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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
A common query many people have in their minds which seems to get more and more complicated as different businesses with different situations think over it. This confusion is none other than the very usual mistake of missing out on taking Input Tax Credit. The problem apparently seems to get worse when this missed ITC is of the previous financial year whose books of accounts are closed, finalized and audited from Income Tax Act and Companies Act point of view.
A speaking order is an order that speaks for itself & should stand the test of legality, fairness and reason at all the higher appellate forums. Effectively this means that, the order should contain all the details of the issue, clear findings and a reasoned order. However, when the system is corrupt & rotten to […]
In terms of Section 44(1) of the CGST Act, 2017, every registered person, other than an Input Service Distributor, a person paying tax under Section 51 (TDS deductor) or Section 52 (TCS collector), a casual taxable person and a non-resident taxable person, shall furnish an Annual Return for every financial year on or before the […]
Structural Reforms in areas like taxation and bankruptcy are helping the Indian economy in building its resilience to global shocks and maintain a robust growth rate despite challenges
♣ India jumped thirty places to break into the top 100 for the first time in the World Bank’s Ease of Doing Business Report (EODB), 2018. ♣ The rankings reflect the government’s reform measures on a wide range of indicators. ♣ India leaped 53 and 33 spots in the taxation and insolvency indices, respectively, on […]
There may be times when you want to change the share structure of your company; either by adding a new shareholder or by changing the existing proportion of shares between shareholders. A share transfer is the process of transferring existing shares from one person to another; either by sale or gift. The securities of a […]
REVISION/ REOPENING OF BOOKS OF ACCOUNT Companies Act 2013 has provided a mechanism for revision or reopening of financials statement of a Company, even in a situation where it has already been approved by the company at its AGM or circulated to the members or filed with ROC. Revision or reopening of accounts can be […]
1. GST Refund of unutilized or accumulated ITC Refund of unutilized or accumulated ITC is allowed only in following two cases: a. Zero rated supplies made without payment of tax Zero rated supply of goods or services or both under bond or Letter of Undertaking. Input procure in respect of such supply is not utilizing […]
The ministry of corporate affairs has vide its notification dated 10th September 2018 has amended the “the Companies (Prospectus and Allotment of Securities) Rules, 2014, by inserting a new rue 9A after existing rule 9. This amendment is applicable from 2nd October 2018. This new rule talks about compulsory dematerialization of shares of all public companies. […]
Download TCS data in Form GSTR-2A to an Excel file Taxpayers were earlier provided with a facility to download details of Form GSTR-2A in an Excel file. Now they can download data in TCS section also to that Excel file, in a different sheet. GSTR 2A is a purchase-related tax return that is automatically generated […]
