Articles by Taxblock

Who Needs A GST Registration & Mandatory Documents For Online GST Registration

Posted by Taxblock 19 October 2021 7899 Views

Any person who is engaged in inter or intra state supply of goods or services and whose aggregate annual turnover is more than Rs 20 Lakh is binding to obtain a GST registration.

Sukanya Samriddhi Yojana Scheme and its Tax Benefits

Posted by Taxblock 08 October 2021 3524 Views

Investments made under Sukanya Samriddhi Yojana Scheme are eligible for deduction under Section 80C. The interest accrued on the investment is also eligible for tax exemption.

Understanding Loans, Types of Loans For Individuals & Businesses and Tax Benefits around Them

Posted by Taxblock 08 October 2021 2945 Views

Business loan interest is eligible for exemption, however, the principal amount of the loan is not provided with any tax benefit. The interest is usually deducted from gross income.

Basic overview of CGST, SGST, IGST and UTGST

Posted by Taxblock 08 October 2021 4715 Views

There were multiple taxes before GST such as Central Excise, Service Tax and State VAT etc. whereas under GST there is only one tax with three different components i.e., CGST, SGST and IGST.

Vlogging New Industries and Tax Applicability on Vlogging

Posted by Taxblock 08 October 2021 2648 Views

If you are pursuing YouTube as your full time profession, you will be taxed under Income from Business or Profession. If it’s a part time earning, the income will be taxable under Income from Other Sources.

Section 194N: TDS on heavy cash withdrawal from Banks / Post Offices

Posted by Taxblock 07 October 2021 7053 Views

With the amendment in Finance Act, 2020 section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding Rs.1 crore. This section has come into effect from 1st July 2020.

What is Mismatch under GST and How to arrive at Mismatches?

Posted by Taxblock 30 September 2021 8439 Views

Mismatch in context of GST refers to the amount of disparity disclosed in GSTR 3B with the details given in GSTR 2B along with GSTR 2A. GSTR 3B is the consolidated form of monthly returns that contains details of total inward supply, outward supply, input tax availed, tax paid, and tax collected made by a registered person during a year.