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Pankaj Gupta

Pankaj is a Chartered Accountant by profession and an expert in the field of GST and Taxation with over 12 years of working experience. He is an expert business consultant and tax expert who helps the business to grow effectively and organically. Being the lead partner, he has been leading the firm and managing the clients across geographies.

Exempted Services in Under GST. Exempt supplies mean they are not liable to GST.

Exempted Services in Under GST

They comprise the following three types of supplies: Supplies taxable at a ‘NIL’ i.e. 0% tax;Supplies that are wholly or partially exempted by way of a notification amending Section 11 of CGST Act or Section 6 of IGST Act;Non-taxable supplies as defined under Section 2(78). E.g. Can Input Tax Credit Be Availed On GST Paid On Transfer Fee? M/s.

Can Input Tax Credit Be Availed On GST Paid On Transfer Fee?

Enfield apparels the applicant entered Lease deed like assignment deed which merely created leasehold rights and it did not create as ownership rights or title as per TOPA, 1882. The applicant’s interest was limited only to the extent of leasehold rights for the unexpired period of the lease. REVERSAL OF INPUT TAX CREDIT UNDER GST. Free flow of Input Tax Credit (ITC) is the backbone of the GST regime because of provisions of ITC it makes GST a value-added tax i.e. the collection of tax at all points after allowing credit for inputs.


ITC eliminates cascading effect and double taxation which happened in the old regime where Excise duty didn’t get set off in VAT. The amount of tax paid on the purchase of Input Goods, Input Services, and Capital Goods and includes tax paid under Reverse charge. Then at the time of paying tax on output, tax paid on the input can be deducted, and pay the balance amount becomes output tax liability.

8 Best Accounting Software In 2020 To Get Your Business On Track. Information Technology (IT) techniques have used the business for making the system more efficient, effective, saving time consumed, gain economics of scales, and reduce labor making Business processes simplified.

8 Best Accounting Software In 2020 To Get Your Business On Track

The digitalization in the globalized world has become a necessity. Upgrading to IT-based solutions and substitutes has become the need of the hour. As businesses are expanding beyond physical market boundaries due to growing e-commerce platform. Here are a few aspects that businesses should consider while choosing a Software vendor for accounting Services. This is one of the first things that businesses should have clarity about before choosing accounting software are these aspects. Nature of the business, The business model, it is following, Analysis of the loopholes that are there in the existing system, Report and mandatory compliance that is required Keys industry-specific business considerations etc.

Income Tax Slabs, Deductions, And Exemptions For FY 2020-2021. As a prudent Assessee, one must know the latest Income tax slabs to make the basic calculation and income tax return filing online.

Income Tax Slabs, Deductions, And Exemptions For FY 2020-2021

Also, a fair knowledge about Chapter VI A deductions for making a sound investment portfolio is required. One must know about avenues of income and transactions that are exempted from the purview of Income Tax to make utilization of such opportunities. Income tax is dynamic in nature provisions regarding basic exemption, tax slabs, and tax rates are revised from time to time by finance act. Our union Finance Minister Nirmala Sitaraman in the budget for 2020-21 introduced a new option for individuals and HUF for paying taxes at a lower rate without availing deductions such as house rent allowance (HRA) investments, LIC premium, NSC, medical, etc.

It is an option for the taxpayer to choose between the old income tax rate and slabs or the new ones. Investment u/s 80C isn’t allowed as a deduction from income under the head capital gains. PGA Tax newsletter Vol 5 - PGA & Co. How Is Gst Beneficial For Small And Medium Enterprises. We strive to be the Best GST Consultant in India and accordingly, we keep on updating our clients through various articles and newsletters.

How Is Gst Beneficial For Small And Medium Enterprises

Small and medium-sized enterprises commonly known as SME or MSME’s contribute a lot to the Indian economy and are considered as the backbone of the Indian Industry. Here through this blog, we try to brief you about the benefits of GST for SMEs. Busineowners who want to file annual GST return, for this purpose they can get references from nearby well-known GST consultants. There are many rumors against GST being harmful to the MSME’s, here we try to clear the misconceptions of the public at large. Expat Taxation In India. With a significant increase in cross border transactions and more and more people moving in and out of India, the importance of NRI and Expat taxation is growing significantly.

