Guide to Residential Status of Individual – Finance Act, 2020
04 May, 2022
Vidhu Duggal and Company (‘VDC’) is a Delhi-based Chartered Accountancy firm with a strong staff of competent and proficient Chartered Accountants that are capable of handling all aspects of the financial services industry. We are a young and dynamic firm of Chartered Accountants with the goal of providing a single point of contact for the whole spectrum of financial services in the region.
We have been providing the highest level of professional services in the areas of accounting and auditing; income tax; goods and services tax; company law; the Foreign Exchange Management Act; import and export; start-up services; NGO related services; international taxation; transfer pricing; financial services; and other related areas. Engaging the hearts and minds of coworkers and transforming our Firm into a fantastic place to work is a never-ending endeavour that gets better with each passing year
Yes, you are required to file your income tax return if your income exceeds Rs. 2,50,000 in a Financial Year i.e. the basic exemption limit without giving effects to any type ofdeductions/investments.
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return before the due date.
The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer.
Outward supplies on which tax is paid on reverse charge basis by the recipient will be included in the aggregate turnover of the supplier
Please tell if rental income up to 20 lacs attracts GST or attracts any other charge?
GST is leviable only if aggregate turnover is more than 20 lacs. (Rs. 10 lacs in 11 special category States). For computing aggregate supplies turnover of all supplies made by you would be added.
If someone trades only 0% GST items (grains, pulses) then is it necessary to register for GST, if the turnover exceeds ₹20 lacs?
A person dealing with 100% exempted supply is not liable to register irrespective of turnover.