Understanding Form 10, Form 10B, and Form 10BB under Income Tax
In India, charitable and religious organizations
benefit from income tax exemptions under certain conditions. To ensure
transparency and compliance, these entities must submit various forms under the
Income Tax Act. Three important forms in this regard are Form 10, Form 10B, and
Form 10BB. Each serves a specific purpose and plays a critical role in tax
reporting for trusts, societies, and non-profit entities. This blog explains
the relevance and usage of these forms, helping entities stay compliant and
avoid penalties.
- 21st Sep 2024
- Category: Taxation
- views: 111
Impacts of Reverse Charge Mechanism (RCM) on Commercial Rent under GST
The application of the
Goods and Services Tax (GST) on commercial rent depends heavily on the
registration status of both the tenant and the property owner. The Reverse
Charge Mechanism (RCM) can apply in certain cases, shifting the GST liability
from the supplier (owner) to the recipient (tenant). Below are detailed
scenarios explaining when GST is applicable under Forward Charge Mechanism
(FCM) or RCM.
- 17th Sep 2024
- Category: Taxation
- views: 105
Key Recommendations of the 54th GST Council Meeting Held on 09 September 2024
The GST Council has recently introduced a series of
significant recommendations designed to modify GST rates, streamline
compliance, and facilitate trade. Here’s a detailed summary of the key points
- 14th Sep 2024
- Category: Taxation
- views: 123
GST Welcome Letter to New GST Registrants
As a new GST registrant, receiving the GST Welcome
Letter from the tax authorities marks a crucial step in formalizing your GST
registration process. This letter serves as an official confirmation that you
are now registered under the Goods and Services Tax (GST) regime. It contains
key details such as your GSTIN (Goods and Services Tax Identification Number),
login credentials to the GST portal, and guidelines for filing returns and
complying with the GST law.
- 3rd Sep 2024
- Category: Taxation
- views: 106
