As a trader, today you are liable for registration under State VAT if your turnover exceeds the prescribed threshold limit. You are also liable for registration under Central Excise if you trade in Excisable goods.
DECISION TAKEN IN 22ND GST COUNCIL MEETING
1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturers & 5% for Restaurant.
2. Filing of Returns up-to Turnover of Rs. 1.50 Cr – Quarterly (Non Composition Assesses)
Section 4 of the Income Tax Act, 1961 is the charging section which contains that-
- Tax shall be charged at the rates formulated by the Annual Finance act for the year.
- Tax is charge is on every person specified u/s 2(31).
- Shall be Tax chargeable on the total income earned during the previous year (not the assessment year).
- Tax shall be charged according to various provision of this act.
Rates of Tax-
Income tax is to be charged at a prescribed or fixed for the year by the Annual Finance Act. It varies according to different- different person.
The Basis of Charge is as follows:
|1. Individual/ Hindu Undivided family/ Association of Person/ body of Individuals/ Artificial Juridical Person|
|b)||Rs 250001- Rs. 500000||5 % Of ( Total Income- Rs.250000)|
|c)||Rs. 500001- Rs. 1000000||Rs. 12500+ 20 % of (Total Income-Rs.500000)|
|d)||Above Rs. 1000000||Rs.112500 + 30 % of (Total Income- Rs.1000000)|
|2. For Senior Citizens (being resident individuals of the age 60 years or more but less than 80 years)|
|b)||Rs. 300001- Rs. 500000||5 % Of ( Total Income-Rs. 300000)|
|c)||Rs. 500001- Rs. 1000000||Rs.10000+ 20% of ( Total Income-Rs. 500000)|
|d)||Above Rs. 1000000||Rs.110000 + 30% of (Total Income- Rs. 1000000)|
|1. For Super Senior Citizens (Being resident individual more than 80 years)|
|b)||Rs. 500001- Rs. 1000000||20% of (Total Income – Rs.500000)|
|c)||Above Rs. 1000000||Rs. 100000+ 30% of (Total Income –Rs. 1000000|
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List of KIP Certification Courses
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KIP Accounting Education (P) Ltd. is one of the respected practical training institute in India, known for Professional Accounting & Taxation Practical Training & also includes Service Tax, Central Excise, Payroll Management, Training on Microsoft Excel, Communication Skills & Personality Development. Students of commerce or non- commerce background get practical training of latest Accounting & Taxation (GST) by faculties who are experienced Chartered Accountants , having more than 12 years of practical experience . KIP Accounting Education also provide the Testing facilities for the person who need Accountant, Assistant Accountant, Accounting manager, Auditor or any post related to Accounting & Taxation. Kip also provide facility of online certification examination for the different courses.