GST on Remuneration paid to Directors

gst-director-salary

When the Goods and Service Tax Act was introduced, there were many doubts and clarifications were raised by industries as to what falls within the ambit of GST and what does not? GST is levied and applicable to the supply of goods and services.

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Applicability of ITRs for AY 2020-21 (FY 2019-20)

know-ur-itr-20-21

Know the applicability of ITR Forms for AY 2020-21.

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DIR-3 KYC Compliance

kyc-verification-for-alloted-din

Ministry of Corporate Affairs has introduced DIR-3 e-KYC to conduct KYC verification for all the persons who have been allotted DIN (Director Identification Number). DIN is a unique 8 digit number allotted to a person who wishes to become a director of a company. Thus any person who holds a DIN is mandatorily required to file DIR-3 KYC with MCA.

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Tax Benefit related to Interest paid on Education Loan

Section 80E

In today’s times, getting a higher education has become a point of concern where the fees for such education are touching the sky. As they say, the only thing costlier than education is ignorance.

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One Time Relaxation for Verification of Past ITRs

Central Board of Direct Taxes announces an open window for one time to complete verification of ITRs filed electronically in the past years but is pending for verification.

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Form-11 : Annual Return of LLP

Every Limited Liability Partnership registered under the Limited Liability Act, 2008 has to make certain compliances. One of such compliance is the filing of Form 11 with Ministry of Corporate Affairs. Every financial year, an LLP has to file this Form 11 online on the MCA Portal.

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Benefits Of Mediclaim Insurance from Tax Perspective

tax-deductions-under-section-80D

It is always advised to everyone that better be safe than worry. It applies not just for health but also financial requirements for health. Thus, health insurance, popularly known as medical insurance is an important and mandatory investment in your investment portfolio. To encourage this investment, government provides tax benefits in the form of deduction of the investment made in medical insurance. This tax benefit is over and above of the investments stated under Section 80C/CC/CCD and is claimed under section 80D.

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Tax on Cash Withdrawal above Rs 1 Crore

In order to promote digital financial transactions and curb cash transactions, the government has introduced Section 194N in the Union Budget of 2019. This section is further amended by the Finance Act 2020, where tax has been imposed in the form of TDS on cash withdrawal above Rs 1 crore by any taxpayer.

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