certificates received from the deductor.

12 November 2017

What is composition scheme in GST

Manufacturer or supplier of goods, restaurant service provider and who provides exempted service may opt composition scheme if there gross annual turnover is less than 1 Cr.

Unlike regular scheme they cannot avail input tax credit on their purchases but they can enjoy lower tax rate instead.

(Watch the video for full details.🎬)

Rate under composition scheme:
  • For manufacturer & traders: 0.5% CGST + 0.5% SGST
  • For supplier of foods & drinks for human consumption (Other than alcohol): 2.5% CGST + 2.5% SGST

07 November 2017

Five New Changes in GST

(You can also watch the video🎬)
  1. No reverse charge upto March, 2018.
  2. Turnover limit changed to 1 crore from 75 lakh, to registering under composition scheme.
  3. Return can be filled quarterly instead of monthly, if annual turnover not exceeding 1.5 crores.
  4. No tax for advance payment where no supply took place.
  5. For AC Restaurants, GST rate reduced to 12% from 18%.

05 November 2017

Major Impacts of GST over Indian economy

Watch the video till end for understand all these five impacts 🎬

As the biggest fiscal reform in taxation India ever had, GST implied with various impacts over Indian economy. Out of them, five major impacts are

1. GST impact on interstate business.
2. Impact over Documentation
3. GST impact over Tax Evasion
4. GST impact over Cascade tax.
5. GST impact over common man.

04 November 2017

GST at a glance !

Watch a short introduction to Goods and Service Tax.

Tips to use calculator in Tally ERP9

Tally ERP9 have a interacting calculator which you can use by pressing Ctrl + N. You can easily find Cash balance, profit or Loss or any other ledger balance by just typing the name. For more details please watch the video 🎬