Income tax filing online?

How do I declare rent paid in income tax filing online?

Even if you forgot to submit rent receipts, you can claim HRA while filing Income tax return. All you need is Rent receipts and PAN of the landlord in case annual rent exceeds Rs.100000/- p.a.

HRA

Avoid the last minute hassle of arranging your rent receipts for claiming HRA exemption. Use free rent receipt generator and save taxes.

All you have to do is to follow these 4 simple steps for generating rent receipt:

  1. Filing the required details.
  2. Print the receipt
  3. Get the receipt stamped & signed by the landlord
  4. Submit Rent Receipts to your employer.

Not only HRA if you want to claim all the exemption and deduction eligible for you to save tax , file your return with File Income Tax Return Online in India, Tax E Filing, ITR from the comfort of your home with the help of experts.

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GST applicable for sales/business promotion?

Is a reverse charge under the GST applicable for sales/business promotion?

Yes.

As per provisions of GST laws, reverse charge mechanism is applicable for every registered dealer.

So if this business promotion business is registered then it is applicable as well.

Reverse charge is payable by the buyer when the merchandise/services are purchased from an unregistered entity or an entity registered under the composition scheme.

GST Consultants India

Here the business promotion may be classified as merchandise and if the seller is registered, then charge GST if both are in the same state. If the seller is of another state – the charge IGST.

The assumption, the buyer is registered with GSTN.

  • The merchandise are taxable items,
  • The value is above business is above 20 lacs.
  • This is a skeleton, Finer points may be sought from GST experts presumable against consulting fees.

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GST – Analysis and Opinions

GST Impact Analysis in India & Opinions by GST Experts

GST has included a ‘one country one tax’ system, but its effects on various industries are slightly different. The first level of differentiation will come depending on whether the industry is related to manufacturing, distribution and retail or providing services.

Impact of GST on Manufacturers, Distributor, and Retailers

GST is an increase in competitiveness and performance in the Indian manufacturing sector.
Some indirect taxes have also increased administrative costs for producers and distributors and with GST in place

Impact of GST on Service Providers

In March 2014, there were 12,76,861 service tax assessors in countries with only the top 50 countries paying more than 50% of taxes collected nationally. Most of the tax burden is borne by domains such as

1) IT services
2) Telecommunications Services,
3) Insurance Industry
4) Business support Services
5) Banking and Financial Services, etc.

Sector-wise Impact Analysis

Logistics

the logistics sector forms the Economic backbone. We can fairly assume that a well-organized and mature logistics industry has the potential to jump over the “Make In India” initiative of the Government of India to the desired position.

E-commerce

The e-commerce sector in India has grown rapidly. In many ways, GST will help sustain growth in the e-com sector but its long-term effects will be very interesting because the GST law specifically proposes a mechanism for collecting tax at the source (TCS)

Pharma

Overall, GST benefits the pharmaceutical and health care industries. This will create a balanced playing field for generic drug makers, increase medical tourism and simplify the tax structure.

Telecommunications

In the telecommunications sector, prices will drop after GST. Manufacturers will save costs through efficient inventory management and by consolidating their warehouses.

Textile

The Indian textile industry provides employment for a large number of skilled and unskilled workers in the country. This accounts for around 10% of total annual exports, and this value is likely to increase under GST.

Real Estate

The real estate sector is one of the most important sectors of the Indian economy, playing an important role in job creation in India. The impact of GST on the real estate sector cannot be fully assessed because it largely depends on the tax rate.

Agriculture

The agricultural sector is the largest sector of India’s overall GDP contribution. This covers about 16% of India’s GDP.

FMCG

The FMCG sector experienced significant savings in logistics and distribution costs because GST has eliminated the need for several sales depots.

Freelancer

Freelancing in India is still a new industry and the rules and regulations for this chaotic industry are still floating in the air. But with GST, it will be much easier for freelancers to submit their taxes because they can easily do it online.

Automobiles

The Automobiles industry in India is a big business that produces a large number of cars every year, mostly driven by the country’s large population. Under the previous tax system, there are several taxes that apply to this sector such as excise, VAT, sales tax, road tax, motor vehicle tax, registration tasks that will be classified by GST.

Startup

With increasing limits for registration, DIY compliance models, tax credits for purchases, and free flow of goods and services, the GST regime is really very good for Indian startups.

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