https://www.india.gov.in/my-government
Income Tax Slab for F.Y. 2019-20 :-
AGE :- BELOW 60 YEAR
UPTO 2,50,000/- NIL
250000/- TO 500000/- 5%
500001/- TO 10,00,000/- 20%
10,00,000/- TO 50,00,000/- 30%
50,00,000/- TO 1,00,00,000/- 30% + 10% SURCHARGE OF INCOME TAX
HEALTH AND EDUCATION CESS 4% OF INCOME TAX
REBATE 87A UPTO 5,00,000/- WHICH INCOME DOES NOT EXCEED 5,00,000/- INCOME TAX 12500/- REBATE OR TAX AMOUNT UPTO 12500/- .
GST UPDATES :-
CGST - CENTRAL GST
SGST - STATE GST
UGST -UNINON TERIRITY
Reversal of ITC on Supply of Capital Assets under GST Regime
INPUT (ITC) TO BE REVERSED DUE TO ASSEST DISCARDED (WITHOUT CONSIDERATION) PRIOR TO 5 YEARS FROM DATE OF PURCHASE:-
ILLUSTRATION :-
DATE OF PURCHASE OF ASSETS– 11/08/2017
DATE OF DISCARDED OF ASSETS- 25/12/2021
INPUT (ITC) TAKEN AT THE TIME OF PURCHASE OF ASSET -
3203 (CGST)
3203 (SGST)
F.Y. USED LIFE OF ASSET
(IN QTRS.)
2017-18 (DOP 11/08/2017) 3 QTR.
2018-19 4 QTR.
2019-20 4 QTR.
2020-21 4 QTR.
2021-22 (DOD 25/12/2021) 3 QTR.
TOTAL QTR. USED OF ASSET 18 QTR.
ELIGIBLE ITC PER QTR. @ 5%
TOTAL ELIGIBLE ITC 18*100*5% = 90%
BALANCE INPUT (ITC) TO BE REVERSE 10%
INPUT REVERSED 10% OF INPUT AVAILED 3203*10% = 320 (CGST)
3203*10% = 320 (SGST)
ONLINE APPLY FOR PAN CARD
https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html
GST WEBSITE
https://www.gst.gov.in/
INCOME TAX KNOWLEDGE
INDIA GOVERNMENT WEBSITE
https://www.india.gov.in/my-government
ACCOUNTS UPDATES :-
THREE GOLDEN RULES
INCOME CREDIT, EXPENSES DEBIT
RECEIVER DEBIT, PAYEE CREDIT
ASSET DEBIT, LIABILITY CREDIT
BUDGET UPDATES :- NEW TAX SLAB & IF YOU WANT TO TAX EXEMPTION IN TAX SALB OF LAST YEAR.
