How to claim LTA without travelling in 2021?
The term LTA stands for Leave Travel Allowance. It is the exemption received by the employee from his employer for travelling on leave.…
How to claim deduction under Section 80CCD?
Under section 80CCD you can claim a deduction against the amount contributed by you or your employer in National Pension Scheme. Only individuals are eligible to claim deduction under section 80CCD against contributions made to National Pension Scheme (NPS) or Atal Pension Yojana (APY).…
In-Depth Guide to Reverse Charge Mechanism under GST: Everything you need to know in 2021
Under Reverse Charge Mechanism the supplier supplies goods and services to the receiver and then receiver only pays tax to the government rather than supplier.…
How to cancel GST registration online? A Step by Step GST Cancellation Process
The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department on their own motion or the registered person can apply for cancellation of their registration.…
What is PPF? Taxability of excess PF contribution above Rs. 2.5 Lakhs
PPF Stands for “Public Provident Fund “. It is an investment option which not only offers attractive interest rate but also a safe mode of long-term investment.…
Section 194P: Exemption from filing ITR for Senior Citizens
The senior citizen was exempt to pay tax if his income is only upto 5 lakhs. But after insertion of section 194P, senior citizens are not required to file income tax return after meeting few conditions.…
Which GST Return Forms should I use?- Types of GST Return, Due Dates and Late Filing Penalties
If you are registered under GST then make sure that you are complying with all the provisions of GST Act and in case you fail to do so, will be liable to pay the penalty for such contravention.…
Quarterly Return & Monthly Payment (QRMP) Scheme
The QRMP stands for Quarterly Return & Monthly Payment. This scheme has been launched by Central Board of Direct Taxes to give benefits to the small taxpayers. Under this scheme taxpayers requires to pay their tax liability on a monthly basis and need to file their returns on a quarterly basis…