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Rule of Lapse & September Rush A New Jargon For ITC Seekers Under GST Law- Union Budget is based on the Principle of Annuality’ i.e Parliament grants money to the Government of India for one financial year. If Grants are not utilised by the end of the financial year, the unutilised grants shall expire and restored to the Consolidated Fund of India. This practice is known as ‘Rule of lapse’.
CMA Krishna N. Chaubey The simple meaning of ITC (Input Tax Credit) is reduce your tax liability at the time of paying tax on supply or services but as prescribed in Central Good and Service Tax Act, 2017’ every registered person shall, subject to such conditions and restrictions as may be prescribed in the manner […]
Deputy Commissioner, State GST Department, Mattancherry, has issued the following instructions to their departmental officers by which it has instructed that in case Input Tax Credit is not reversed on Goods lost, stolen, destroyed written off or disposed of by way of gift or free samples due to Recent Kerala Floods , the proper officer […]
MCA to update KYC of Directors: ICAI has thoroughly supported the Government in its initiatives to update its registry, wherein the Ministry of Corporate Affairs would be conducting KYC of the Directors of all companies annually through a new e-form, viz. DIR-3 KYC.
GST Revenue collection for August 2018 close to ninety-four thousand crore rupees The total gross GST revenue collected in the month of August, 2018 is Rs. 93,960crore of which CGST is Rs. 15,303 crore, SGST is Rs. 21,154 crore, IGST is Rs. 49,876 crore (including Rs. 26,512 crore collected on imports) and Cess is Rs. […]
A remarkable increase is seen in the number of ITRs in 2 categories ie ITRs filed by salaried Individuals (ITR-1& 2) as also those availing the benefit of the Presumptive Taxation Scheme(ITR-4).
The High Court has read the relevant clauses of the lease deed and has rightly come to the conclusion that payment which is to be made as annual rent is rent within the meaning of Section 194I, we do not find any infirmity in the aforesaid conclusion of the High Court. The High Court has rightly held that TDS shall be deducted on the payment of the lease rent to the Greater Noida as per Section 194I.
Kalpana Chimanlal Shah Vs ITO (Gujarat High Court) The Assessing Officer examined the petitioner’s declaration of sale of immovable property and resultant loss, which she claimed. The Assessing Officer called for the purchase and sale deeds as also supporting evidence for computation of capital gain. The assessee produced such documents and the approved valuer’s report assessing […]
Urban Improvement Trusts and Development Authorities are responsible for the improvement and expansion of urban areas. In India, these Authorities are playing an important role by planning, coordinating and supervising the proper, orderly and rapid development of urban areas in their jurisdictions. Audit of these entities involve many issues and unique peculiarities.
Flood is a vis majoree. an Act of God. It causes havoc in the lives of the people affected by it. It sometimes takes years to rebuild that which is swept away in minutes. In the present article we shall concern ourselves with the one of the issues related to GST which may come up due to floods.
