Filing your Income Tax Return (ITR) does not always mean that the process ends there. After you file your return, the Income Tax Department processes the information reported in your ITR and compares it with details available in Form 26AS, Annual Information Statement (AIS), Taxpayer Information Summary (TIS), TDS statements, bank information, property transactions, securities […]
Reverse Charge Mechanism (RCM) Under GST: Complete Guide
Normally, a supplier collects Goods and Services Tax (GST) from the customer and deposits it with the government. However, in certain specified transactions, GST law shifts this responsibility from the supplier to the recipient. This system is known as the Reverse Charge Mechanism or RCM. In simple words, under RCM, the person receiving the goods […]
GSTR-1 & GSTR-3B Filing: Step-by-Step Guide
GST return filing is an important compliance requirement for every regular GST-registered business. Among the various GST returns, GSTR-1 and GSTR-3B are the two returns that most regular taxpayers need to deal with every month or quarter. In simple terms, GSTR-1 contains details of your outward supplies or sales. GSTR-3B, on the other hand, summarises […]
GST Due Dates 2026: Complete GST Filing Calendar & Compliance Guide
GST compliance in India requires businesses to follow prescribed return-filing and tax-payment deadlines. Therefore, every GST-registered taxpayer should maintain a proper compliance calendar throughout the year. If a taxpayer misses a GST deadline, the delay may result in late fees under Section 47 of the CGST Act, interest under Section 50, and other compliance restrictions […]
How to Calculate Tax on Freelancing Income in India
Freelancing has become a common way to earn income in India. Today, software developers, digital marketers, designers, writers, consultants, market researchers, accountants, content creators and many other professionals work independently for Indian as well as foreign clients. However, as freelancing income grows, tax compliance also becomes important. Unlike salaried employees, freelancers usually do not have […]