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Complete Guide on How to File Nil GST Return

A complete guide for business owners and tax consultants on how to file Nil GSTR-1 and Nil GSTR-3B through online mode as well as through SMS.

Decision taken by GST council in its 40th meeting

The 40th meeting of GST council held through video conferencing, GST council has provided relief for reduction and waiver in late fees on late filing of GST returns.

Updated TDS/TCS Rates for FY 2020-21 and AY 2021-20

New TDS and TCS rates applicable for FY 2020-21/AY 2021-22 as announced by Union Finance Minister due to coronavirus pandemic.

GST relief package 2.0

Central Board of Indirect Taxes and Customs (CBIC) on dated 05.05.2020 have issued some notifications for providing some relief under GST in this pandemic situation. Below is a brief summary of the notifications.

Meaning of zero rated supply under GST

Zero rated supplies means export supplies and supplies made to SEZ units or SEZ developers. Further on zero rated supplies, input tax credit and refund is available even if supplies are exempt supplies.

All about form GST PMT-09

Form GST PMT-09 - form for transfer of tax amount from one head to another head.

Time period for retention of records under GST

Every registered person is required to retain books of accounts and other records until the expiry of 6 years from the due date of furnishing of annual return or until the expiry of 1 year from the date of final disposal of any appeal etc., whichever is later.

Revised income tax return forms will be notified till the end of this month

CBDT in a press release said that to enable taxpayers to avail benefits of various timeline extensions due to coronavirus outbreak, they are revising the income tax return forms for FY 2019-20 (AY 2020-21) and the same will be notified by end of this month.

Meaning of relative under the income tax act

The term relative has been used many times in various sections of the Income Tax Act and meaning to term relative has been given differently according to the need of each section. In this article, we will discuss the meaning of relative as provided under different sections of the Income Tax Act, 1961.

Section 194K: TDS on income from units of mutual funds or UTI

As dividend distribution tax on payment of dividend income by companies is removed, the finance act 2020 has introduced section 194K for deduction of tax at source on income earned from units of mutual funds and unit trust of India.