Content How to save tax? Meaning of Specified disease Calculation for deduction amount Increased deduction for senior citizens Other things to know Conclusion How to save tax? Tax can be saved by claiming deduction through medical treatment of specified and serious disease under section 80DDB of Income Tax Act, 1961. This deduction is applicable to…

Table of Content What is Section 56(2) (x) of Income Tax Act, 1961? Points to be noted with respect to this section Exceptions to Section 56(2) (x) Key words What is Section 56(2) (x) of Income Tax Act, 1961? Section 56(2) (x) of Income Tax Act, 1961 states that where any person “receives” any “specified…

Content: Reconciliation of ITC claimed in GSTR 3B Reconciliation GSTR 2A with books of accounts Reconciliation GSTR 1 with Sales invoices (more importantly Exports Invoice) Reconciliation GSTR 1 with GSTR 3B Ensure filing of GSTR 1 & GSTR 3B for financial year 2019-2020 Rectification of mistakes while filing GSTR 3B/R1 Filing of GSTR 9 &9C…

One of the main mottos behind the introduction of the GST Act is to avoid the cascading effect of taxes and to ensure seamless flow of credits. The GST Act includes provisions, restricts admissibility of ITC of goods and/or services. The provision which restricts admissibility includes conditions for claiming ITC contained in section 16 of…

Content What type of invoice-details can be imported into Form GSTR-1 using the “Import EWB Data” button? On the GST Portal, where is the “Import EWB Data” button added on the Form GSTR-1 page? What is the benefit of the “Import EWB Data” button? In the current tax period, how many times can I import…

Content: GST on restaurant services under composition scheme GST composition scheme rules GST rates on restaurant services under composition scheme How to identify restaurant under composition scheme? GST on restaurant services under normal scheme Conditions under normal scheme GST rates on restaurants services under regular scheme ITC on restaurant services under regular scheme GST on…

Last date GSTR-4 for F.Y 2019-20 has been extended to 31st October 2020.

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