HOW TO CHOOSE INCOME TAX RETURN FORM

There are different types of form to file income tax return but before filing return we have to choose appropriate return as nature of person and source of income. Following are the circumstances to choose appropriate form; ITR-1 OR SAHAJ  Persons eligible to choose ITR-1 or Sahaj The person who can use this form is an Individual and whose total income for the financial year 2016-2017 includes:- Income from Salary/ Pension; Income from Other Sources; Income from One House Property. NOT ELIGIBLE FOR ITR-1 If total income more than ₹…

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Meaning of Inter-State and Intra-State Supply

goods and services tax

Meaning of Inter-State and Intra-State Supply (SEC-7 and 8 OF THE IGST ACT) In terms of Sec- 7 (1) & (3) of the IGST Act, the supply of goods or services in the course of inter-state trade or commerce means any supply where the location of the supplier and the place of supply are in: Two different states Two different union territories A State and a union territory On the other hand, in terms of Sec – 8 (1) & (2) of the IGST Act, the intra-State supply of goods…

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Composition Scheme Under GST

goods and services tax

Composition Scheme Under GST Section 10 stipulates that a Registered Person, whose turnover in the preceding F.Y. does not exceed  ₹ 50 lakh, may opt to pay an amount calculated at the prescribed rates during the current F.Y. in lieu of the tax payable by him. However, the Government may, by notification, increase the said limit of  ₹ 50 lakh to such higher amount, not exceeding  ₹ 1 crore, as may be recommended by the Council.   The GST Council had recommended an increase in the turnover limit for composition levy for CGST & SGST purposes from ₹…

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