Tax unlock

  Microsoft Excel, with its vast array of functions and capabilities, has become an indispensable tool for professionals across various industries. At the heart of Excel's power lies its formula functionality, enabling users to perform complex calculations, analyze data, and automate tasks. In this blog post, we will unravel the world of Excel formulas, exploring their practical applications, and showcasing some essential formulas that can enhance your efficiency and productivity. SUM Function: The SUM function is one of the most frequently used formulas in Excel. It allows you to quickly add up a range of numbers. For example, "=SUM(A1:A10)" would sum the values in cells A1 to A10. IF Function: The IF function helps you perform logical tests and make decisions based on the results. It allows you to define different actions based on whether a condition is true or false. For instance, "=IF(A1>10, "Yes", "No")" would display "Yes"

Composition Scheme under GST https://www.amazon.in/gp/goldbox?&linkCode=ll2&tag=10e3928-21&linkId=4b2917bf40081515c5289ba80b4fe0f0&language=en_IN&ref_=as_li_ss_tl u Businesses with annual turnover up to Rs 1.5 crore can opt for composition scheme. Turnover of all businesses with the same PAN has to be added up to calculate turnover for the purpose of the composition scheme.  u Only Manufacturers of goods, Dealers, and Restaurants (not serving alcohol) can opt for the composition scheme under Section 10. However, service providers can opt into a similar scheme for composition dealers notified by the CGST (Rate) notification no. 2/2019 Type of Business CGST SGST Total Manufacturers and Traders (Goods) 0.5% 0.5% 1% Restaurants not serving Alcohol 2.5% 2.5% 5% Service Providers 3% 3% 6%   Further,

HUF means hindu undivided family is a separate entity for income tax law. Its income is taxable at the same rate as individual and also avail all the available deductions and exemptions that applicable to individual. In other words, it can be used to reduce tax outflow through the division of income between multiple assessable units.  Some of the major advantages are listed below : Income of up to Rs 2,50,000/- earned by the HUF is tax-free as per the tax slabs for the Assessment Year 2022-23. D eductions under Section 80C, 80D, 80G can be claimed by the  HUF. HUF can also claim deduction on interest paid on house property of up to Rs. 2,00,000/- in a year. However, the house property must be in the name of the HUF or jointly in the name of the HUF and one of its members. The principal repayments can be claimed as deduction under Section 80C.  Since the income after tax of the HUF is the family’s income, the Karta can use it for family expenses and can also distribute it among the memb

CBIC by virtue of Notification No. 09/2017-dated 28th June 2017 exempted service of renting a residential dwelling used for the purpose of residence irrespective of the registration status of the supplier or the recipient of services as the case may be.  However, CBIC have issued Notification No. 05/2022 dated 13 th July 2022, withdrew exemption on renting of residential dwelling to a person registered under GST, which is applicable from 18 th July 2022. Further, the onus of payment of GST on services by way of renting of residential dwelling to a registered person is lies upon the registered recipient of service, irrespective of the registration status of service provider. As such renting of residential dwelling to a registered person is added under the Reverse Charge Mechanism (RCM). In other words, renting of residential dwelling by any person to a person registered under GST than RCM will be applicable. Exemption will be still applicable in case of services provided by regi