Suchak Computer

What is Capital Gain? Simply put, any profit or gain that arises from the sale of a ' capital asset'  can be a capital gain. This gain or profit is comes under the category ‘income’ , and hence you may got to pay tax for that amount within the year during which the transfer of the capital asset takes place. This is often called capital gains tax, which may be short-term or long-term. Capital gains are not applied to an inherited property as there is no sale, only a transfer of an ownership. The income tax Act has precisely exempted assets received as gifts by way of an inheritance or will. However, if the one who inherited the asset decides to sell it, capital gains tax are going to be applicable. Defining Capital Assets Land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, and jewelry are a number of examples of capital assets. This includes having rights in or in respect to an Indian company. It also includes ...

Every  individual  who owns and runs a business entity required  getting a  GST number  and also they must have  to get registered under  GST  as per  GST  regulations. A unique identification  number  which is known as  GST  Identification  Number  or GSTIN is issued to every business entity who  has  registered themselves under  GST . As  GST  exist as two types Steps to register GST 1. Visit the web site: The first step is to go to the GST portal ( https://www.gst.gov.in/ ) and click on the Register Now mentioned under the Taxpayers (Normal) tab which will be seen on the left-hand side. 2. Provide Basic Information: The next step is to enter the main points required partly A. Click on new registration and click on Taxpayer within the subsequent drop. Then you would like to pick out the state and district from more drop downs. Then, enter ...

What is ITC-Input Tax Credit? Input credit means at the time of paying tax on output, you'll reduce the tax you have got already paid on inputs and pay the balance amount. Here’s how- When you buy a product or services from a registered dealer you pay taxes on the purchase. On selling, you collect the tax. You adjust the taxes paid at the time of purchase with the number of output tax (tax on sales) and balance liability of tax (tax on sales minus tax on purchase) needs to be paid to the govt. This mechanism is named utilization of input tax credit. For example- you're a manufacturer: a. Tax payable on output (FINISHED PRODUCT) is Rs.450 b. Tax paid on input (PURCHASE) is Rs.300 c. you'll claim INPUT CREDIT of Rs 300 and you simply got to deposit Rs 150 in taxes. Who can claim ITC? ITC are often claimed by an individual registered under GST on condition that he fulfills ALL the conditions as prescribed. The supplier should be in possession o...

The income tax department has released the ITR filing software and online website utility for all seven ITR forms for the FY 2017-18 (AY 2018-19). Out of those only ITR-1 and ITR-4, are often filed completely online without having to download any software utility in Excel or Java format. ITR-1 is often filed by resident individuals only having income of up to Rs 50 lakh. The source of this income should be salary, one house property, and other sources like interest income etc. On the opposite hand, ITR-4 are often utilized by those individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive income scheme for income earned from business and profession during the FY 2017-18 undersection 44AD, 44ADA & 44AE of the income tax Act. This year it's important to file ITR on time as there's a late filing fees on belated ITR filing. Using completely online method, an individual can fill the tax return (ITR) form online by entering the relevant...

Definition and meaning Tax Deducted at Source (TDS) may be a system introduced by tax Department, where person behind for creating specified payments like salary, commission, professional fees, interest, rent, etc. is susceptible to deduct an exact percentage of tax before making payment fully to the receiver of the payment. Who pays TDS? TDS stands for tax deducted at source. As per the income tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS must be deducted at the rates prescribed by the tax department. The company or person who makes the payment after deducting TDS is named a deductor and therefore the company or person receiving the payment is named the deductee. It’s the deductor’s responsibility to deduct TDS before making the payment and deposit an equivalent with the govt. TDS is deducted regardless of the mode of payment–cash, cheque or credit–and is linked to the PAN of...