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Key Difference Between Form 15G and Form 15H In the realm of tax-saving and income declarations in India, Form 15G and Form 15H play crucial roles. These forms, often used by individuals and entities, help in reducing the tax burden legally. However, understanding the nuances and differences between Form 15G and Form 15H is essential to utilize them effectively. Introduction Taxation in India can be complex, but there are avenues to reduce your tax liability. Two such avenues are Form 15G and Form 15H. In this comprehensive guide, we will delve deep into the Difference between Form 15G and Form 15H, shedding light on when and how to use them to your advantage. Form 15G and Form 15H: An Overview Before we dive into the specifics, let’s get a broad understanding of what Form 15G and Form 15H are. Form 15G and Form 15H are self-declaration forms submitted by taxpayers to request exemption from the deduction of Tax Deducted at Source (TDS) on their income. These forms come into pla...

Introduction The Central Board of Direct Taxes (CBDT) has taken a significant step in addressing the concerns raised by taxpayers and stakeholders regarding the extension of due date for Form 10B/10BB, and ITR-7 for the Assessment Year 2023-24. In Circular No. 16/2023, dated 18th September 2023, the CBDT has introduced crucial deadline extensions to facilitate compliance. This article will thoroughly examine the extension of due date for Form 10B/10BB, and ITR-7, highlighting its implications for various entities and taxpayers. The Key Extension of Due Date for Form 10B/10BB, and ITR-7 One of the most noteworthy provisions within CBDT Circular No. 16/2023 is the extension of due date for Form 10B/10BB of furnishing the audit report for the Previous Year 2022-23. The initial deadline for submission, which was set for 30th September 2023, has been extended to 31st October 2023. This extension holds immense significance for a range of organizations, including funds, trusts, institutions, ...

Introduction In the ever-evolving landscape of online content, standing out and capturing your audience’s attention is paramount. This article delves into the innovative approach adopted by the Government of Gujarat in their pursuit to combat GST fraud – the introduction of a passport-like mechanism complete with police verification. We will explore the reasons behind this move, legislative changes, controversies, and efforts in heritage preservation. Facts at a Glance Let’s begin by summarizing the key facts and details of Gujarat’s new mechanism for  GST registration : Focus Keyword Police Verification in GST Location Gujarat, India Initiative Passport-Like Mechanism for GST Registration Announcement Date During the monsoon assembly Purpose Combatting GST fraud and bogus billing Legislative Changes Gujarat Taxation Laws (Amendment) Bill, 2023   Gujarat GST (Amendment) Bill, 28% tax on betting National Level Similar 28% tax on online gaming at the national level...

Various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19): The due dates for furnishing  FORM GSTR-3B  for the months of February, March and April, 2020 has not been extended through any of the notifications. However, as per notification No. 31/2020- Central Tax, dated 03.04.2020, NIL rate of interest for first 15 days after the due date of filing return in FORM GSTR-3B and reduced rate of interest @ 9% thereafter has been notified for those registered persons whose aggregate turnover in the preceding financial year is above Rs. 5 Crore. For those registered persons having turnover up to Rs. 5 Crore in the preceding financial year, NIL rate of interest has also been notified. Further, vide notification as per the notification No. 32/2020- Central Tax, dated 03.04.2020, Government has waived the late fees for delay in furnishing the return in FORM GSTR-3B for the months of February, March and April, 2020. The lo...

Step-by-Step Guide to Establishing a Private Limited Company in India Establishing a  private limited company  in India is a popular choice for business entities, offering advantages like limited liability, perpetual succession, and access to funding. With a range of shareholders from 2 to 200 and directors from 2 to 15, this business structure involves specific legal steps. This guide will lead you through the process of private limited company formation in India, covering essential aspects from digital signature acquisition to securing licenses. Step 1: Obtain Digital Signature Certificates (DSC) for Directors A Digital Signature Certificate (DSC) is essential for directors as it validates their online document signatures. To secure a DSC, apply to an MCA-approved Certification Authority (CA). Necessary documents include: Self-attested PAN card copy Self-attested Aadhaar card copy or address proof Passport-sized photograph Completed DSC application form The CA verifies documents and ...

What is GST Return? Goods and Service Tax law now governs the major portion of the indirect tax system in India. The suppliers registered under this regime need to fulfill the compliance requirement regularly. Based on the turnover and the activities, the requirements and period of filing returns are prescribed under law. With online GST return filing , the taxpayers intimate the Goods and Service Tax Network (GSTN) about the inflow and outflow of supplies including the amount of tax paid and collected. While recording the taxable transactions with Government, the taxpayer is also required to pay the amount of tax collected from an outward supplier of goods or services after the deduction of Input Tax Credit (ITC). GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the gover...