"01 November 2019" Archive - Page 2

Income Tax Demand U/s 143 (1) of Income Tax Act, 1961 – Possible Reasons

Yesterday, the dream day for all professionals, when at last clients has provided their details for Tax Audits and my entire professional colleague has rendered their best services to the nation and their clients. With the completion of this ITR Filing season, now Income Tax Department is processing our Filed ITR’s and starts sending in...

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Posted Under: Income Tax |

Filling reply in Form GST ASMT-11 to notice against Scrutiny of Returns: FAQs

When a Tax Official will conduct Scrutiny of GST Returns? In case, any discrepancy is found in return furnished by registered person on the basis of risk parameters or suo-moto on his own motion, then Tax Official can issue a notice informing that person of such discrepancies noticed and seek clarification from that person.  ...

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Posted Under: Income Tax |

FAQ’s on Provisional Assessment and release of Security under GST Law, 2017

What is provisional assessment under GST Law? If taxpayer is unable to determine either the value or tax rate or both for the goods/ services dealt in by him/her, then he/ she can file an application for provisional assessment to the Tax Official....

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Posted Under: Income Tax |

Filing Form GST DRC-06 against Proceedings initiated U/s. 73 & 74: FAQs

FAQ: Filing Form GST DRC-06 against Proceedings initiated by Tax Officer U/s. 73 and 74 related to determination of tax Q.1 What is Section 73 and 74 of CGST and SGST Act? Ans: Section 73: Covers determination of tax not paid or short paid or erroneously refunded or ITC availed wrongly or utilized for any reason […]...

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Posted Under: Income Tax |

Export Supply of Goods vs Export of Goods under GST

Export supply of goods or supply of goods in the course of export of the goods, and export of goods are not one and the same. For the purpose of Integrated Goods and Services Tax Act, 2017...

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Posted Under: Income Tax |

Chartered Accountant Preparation Myths and Facts

Chartered Accountancy (CA) is one of the most desired and most rewarding career options in India. Students opt to enter the commerce stream with an intent to become CA after qualifying its three-level CA program which comprises Foundation, Intermediate, and Final stage. The course is accredited and managed by the Institute of Chartered Ac...

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Posted Under: Income Tax |

Taxation overview with respect to non-resident in India

The tax structure in India is divided into direct and indirect taxes. While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assesses themselves. On the other hand, indirect taxes are levied on the sale and provision of goods and services respectively and the bur...

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Posted Under: Income Tax |

Form 26AS nightmare for the deductee

The data populated in 26AS is the data as per TDS returns uploaded by the deductors/ customers of the company under section 200 . Such data could be relied upon as “correct”  for the purpose of reconciliation  only when the statements of TDS so uploaded  have been processed under section 200A with effect from 01/04/2010....

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Posted Under: Income Tax |

Preliminary Draft Rules under Section 67 of Code on Wages, 2019

F. No S-32017/01/2019-WC 01/11/2019

F. No S-32017/01/2019-WC Government of India Ministry of Labour & Employment Shram Shakti Bhawan, New Delhi Date: 01 November, 2019 NOTE Subject: The Preliminary Draft Rules under Section 67 of the Code on Wages, 2019- reg. The Ministry of Labour and Employment has prepared a preliminary draft rule under Section 67 of the Code on [&he...

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Power to attach assets is a drastic step and is to be used sparingly

Valerius Industries Vs Union of India (Gujarat High Court at Ahmedabad)

Gujarat High Court has held that the power under Section 83 of the Central GST Act, 2017 is a drastic power which should be used sparingly and only on substantive weighty grounds. It observed that attachment of bank accounts and trading assets should be the last resort, and that blockage of input tax credit by way of computer entry was il...

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