GST Training Institute Ahmedabad

Budget time is when the man in the street and business executives hold their breaths. Announcements can either fill them with joy or add another burden. Rich taxpayers are not at all pleased with this year’s budget that raised surcharge from 15% to 25% on income between Rs 2 crores and Rs 5 crores. However, that is not likely to make much of a dent in their deep pockets. It is the common man who will have to tighten purse strings and make do with less. What is the effect of budget 2019 for a common man ? Some things have become expensive and that is to be expected. There are no fireworks or reason to burst crackers this budget. Tax deductions on loan The budget allows additional deduction of Rs 150000 on loan interest the provided loan is for residential house and provided it has a value less than Rs 45 lakhs. This deduction is in addition to the deduction of Rs 200000 available under section 24. Electric scooters see taxes reduced and if one buys an elect...

SALT in the taxation context is commonly used in the USA. SALT represents state and local taxes for businesses. Various States in the US have their own system of taxation and this is in addition to the federal taxes that businesses are subject to. In order to stay compliant each business needs to file and pay income tax each quarter. Then there is sales tax on product sales and the percentages vary from one State to another and even within a State where counties may impose local taxes and additional taxes such as unemployment taxes and licence fees. In the Indian context SALT can be taken to mean and include sales tax or GST and income taxes. There are other taxes such as professional tax payable to Municipal corporations. Accountants have the task of preparing tax returns and filing them as well as making payments. GST in India Sales tax structure has been rationalized in India with a single indirect tax on goods and services. GST is value addition tax where tax is appl...

April ushers in Happy New Financial Year. It is a custom, probably established by the British that the traditional financial year end in India still stands at 31st March instead of following the calendar year. Whatever may be the case, before one has to put accounts into order with perfect closure of books for that the financial year ending. It is no easy task and it certainly does need expertise in accountancy. Large enterprises have an entire accounts department to handle routine accounting and financial year end accounting. Small businesses and individual entrepreneurs may need to have more than basic accounting skills to take on the task of even preparing the accounts for finalization by chartered accountants. Knowledge of taxation is an important aspect of financial year ending closures if you wish to minimize tax incidence and stay compliant. Accountants in larger enterprises and small businessmen can both benefit by going in for short duration taxation course in Ahme...