Author: CA Harshit Shah

All You Need To Know About Advance Tax Payment

What is an Advance Tax? In a financial year, if the Income Tax Liability of any taxpayer is more than Rs. 10, 000, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the

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5 Things That Will Happen If You Do Not File Income Tax Return (ITR) By August 31

You must file Income Tax Return (ITR) if you are in the taxable bracket. The taxpayers have been reminded by the Income-Tax department to file income tax returns by 31st August 2018 for the assessment year 2018-19. The five consequences in case of a delayed filing of income tax return by assesses are: Penalty: A three-tier fee

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Goods and Services Tax (GST) – What and Why?

The Goods and Services Tax (GST) is a value added tax that will replace all indirect taxes levied on goods and services by the Government, both Central and States, once it is implemented. It is all set to consolidate all State economies. This will be one of the biggest taxation reforms that will take place

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