An entrepreneur, who begins to manufacture or produce articles or things or provide any services during the period beginning from 1st April, 2005 to 31st March, 2020, shall be eligible to take a deduction under section 10AA with respect to the export turnover of his unit located in SEZ.
Krishna,now there is fever of E-way Bill in the GST. So, what is the situation of taxpayers at this moment?
Printing Industry is a very wide Industry ranging from Newspapers to Commercial Books and Periodicals. Involvement of Jobwork and changes in definitions have made significant changes in the way GST Applies on Printing Works vis-à-vis Earlier VAT & Service Tax Regime.
Currently an assessee filing his income tax return needs to fill all the data manually wrt the taxes paid by him/ on his behalf (TDS) in excel utility. Since TDS returns are e-filed now days, an asseesee by manually punching the data relating to prepaid taxes like TDS is prone to committing errors.
The scope of filing return of income should be widened so as to include in its ambit the persons entering into the following transactions:
Under Section 54 of the Income-tax Act, if an assessee who has earned a Capital Gain on sale of a residential house, has, within the prescribed period, purchased or constructed another residential house, then, to the extent of the cost of the new residential house, no tax in respect of such Capital Gain is payable.
For the purpose of conducting special audit under section 142(2A) of Income-tax Act, 1961, the auditor is nominated by Chief Commissioner or Commissioner. Presently, no specific guidelines have been issued by the authorities to enable the Chief Commissioners or Commissioners to take an informed decision.
Section 200 provides for the payment of TDS and filing of TDS Returns. The Income Tax Law requires payment of TDS every month by 7th of the following month and by 30th April of the Assessment year for tax deducted in the month of March of the Previous year.
In order to support/clarify the provisions of Chapter XVII, various circulars have been issued from time to time. Further various court decisions, favourable or unfavourable for the assessees, have also clarified various provisions of Tax deduction at source or tax collection at source.
As per the provisions of section 207 and section 211, the assessee is liable to pay the advance tax on the `Current Income’ of the assessee. This presupposes the existence of the assessee. In view of this, interest under section 234C
