In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the types customs duty levied and the duty drawback allowed under the customs law.
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
Study all the main sections of PGBP (Profit & gain from business or profession) covered here in the presentation.
Most Useful for CA/CMA/CS student.
Income tax in hands of partnership firm are discussed here very well.
For presentation on PGBP this must be useful.
Procedures to claim refund, rebate and duty drawback under customsDVSResearchFoundatio
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the procedures to be followed while claiming refunds, rebate and duty drawback under customs law.
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the types customs duty levied and the duty drawback allowed under the customs law.
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
Study all the main sections of PGBP (Profit & gain from business or profession) covered here in the presentation.
Most Useful for CA/CMA/CS student.
Income tax in hands of partnership firm are discussed here very well.
For presentation on PGBP this must be useful.
Procedures to claim refund, rebate and duty drawback under customsDVSResearchFoundatio
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the procedures to be followed while claiming refunds, rebate and duty drawback under customs law.
G. K. Kedia & Co. is a Delhi based CA Firm, which has a robust team of skilled and proficient Chartered Accountants, who can handle all financial services related to Income Tax, Goods & Services Tax (GST), Merger & Acquisitions, Due Diligence Services, Trademarks, Investment in India by Foreign Nationals & NRIs, Societies and Trust (NGO), Import-Export, Technology Park & Special Economic Zone, Business Process Outsource (BPO),
Income Tax for New Tax Return Filers- FAQs.pptxtaxguruedu
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Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
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1. LESSON - 16
ADVANCE TAX
Mr. Surender Munjal
STRUCTURE
16.0 Introduction
16.1 Objective
16.2 Advance Tax Scheme
16.3 Dates of Advance Tax
16.4 Let us Sum Up
16.5 Glossary
16.6 Self Assessment Exercise
16.0 INTRODUCTION
As you have already understood the calculation of taxable income and tax on it. In
the previous lesson you have also read about the payment of tax; you have read
that the tax liability of a person should be paid in the self-assessment u/s 140A.
Let us now elaborate further, if the tax payable is Rs. 5,000 or more, then the tax
is paid in the previous year itself. In other words, payment of tax is not allowed to
be deferred to the assessment year. Perhaps the motive of government is to collect
the big amount of tax at the earliest.
16.1 OBJECTIVE
After going through this lesson you will be able to understand when and how
advance tax is paid. The due dates for payment of advance tax, and the concept of
“the pay as you earn” scheme.
16.2 ADVANCE TAX SCHEME
Tax is paid in advance when the liability of advance tax is Rs.5, 000 or more. The
provisions of advance tax are applicable on all types of persons irrespective of the
residential status of the person. The advance tax is paid in the previous year itself.
Thus, the tax is paid in the year of earning of income, in other words the earning
of income and payment of tax goes simultaneously. Thus, the tax is paid as
income is earned. This scheme of advance payment of tax is also called pay as
you earn scheme, i.e., pay tax as you earn income.
16.3 DATES OF PAYMENT OF ADVANCE TAX
202
2. Advance tax is paid by the all persons, both corporate assessee (company
assessee) and non-corporate assessee (other than non-corporate assessee). The
advance tax is to be paid in the following installments on the following dates:
For Non-Corporate Assessee
Due Dates Amount of Tax payable
On or before 15 September - not less than 30% of tax payable
On or before 15 December - not less than 60% of tax payable
On or before 15 March - not less than 100% of tax payable
For Corporate Assessee
Due Dates Amount of Tax payable
On or before 15 June - not less than15% of tax payable
On or before 15 September - not less than 30% of tax payable
On or before 15 December - not less than 60% of tax payable
On or before 15 March - not less than 100% of tax payable
Since, the actual tax and actual income can be computed only after completion of
the year therefore, the income is estimated at different due dates mentioned above.
The tax on such estimated income is computed and percentage of the tax as
mentioned above is payable by the assessee at different due dates.
CHECK YOUR PROGRESS
Activity A: State whether Mr. X is liable to pay advance tax and if yes then what
amount should be paid by what date. The income of Mr. X is Rs. 2, 00,000.
Solution: The tax is Rs. 15,300 on income of Rs. 2, 00,000. Since, tax is more
than Rs. 5,000, therefore, advance tax is payable. The advance tax is payable as
under:
Since Mr. X is a non-corporate assessee therefore, the first installment will be due
on 15th September.
Date installment total
tax paid
On or before 15th September - first 30% of Rs. 15,300 = Rs. 4,590 Rs.
4,590
On or before 15th December - next 30% of Rs. 15,300 = Rs. 4,590 Rs.
9,180
On or before 15th September - balance 40% of Rs. 15,300 = Rs. 6,120 Rs.
15,300
203
3. 16.4 LET US SUM UP
All persons whose tax liability is Rs. 5,000 or more pay advance tax. Advance
payment of tax is made in installments. The first installment is paid on 15th June
by corporate assessee while non-corporate assessee pays the first installment on
15th September. The whole of advance tax is paid by 15th March by both corporate
and non-corporate assessee. The payment of advance tax is thus made in the
previous year itself and therefore, it helps government to speed up payment of tax
and earn interest on it. Since advance tax is paid simultaneous to earning of
income therefore the scheme of advance payment of tax is also known as pay as
you earn scheme.
16.5 GLOSSARY
Corporate: Corporate means an organization which is registered under any act
and therefore it is recognized by law as a separate legal entity, e.g., A Company,
A Society etc.
16.6 SELF ASSESSMENT EXCERCISE
1. Discuss the provisions of the advance Tax in the income tax act.
2. Mr. X estimate his income to be Rs. 1, 50,000 is he required to pay
advance tax. If yes then what is the amount of tax payable on 15th
September.
3. Write Short notes on:
a. Due dates of payment of advance tax
b. Pay as you earn scheme
204