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Lesson Posted on 27/03/2021 Learn Taxation
Anand E.
Over 8 years of experience in teaching cs, icwai, llb, b com and m com students. Specialized coaching...
Basic Salary
(+) DA
(+) Bonus
(+) Taxable portion of allowances
(+) Advance Salary
(+) Fees
(+) Commission
(+) Taxable value of perquisities
(+) Wages
(+) Profit in lieu of salary
(+) Taxable Retirement benefits
(+) Special allowances
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GROSS SALARY
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Less Deductions u/s 16
1) Section 16(i): Standard Deduction
2) Section 16(ii): Entertainment allowance
3) Section 16(iii): Profession Tax or Tax on employment
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NET Taxable SALARY Income OR Salary Taxable under the HEAD SALARY INCOME
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Answered on 27/09/2018 Learn Taxation
Shivam Basson
Tutor
Lesson Posted on 09/08/2018 Learn Taxation
CA Prashanth Reddy
I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...
Suppose a class 11th student need 33 marks to pass a paper.
If a student gets exactly 33 marks, then he will be a pass. These 33 marks are called Break-Even-Point Marks.
If a student get marks above 33, then such excess marks shall be safety marks for him hence shall be called Margin of Safety Marks (i.e. bonus marks in layman language)
Similarly, Margin of Safety means Sales above Break-Even Point Sales. Profit is ZERO at BEP Sales. The company makes a profit only when the margin of safety sales occurs.
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Lesson Posted on 06/03/2018 Learn Taxation
Highlights Of Some Recent GST Council Meetings
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Highlights of 22nd GST Council Meeting at New Delhi on 6 Oct. 2017
GST Council in its 22nd Meeting at New Delhi has recommended certain facilitative changes to ease the burden of compliance on small and medium businesses, like quarterly returns filing by small taxpayers with turnover upto Rs. 1.5 crores, composition threshold increased from 75 lacs to Rs. 1 crore, RCM put on hold till 31 March, 2018, etc., as detailed here-under:
CBEC Notifies Quarterly GST Return/ Tax Payment by Small Taxpayers.
Composition Scheme Threshold Limit Increased to Rs. 1 Crore notified by CBEC
Reverse Charge Mechanism (RCM) Suspended till 31 March 2018: CBEC Notification.
Major Relief Package under GST for Exporters
0.1% GST Rate for Supply of Goods to Merchant Exporters notified by CBEC
Registration/ TDS-TCS Compliance under GST Suspended till 31 March, 2018.
Reduction/ Changes in GST Rates on Job work etc. Service
Cut in GST Rate of Goods (27 Domestic Supplies+3 Imports Items)
CBEC Extends Due Date for filing of GSTR-5A (July~Sept. 2017) by OIDAR Services Providers
CBEC Notifies Extended Due Dates for GST Returns (GSTR-4/ GSTR-6) upto 15 Nov. 2017
E-Way Bill System Implementation Deferred till 31 March 2018
No GST on Advance Payments for Goods received by Small Taxpayers.
CBEC Notifies Regn. Exemption for All Inter-state Service Providers.
(Below Threshold).
Services Provided by GTA to Unregistered Person Exempted.
Further, GST rate on bunker fuel is to be reduced to 5%, both for foreign going vessels and coastal vessels.
Lesson Posted on 24/02/2018 Learn Taxation
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The basis of ‘charge of tax’ as per any law is the ‘taxable event’. In case of GST, the ‘taxable event’ is the supply of goods or services.
Supply of goods or services may be divided into 2 categories:
Intra-State Supplies: Intra-State Supplies cover the supply of goods and services where the location of the supplier and the place of supply are in the same State or Union Territory. The GST levied on Intra-State Supplies comprises of: CGST (Central GST) and SGST (State GST) / UTGST (Union Territory GST).
It is to be noted that there is single legislation, CGST Act, 2017, for levying CGST. Whereas Union Territories without State legislatures (Andaman and Nicobar Islands, Lakshadweep, Dadra and Nagar Haveli, Daman and Diu and Chandigarh) are governed by UTGST Act, 2017 for levying UTGST. States and Union territories with their own legislatures (Delhi and Puducherry) have their own GST legislation for levying SGST.
Inter-State Supplies: Inter-State Supplies cover the supply of goods and services where services where the location of the supplier and the place of supply are in: (a). Two different States (b). Two different Union Territories (c). A State and a Union Territory. The GST levied on Intra-State Supplies comprises of IGST (Integrated Goods and Service Tax). It is to be noted that IGST is approximately the sum total of CGST and SGST/UTGST.
