3 mistakes you should avoid in your Balance Sheet
05 Nov, 2024
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.
