Specific provisions on Anti- profiteering have been legislated in Goods and Service Tax GST law. The anti- profiteering provisions are inherently designed to protect consumer by restricting the companies to benefit unjustly on account of any reduction in GST rates or enhancement in tax credit pool.
The term export means sending of goods or services produced in one country to another country. The seller of such goods and services is referred to as an exporter; the foreign buyer is referred to as an importer. Under GST, “export of goods” with its grammatical variations and cognate expressions, means taking goods out of […]
The section 51 of the Act makes provisions with regards to tax deduction at source by certain recipients. These provisions are similar to provision contained in Income-tax Act, 1961 for deduction of TDS and depositing the same to the credit of Government.
The format recommends various undertakings to be given by assesse while filing GST refund application
Clause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory in the year in which it is converted in capital Assets. CBDT issued Draft of notification to be issued for amending Income-tax Rules, 1962 for prescribing the manner of determination of fair market value of the inventory for the purpose of 28(via) of the Income-tax Act, 1961.
Search, according to normal dictionary meaning, means to look out, to seek or to find something the presence of which is suspected etc. Seize means to take possession of goods, contrary to the wishes of the owner or to take forcible possession. From income tax point of view, in common parlance search is referred to as RAID. However, there is no such term as raid anywhere in income tax law.
The due date for return filing of the assessee who are individuals (other than partners of firms/ LLP whose accounts are required to be audited), partnership firms/ LLP, Association of persons, Body of Individuals and Trusts, other than those whose accounts are required to be audited under any law, for the Assessment Year 2018-19 (Financial Year 2017-18) is 31 July 2018.
Advance ruling means a decision provided by the constituted authority at the request of applicant on matters relating GST provisions. Unlike old Indirect Tax laws, it can be obtained by taxpayer on a proposed transaction as well as a transaction already undertaken.
A Company can raise funds via three means: (1) Deposits (2) Loans (3) Capital. Under Companies Amendment Act 2017, A Company can raise funds or Capital in three ways: (1) Private Placement/ Preferential Allotment (2) Right Issue (3) Bonus Issue. Let’s discuss about rising of fund or Capital through preferential allotment where a Company has to Comply with the conditions of the Private Placement.
Article contains due date for various statutory compliances under GST Law, Income Tax Act, 1961 under Labour Laws which includes due date of Tax Payment, Return Filing and issue of Certificate as required under these laws-
