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DESCRIPTION
GOODS & SERVICE TAX
GST is an indirect tax that is levied on goods as well as services. All the existing state and central indirect taxes are subsumed under the GST. It is applicable throughout the country. GST is also referred as “One Nation One Tax”.
Under this system, a single product is taxed at the same rate in every corner of the country.
Benefits of GST Registration
- The newly introduced Composite Scheme and its tax benefits can be availed by the entrepreneurs whose turnover is within the prescribed limit.
- There is a common portal for various requirements such as registration, payment of tax and filing returns. Thus reducing the complexity involved.
- Businesses prefer to choose GST registered entities over the ones that are not registered to avail the benefits of input tax credit.
Components of GST
The components of GST are as follows:
- Central Goods and Services Tax (CGST): Applicable to the transactions done within state boundaries or at the intrastate level
- State Goods and Services Tax (SGST): Like CGST, this tax is also applicable to the transactions done within state boundaries or at the intrastate level
- Integrated Goods and Services Tax (IGST): Applicable to the transactions done between different states or at the interstate level.
INCOME TAX RETURNS
An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.
As per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources.
Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty.
The new income tax slabs have come into effect from April 1, 2020.
If a taxpayer has opted for the new regime, then his income will be taxed as per the following tax rates:
Taxable Income Slabs Income Tax Rates & Cess
Up to 2.5 lakh Nil
Rs 2,50,001 to Rs 5,00,000 5 %
From 5,00,001 to Rs 7,50,000 10 %
From 7,50,001 to 10,00,000 15 %
From 10,00,001 to Rs 12,50,000 20 %
From 12,50,001 to 15,00,000 25 %
Above 15,00,000 30 %
DESCRIPTION
BOOK KEEPING
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation
Bookkeeping is the work of a bookkeeper (or book-keeper), who records the day-to-day financial transactions of a business. They usually write the daybooks (which contain records of sales, purchases, receipts, and payments), and document each financial transaction, whether cash or credit, into the correct daybook.
The bookkeeper brings the books to the trial balance stage: an accountant may prepare the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
Daybooks
A daybook is a descriptive and chronological (diary-like) record of day-to-day financial transactions; it is also called a book of original entry. The daybook's details must be transcribed formally into journals to enable posting to ledgers. Daybooks include:
- Sales daybook, for recording sales invoices.
- Sales credits daybook, for recording sales credit notes.
- Purchases daybook, for recording purchase invoices.
- Purchases debits daybook, for recording purchase debit notes.
- Cash daybook, usually known as the cash book, for recording all monies received and all monies paid out. It may be split into two daybooks: a receipts daybook documenting every money-amount received, and a payments daybook recording every payment made.
- General Journal daybook, for recording journal entries.
Ledgers
A ledger is a record of accounts. The ledger is a permanent summary of all amounts entered in supporting Journals which list individual transactions by date. These accounts are recorded separately, showing their beginning/ending balance. A journal lists financial transactions in chronological order, without showing their balance but showing how much is going to be charged in each account. A ledger takes each financial transaction from the journal and records it into the corresponding account for every transaction listed. The ledger also sums up the total of every account, which is transferred into the balance sheet and the income statement. There are three different kinds of ledgers that deal with book-keeping:
- Sales ledger, which deals mostly with the accounts receivable account. This ledger consists of the records of the financial transactions made by customers to the business.
- Purchase ledger is the record of the purchasing transactions a company does; it goes hand in hand with the Accounts Payable account.
TDS RETURNS
TDS stands for 'Tax Deducted at Source'. It was introduced to collect tax at the source from where an individual's income is generated. The government uses TDS as a tool to collect tax in order to minimise tax evasion by taxing the income (partially or wholly) at the time it is generated rather than at a later date.
TDS is applicable on various incomes such as salaries, interest received, commission received, dividends etc.
TDS is not applicable to all incomes and persons for all transactions. Different TDS rates have been prescribed by the Income Tax Act for different payments and different categories of recipients. For example, payment of redemption proceeds by a debt mutual fund to a resident individual is not subject to TDS but for a Non-resident Indian is subject to TDS.
TDS Return Forms: An Overview
As the deductor is liable to deduct tax and file the TDS Return form as the supporting document, it is important to note that there are various types of TDS Return Forms for different situations. The type of TDS Return Form to be submitted is based on the Nature of Income of the deductee or the type of deductee who pays the TDS.
Type of TDS Return FormsParticulars of the TDS Return Forms
Form 24Q :- Statement for tax deducted at source from salaries.
Form 26Q :- Statement for tax deducted at source on all payments other than salaries.
Form 27Q :- Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.
Form 27EQ :- Statement of collection of tax at source.
