1. Generation of SOFTEX number STEP 1 – Visit site https://rbi.org.in/scripts/EDF_UserDetails.aspx STEP 2 – Click ‘Forms’ STEP 3 – Select ‘Foreign Exchange Management Act Forms’ STEP 4 – Under ‘For Printing EDF/ SOFTEX Form No.’ click on ‘Click Here’ STEP 5 – Provide/ select all the following details and click submit 1. First Name, 2. IECode, 3. Address, 4. Telephone No., 5. Email ID, 6. Fax, 7. Type of Export (Select from the drop-down list) 8. Mode of Export (Select from the drop-down list) 9. Form No. (Select ‘single’ or ‘bulk’ from the drop-down list) 10. Mention Number of Forms, 11. Enter the verification code. 2. ...
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Please note that the tax exemption of house rent allowance is not available in case you choose the new tax regime. Similarly, if you are paying rent to your spouse, you cannot claim the HRA Exemption HRA for Salaried Individuals Section 10 (13A), rule number 2A of the Income Tax Act allows salaried individuals to claim exemptions for House Rent Allowance (HRA). As this allowance is a significant part of an individual's salary, it is important to follow the company's policies regarding claiming of HRA. To claim HRA exemption, you must meet the following conditions: Live in rented accommodation Receive HRA as part of your Salary Income Submit valid rent receipts and proof of rent payments. The HRA exemption calculation The HRA exemption calculation will depend on various factors like salary, rent paid, HRA received by the employee and city of residence of emp...
The Goods and Services Tax (GST) has changed the way taxes are levied on various goods and services in India. GST on jewellery has undergone significant changes. Let’s discuss - GST on jewellery, including the tax rates and exemptions, input tax credit, and compliance requirements. Gold bars or gold jewellery fall within the definition of ‘Goods’ as per the GST law. Under Section 7 of the CGST Act, the supply of gold (without any job work) is considered the supply of goods. A s per Section 8 of the CGST Act, selling gold ornaments or jewellery to the common man is a composite supply of goods and services. The gold used is considered goods and making charges or value addition is towards job work. Since the principal supply is the sale of gold, the GST rate of 3% shall be levied instead of 5% on the total value of jewellery, whether making charges is shown separately. R epair works on jewellery will be considered the making ch...