Articles on Taxation and GST

The due date to file Income Tax Returns for non audit cases this year is 31 August,2018. If you file your return after the due date then there will be a penalty ranging from Rs. 1000 - 10000. So to avoid any penalty file it before the due date and be a good citizen of India. However during filing our Income Tax Returns we come across many problems. One of the biggest problem which I will discuss in this blog is "TDS mismatch between 26AS and Form 16". This error simply means that your employer has failed to file TDS returns or if filed they are incorrect. To understand it clearly see the following case: Mr. Dhruv currently working with an MNC is drawing a salary of Rs. 800000 p.a. His tax liability is say Rs. 74600. However when he opened his Income Tax Portal it shows only 71000. Due to this he has a liability to pay Rs. 3600 as per site. However this mismatch is not because of your fault. It is the fault of your employer. Employer has either deducted the TDS and not paid...

First of all we have to know that two rates viz 0% and 18% are used in a Wheat Mill. There is 0% tax on the purchase and sale of Unbranded Wheat and 5% on Branded one. So it is recommended that you sell the wheat flour, rice, maida, pulses, etc without getting your brand registered. So if you purchased the wheat and converted it into flour then 0% rate will be applicable. However if you take wheat from customer to grind it then 18% rate will be applicable on the amount charged by you. Now coming to the point how to actually file the GST Return. GSTR 3B In GSTR-3B sale of different items is put in following boxes: Unbranded Wheat - NIL rated supplies  Branded Wheat - Tax on outward supplies Grinding - Tax on outward supplies. For purchase :  In case of purchase of wheat - exempt inward supplies. In case of purchase of branded atta - ITC can be claimed. After that pay the tax if applicable.

In this blog I will tell you how to do accounting of petrol pump and filing the returns in the GST regime. Till today petrol and diesel are still under old tax i.e. VAT. However rather than this other things like lubricants, motor vehicle parts , servicing, washing are under GST. This creates a lot of confusion and chaos among the concerned people. To clear the doubts read this blog till the end. ACCOUNTING You have to maintain separate heads for VAT and GST. Do the entries of petrol and diesel under VAT and of lubricants, repairing, servicing, other things under GST. Petrol and Diesel -  Maintain a daily stock register for the sale of petrol and diesel separately. Write the opening and closing reading of meter of all pumps and calculate overall sales on daily basis. Also maintain a book for writing the daily oil prices. Multiply the sales of each day (which will be in litres) with the daily rate getting the total amount of sales in the day. You have to do only single entry for...