In case of goods Imported into India, IGST is levied as per section 3 of the Customs Tariff Act, 1975 on the value as determined under the said Act.
Rates: In case of CGST the rates of tax are the rates as notified by the Government. (Maximum rate of CGST is 20%). In case of IGST the rate are approximately CGST rate + SGST/UTGST rate. (Maximum rate of IGST is 40%).
Supplies outside the purview of GST: The supply of alcoholic liquor for human consumption is outside the purview of CGST/UTGST/SGST/IGST. Whereas CGST/UTGST/SGST/IGST on supply of the following items is to be levied w.e.f. a notified date:
Note: GST is to be collected and paid by a Taxable Person (as defined as per the act). The Value for the levy of the tax will be the transaction value under Section 15 of the act.
read lessLesson Posted on 19/02/2018 Learn Taxation
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Gst or Goods And Services Tax is a form of Indirect Tax. Before we understand what GST is, we must understand the differences between direct and indirect taxes.
Direct Taxes Vs Indirect Taxes: Tax can be defined as an obligatory contribution paid to the Government, which, in turn, provides public services to the people. In India, taxes can be broadly classified as Direct Taxes and Indirect Taxes.
Direct Taxes:
Indirect Taxes:
GST is applicable on the “supply” of services or goods as opposed to the earlier concept of taxation on the manufacture of goods (Excise duty); sale of goods (Sales tax); or providing of service (Service Tax).
GST is a destination-based tax structure unlike the origin-based structure that existed previously. In order to implement GST, a dual GST system has been adopted which is imposed concurrently by the Centre and States.
As per the dual GST system, Goods and services are simultaneously taxed under GST by the Centre and States. GST extends to whole of India including the State of Jammu and Kashmir.
GST comprises of:
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Lesson Posted on 15/12/2017 Learn Taxation
What Is The Difference Between VAT And GST?
CA Prashanth Reddy
I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...
Q: What is the difference between VAT and GST?
A: Following are the basic differences between VAT and GST:
This being said, nature-wise both VAT and GST are quite similar, since both are the taxes levied on additional value created.
read lessLesson Posted on 05/07/2017 Learn Taxation
Why GST May Boost Gold Smuggling, Illegal Jewellery Sales?
CA Prashanth Reddy
I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...
Mumbai: A hike in taxes on gold under GST (Goods and Services Tax) could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery.
As part of a new nationwide tax regime that kicked in on July 1, the GST on gold has jumped to 3 per cent from 1.2 per cent previously, with traders and buyers saying the move will likely force more transactions into the black market.
"Three per cent is too much. I preferred to buy without receipts. The jeweller did not have any problem," said a middle-aged buyer, who declined to be identified after making purchases on Monday at the country's biggest bullion market, Zaveri Bazaar in Mumbai.
Smaller shops could be more inclined to sell without receipts, potentially hitting sales at big jewellers that keep to the rules, said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city Kolkata.
"Just to save 1 per cent, some customers were earlier buying gold without receipts. With the 3 per cent GST, now many more will be tempted to make unofficial purchases from small jewellers," Ajmera said.
The tax hike could also encourage more smuggling into the world's second biggest gold consumer, which buys almost all its bullion abroad. Gold smuggling has been rife since India raised import duties on the metal to 10 per cent in a series of hikes to August 2013, looking to curb demand to narrow a gaping current account deficit
The World Gold Council estimates smuggling networks imported up to 120 tonnes of gold into India in 2016.
Lesson Posted on 04/07/2017 Learn Taxation
CA Prashanth Reddy
I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...
Everyone who earns or gets an income in India is subject to income tax. (Yes, Indians living abroad too). Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money.
For simpler classification, the Income Tax Department breaks down income into five heads:
Income from Salary | Income from salary and pension are covered under here |
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Income from House Property | This is rental income mostly |
Income from Capital Gains | Income from sale of a capital asset such as mutual funds, shares, house property, agricultural land |
Income from Business and Profession | This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, doctors and lawyers who have their own practice, tuition teachers, |
Income from Other Sources | Income from savings bank account interest, fixed deposits, winning KBC |
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Lesson Posted on 01/07/2017 Learn Taxation
TDS TCS For AY 2018-19 (FY 2017-18)
CA Prashanth Reddy
I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...
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