At the time of registration of an establishment, employer has to upload digitally signed copy of PAN card. There is a mandate of Ease of Doing business to eliminate the requirement of submitting scanned copy of PAN card at the time of registration.
Order No. 6 of 2018 The following posting/ transfer in the grade of Commissioner of Income Tax is, hereby, ordered with immediate effect and until further orders:-
Real Time Default Management System is in operation in EPFO for reducing current default of establishments. New Enforcement Officers are also being provided to Regional Offices after completion of their training for effective default reduction.
The margining system of Clearing Corporations currently levies margin based on net buy value (Buy – Sales value of underlying) of unsettled trades in the cash segment and based on the net open positions (Open Interest) in the derivatives segments.
Order No. 8 of 2018 The following postings/ transfers in the grade of Principal Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-
A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like
Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes payable and furnish a return for specified tax periods i.e. the period for which return is required to be filed.
Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.
Delhi ITAT held that mere entry in the books of accounts and classifying the said payment as capital, i.e., it has been capitalised in the books will not at all be determinative as it has to be seen on the facts whether such a payment or expenditure falls in the capital filed or revenue field.
Interest on 7.75% Savings (Taxable) Bonds 2018 will be taxable under the Income Tax Act, 1961 as applicable according to the relevant tax status of the Bond holders.
