Uncategorized – CorEdu Reinventing Education and Management

All about Annual Information Statement (26AS)

All about Annual Information Statement (26AS) The Income Tax Department has announced a new statement – AIS (Annual Information Statement). This was earlier known as Form No. 26AS. Originally, Form No. 26AS contained the details of TDS , TCS & Advance Tax. However , the scope has been widened subsequently so as to disclose informationContinue reading “All about Annual Information Statement (26AS)”

e-Filing of ITR

The user can file the Income Tax Return (ITR) in two ways: 1. Offline: Download the applicable ITR, fill the form offline, save the generated XML file and then upload it.To e-File the ITR using the upload XML method, the user must download either of the following ITR utility: Excel UtilityJava UtilityPerform the following stepsContinue reading “e-Filing of ITR”

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22

Income Tax Rate & Slab for Individuals & HUF:Individual (Resident or Resident but not Ordinarily Resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year & for HUF:Taxable income Tax Rate(Existing Scheme) Tax Rate(New Scheme)Up to Rs. 2,50,000 Nil NilRs. 2,50,001 to Rs.Continue reading “INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22”

ELIGIBILITY AND CONDITIONS FOR TAKING INPUT TAX CREDIT [SECTION 16]

Section 16 Eligibility and conditions for taking input tax credit. Sub-section (1)- Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him whichContinue reading “ELIGIBILITY AND CONDITIONS FOR TAKING
INPUT TAX CREDIT [SECTION 16]”

Notice u/s 156 – Notice for Demandsection 156 tax notice

section 156 tax notice Contents Time LimitSpecimen of the Section 156 Tax NoticeSteps to be takenPenaltySection 156 tax notice is the notice of demand issued by the Income Tax Department when any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed. The section 156 tax notice of demandContinue reading “Notice u/s 156 – Notice for Demandsection 156 tax notice”

Scheme of ITC – At a Glance

Given below are the salient features of the scheme of ITC. The scheme has been discussed in detail in the ensuing pages of this Chapter.  The scheme is designed to avoid cascading effect of taxes and make GST a destination-based tax.  Broadly, ITC is available on all inputs, input services and capital goodsContinue reading “Scheme of ITC – At a Glance”

Introduction- GST Input Tax Credit

In earlier indirect tax regime, the credit mechanism for indirect taxes levied by the Union Government, (central excise duty and service tax) was governed by the CENVAT Credit Rules, 2004; and the credit mechanism for state-level VAT on sale of goods was governed by the States under their respective VAT laws. The VAT legislations allowedContinue reading “Introduction- GST Input Tax Credit”