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Anonymous
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  1. Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here - https://www.mastersindia.co/Read more

    Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here – https://www.mastersindia.co/gst/section-87a/

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Onlinelegalindia
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  1. GST return involves lot of activities ,  which include Filing different types of GST returns electronically , Uploading invoice wise details , populating details  input tax credit from returns filed by recipients ,  invoice information ,  Mismatch of the invoice information. Here are following typeRead more

    GST return involves lot of activities ,  which include Filing different types of GST returns electronically , Uploading invoice wise details , populating details  input tax credit from returns filed by recipients ,  invoice information ,  Mismatch of the invoice information.

    Here are following type of GST returns –

    GSTR – 1  – (GSTR-1 is a Return of a  normal registered taxpayer under GST. this is monthly return showcases that describe  sales transactions of a business in a particular month. GSTR 1 is filed 10 days before ending of month , it can be extended while requesting to commissioner .

     

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Anonymous
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  1. Step 1 Login with valid credentials on the GST portal Step 2 On the Dashboard, navigate to the ‘My profile’ section. Step 3 From the options "Quick Links" select ‘Manage API access’. Step 4 Click ‘Yes’. Step 5 A dropdown for the duration will be displayed. Select the desired duration and then clickRead more

    Step 1 Login with valid credentials on the GST portal
    Step 2 On the Dashboard, navigate to the ‘My profile’ section.
    Step 3 From the options “Quick Links” select ‘Manage API access’.
    Step 4 Click ‘Yes’.
    Step 5 A dropdown for the duration will be displayed. Select the desired duration and then click confirm.

    Hope it helps…

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Anonymous
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  1. If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don’t file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

    If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don’t file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

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Anonymous
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  1. Income Tax is a direct tax charged by the Government on the income of a taxpayer. As per the Income Tax Act, taxpayers must file their income tax return annually to determine their tax obligations.

    Income Tax is a direct tax charged by the Government on the income of a taxpayer. As per the Income Tax Act, taxpayers must file their income tax return annually to determine their tax obligations.

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Anonymous
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  1. If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don't file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

    If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don’t file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

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Anonymous
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  1. Yes, e-way bill needs to be generated for any movement of goods. Therefore, even in case of sales returns, the e-way bill needs to be generated and in this situation, e-way bill needs to be generated by that person who is causing movement of such sales return or the transporter who is actually movinRead more

    Yes, e-way bill needs to be generated for any movement of goods. Therefore, even in case of sales returns, the e-way bill needs to be generated and in this situation, e-way bill needs to be generated by that person who is causing movement of such sales return or the transporter who is actually moving the goods.

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Anonymous
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  1. You can use Masters India's free Income Tax Calculator to check your income tax payable - https://www.mastersindia.co/income-tax-calculator/

    You can use Masters India’s free Income Tax Calculator to check your income tax payable – https://www.mastersindia.co/income-tax-calculator/

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Anonymous
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  1. Businesses making taxable supplies have to be registered under GST if their annual sales turnover has exceeded the prescribed threshold. Only a registered person can charge and collect GST on the taxable supplies of goods and services made by him. GST is charged on the value or selling price of theRead more

    Businesses making taxable supplies have to be registered under GST if their annual sales turnover has exceeded the prescribed threshold. Only a registered person can charge and collect GST on the taxable supplies of goods and services made by him. GST is charged on the value or selling price of the products. The amount of GST incurred on input (input tax) can be deducted from the amount of GST charged (output tax) by the registered person.

    If the amount of output tax is more than the input tax in the relevant taxable period, the difference shall be remitted to the Government. However, if the input tax is more than the output tax, the difference will be refunded by the Government.

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Anonymous
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  1. Lakshmi Kant Jha is considered as the architect of the indirect tax reform in India. He was the first to introduce the concept of GST in the 1970s through the appointment of the Indirect Taxation Enquiry Committee which was headed by him. In 1976, Jha suggested MAN VAT (VAT at the Manufacturing LeveRead more

    Lakshmi Kant Jha is considered as the architect of the indirect tax reform in India. He was the first to introduce the concept of GST in the 1970s through the appointment of the Indirect Taxation Enquiry Committee which was headed by him. In 1976, Jha suggested MAN VAT (VAT at the Manufacturing Level) which was later in 1986 was adopted as MODVAT (Modified Value Added Taxation) by the then Finance Minister VP Singh. Initially, it was introduced for selected commodities under the Union Excise Duties (UED). A few years later, Dr. Manmohan Singh extended MODVAT to almost all commodities and reduced excise duty rates. In 1999, Yashwant Sinha introduced a full-fledged VAT for UED as CENVAT.

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Anonymous
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  1. GST invoice is issued by a supplier or a seller to the recipient or the buyer of goods and services. Such a document indicates the names of the parties involved as well as the details of goods or services supplied under a given transaction. In other words an invoice or a GST bill is a list of goodsRead more

    GST invoice is issued by a supplier or a seller to the recipient or the buyer of goods and services. Such a document indicates the names of the parties involved as well as the details of goods or services supplied under a given transaction. In other words an invoice or a GST bill is a list of goods sent or services provided, along with the amount due for payment. One must ensure that the invoice is filled with proper details including the GST Identification Number.

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Anonymous
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  1. No, eway bill is optional for Goods of value less than Rs. 50,000 (except in cases of mandatory Eway bill provisions like the movement of Handicraft goods and movement of goods for Inter-state Job work ) If Goods are being transported by a non- motorised conveyance.

    No, eway bill is optional for Goods of value less than Rs. 50,000 (except in cases of mandatory Eway bill provisions like the movement of Handicraft goods and movement of goods for Inter-state Job work ) If Goods are being transported by a non- motorised conveyance.

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Anonymous
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  1. Yes, If you are doing work as a private individual, you can issue a private invoice for it. The value of the goods or services being provided is not important. The invoice can also be addressed to another individual, as well as to a company.

    Yes, If you are doing work as a private individual, you can issue a private invoice for it. The value of the goods or services being provided is not important. The invoice can also be addressed to another individual, as well as to a company.

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Anonymous
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  1. It must be noted that a standard invoicing pattern is not followed in this sector leading to varying billing systems among jewellers. However, each city has a jewellery association that declares gold rate every morning. Typically, the final price of jewellery is computed with this basic formula – PrRead more

    It must be noted that a standard invoicing pattern is not followed in this sector leading to varying billing systems among jewellers. However, each city has a jewellery association that declares gold rate every morning. Typically, the final price of jewellery is computed with this basic formula –

    Price of gold X Weight in grams + Making charges + GST applied at 3% on the (price of jewellery + making charges).

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Badrinath Patel
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  1. Limit of the information that can be stored in with specifications: >Smallest symbol size 21 x 21 modules >Largest symbol size 177 x 177 modules >Maximum data capacity Numeric 7089 characters >Alphanumeric 4296 characters

    Limit of the information that can be stored in with specifications:
    >Smallest symbol size 21 x 21 modules
    >Largest symbol size 177 x 177 modules
    >Maximum data capacity Numeric 7089 characters
    >Alphanumeric 4296 characters

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