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"26 January 2019" Archive

Have you received Non-filing notice from Income-tax department?

The Income Tax Department has identified several potential non-filers who have carried-out high value transactions in Financial Year 2017-18 but have still not filed Income Tax Return for Assessment Year 2018-19 (relating to FY 2017-18). There might be several reasons for sending such notices. These are common notices, but you need to kno...

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Summary of Slab & Deductions under Income Tax AY 2019-20

This chart of Deductions & Slab rates will help you to plan your Income & Investments for Financial Year 2018-2019 / Assessment Year 2019-2020 and help you to minimize your Tax before March 2019. List of All popular deductions with latest limits applicable to coming Income tax return filling season i.e for AY 2019-20. Please [&hel...

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Posted Under: Income Tax |

ICAI Revises Procedure for providing certified copies of evaluated answer-books

An examinee may apply seeking inspection/certified copies of answer books, within 30 days from the date of declaration of respective result(s), with the applicable fee, online at http://icaiexam.icai.org and pay the applicable fee online. There is no provision for submission of such requests with late fee. Physical applications for Final/...

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Posted Under: Income Tax |

Reverse Charge Mechanism (RCM) on Security Services w.e.f. 1st January, 2019

REVERSE CHARGE MECHANISM (RCM) ON SECURITY SERVICES w.e.f. 1st January, 2019 RCM is one of the method to collect indirect taxes by the Government, under which a recipient (i.e. Buyer) who procures goods or services is required pay the taxes directly to tax authorities. As per Notification No. 13/2017- Central Tax (Rate) dated 28th June, [...

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Posted Under: Income Tax |

GST Registration Documents

The GST i.e. ‘Goods and Service Tax’ was launched at the midnight on 1st July, 2017. GST is an indirect tax / consumption tax levied on all the supply of goods and services in India. GST has subsumed around 15 indirect taxes, collectively being levied by the central government and the state governments, into single […]...

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Posted Under: Income Tax |

GST on Completed Flats

The construction industry has always been the talk of the town be its continuous rising prices or be its indirect tax implications. Even under the earlier tax regime, indirect tax implication, for the construction industry, was very complicated and confusing and the same was carried forward under the Goods and Service Tax Act. Under the [...

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Posted Under: Income Tax |

Transitional Provisions under Goods and Service Tax: FAQs

A registered person, other than a person opting to pay tax under composition scheme, shall be entitled to take credit in his electronic credit ledger the amount of CENVAT (or VAT credit) credit carried forward in the return of the last period before the appointed day, subject to the conditions stated therein. (Section 140(1) of the CGST/...

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Posted Under: Income Tax |

Frontend Business Process on GST Portal: FAQs

Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company under Section-8 of the Companies Act-2013, promoted jointly by the Central and State Governments, to provide shared IT infrastructure and services, t o both central and state governments including tax payers and other stakeholders....

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Posted Under: Income Tax |

GST on Advance Payment against Supply of Goods or Services

An advance payment is that part of a contractually due that is paid in advance for goods or services. Under the current article we would look into the provisions affecting the advance payment under Goods and Service Tax (GST) like the time of supply, receipt voucher, refund voucher, applicable exemption and reflection of advance payment [...

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Posted Under: Income Tax |

Place of Supply of Goods and Service under GST: FAQs

What is the need for the Place of Supply of Goods and Services under GST? The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determines the place i.e. taxable jurisdiction where the tax should ...

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Posted Under: Income Tax |

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