Expat Taxation In India

We at PGA provide dedicated support to our NRI and Expat clients looking to manage their compliance in India. We provide a one-stop solution for all their specific needs and relieve them of the burden of Indian tax compliances. Some of the services offered in this area are as given below: 7 Most Important Things About Income Tax that Beginners must know! We believe in sharing various informative blogs for the learning and continuous up-gradation of our readers, being as an expert in taxation, We have strong knowledge in areas of Income-tax such as Income tax return filing online, Income Tax due diligence, Corporate tax planning, Tax planning, optimization, etc.

7 Most Important Things About Income Tax that Beginners must know!

As an Indian citizen, if you want to start a business in India or you are a person having business operations in India here are few basic things that you should know about Income Tax in India. Direct taxes are those which are based on the principle of the Ability-to-pay of a taxpayer. This economic principle states that one who has more resources or earns a higher income should pay more taxes. It is a way to redistribution of the wealth of the nation, by giving government funds for public welfare and lessen the gap between rich and poor. In India, the Financial year starts from 1st April and ends on 31st March of the next year.

Income under the head Salaries. "Transparent Taxation-Honouring The Honest" Initiative By Tax Department. After several structural reforms which were considered as masterstroke while they were announced, here is another one by the Prime Minister Narendra Modi.

"Transparent Taxation-Honouring The Honest" Initiative By Tax Department

PGA Tax newsletter - Vol 1 of 2020 - PGA & Co. Chartered Accountants. Best Accounting Services. Accounting Services and Book-keeping: Although full-time accountant is an essential necessity for organizations in today’s age.

Best Accounting Services

However, it can prove to be an expensive endeavor for smaller organizations or entrepreneurial individuals. Hence, to cater to these requirements with full efficiency and expert ability, we, at PGA offer the best accounting services to our clients. Our team is well versed in book-keeping on the software’s namely Tally ERP, QuickBooks accounting, Busy etc. HNI Accounting Services. High Net Worth Individuals or “HNI” are the individuals who have a High Net Worth. They are extremely busy owing to busy working schedule. Thus, owing to paucity of time, they need a specialist to manage their compliances, tax planning, accounting & wealth management. A COMPREHENSIVE GUIDE FOR INCOME TAX RETURN FILLING. We at PGA a top CA firm in Chandigarh, believe in timely compliance, client awareness and good governance. We believe a business can reach its heights by adhering to best practices and setting up bar of high standards which helps the organisation tomake a good reputation, avoid penalties and fines and build investor confidence.

Some of our major services are Income tax planning, Online Income tax return filing, Income tax Litigation, quickbooks accounting etc. Here we try to offer you a comprehensive brief about the filing of online Income tax return. The Union Government imposes a tax on taxable income of all persons- Individuals (Natural Persons),HUF’sArtificial persons such as Companies, Firms, LLP, Association of Persons, Body of individuals, local authorityand anyother artificial juridical person. According to the Income tax Act, tax has to be paid by individuals or businesses whose income is higher than the base limits.

PGA Tax newsletter Vol 5 - PGA & Co. Input Tax Credit (ITC) on Expense due to COVID -19 - PGA & Co. The Covid-19 Pandemic is unprecedented situation for the entire world. The lockdown followed to curb the spread of this virus has brought economic and financial crisis. The entire pandemic has given rise to new normal such as the use of masks, sanitizers and practicing of social distancing. It also gave rise to various new regulations issued by various government authorities at Centre, State and local level. The Companies are spending significant amount to comply with the new regulations. So, it gives rise to two significant aspects for every business: 1) Whether the expenses related to the preventive measures eligible for ITC?

A Registered person under GST can claim ITC as per these provisions. GST on Cross Border Transactions - PGA & Co. Meaning of Cross border transaction When goods are procured from vendors located outside India and the goods so purchased are not brought into India. They are sold directly to a customer located outside India. Goods are shipped directly from the vendor’s premises to the customer’s premises (located outside India).

This transaction is called Cross border transaction. Let’s understand the same with an example. Company Incorporation In India. With its growing global footprints, significant consumption, cheap labour & biggest talent pool in the world, India has been now one of the favorite investment destinations. Income Tax return filing by July 2020 - PGA & Co. Chandigarh, India. Pending Income Tax returns can be filed - PGA & Co., Chandigarh India. Best Income Tax Consultant. GST Litigation Services. Best CA Firm In Chandigarh.