In this meeting taxpayers did receive their Christmas gifts wherein recommendations were made for extension of due date and also some procedural decisions were taken. The gifts given by stressful Santa Claus seems to be affected by 40% drop in revenue.
Now a days Income Tax Return (ITR) filing is very important and necessary for every assessee in the rapidly changing economic scenario. But I have come across the fact that with the increasing needs of filing ITR , “THE MYTHS ABOUT FILING ITR ARE ALSO INCREASING DAY BY DAY”. These Myths include Myths Like I […]
Section 194M: TDS @ 5% on payment to Resident Contractors & Professionals by an Individual / HUF [applicable w.e.f. 01.09.2019] A New Section 194M is inserted in The Income Tax Act, 1961 [“The Act”] vide Finance Act, 2019 to provide for levy of TDS at the rate of 5% on the sum paid or credited in a […]
Understand the taxation of dividends in the income tax act. Learn about the distribution tax, exemptions, and implications for shareholders.
Dear professional colleagues, it is an attempt to consolidate all relevant extracts of applicable GST Law in context to 3rd Party Exports. Article explains Meaning of Third-party exports, Provisions contained in GST Law related to Third-party exports, Period for Actual Export and Documents evidencing Actual Export. Meaning of Third-party exports As per point 2.42 and […]
Compounding takes place when the interest generated on the principal in the first period is added back to the principal in order to calculate the interest for the following periods. Thus, generating returns on the returns becomes a chain reaction as long as your money remains invested in the financial instrument.
This Article discusses the issue of taxpayer with regard to implications of 20% Rule [Rule 36(4)] of CGST Rules 2017 with regard to supplies from Quarterly suppliers. The CBIC released an important notification no. 49/2019 on 9 October 2019, inserting a new sub-rule (4) under rule 36 of the CGST Rules, 2017, stating that provisional credit […]
ANX-1 1. In Table 3A of ANX-1 state wise entry is required to be made for B2C Supplies. State once selected as place of supply shall contain all entries of a tax period for that state. However if state is once selected the same state also appears in next selection of place of supply also. […]
Note on Retrospective Operation Of Benami Transactions (Prohibition) Act, 1988: Section 1(3) provides that ‘the provisions of section 3, 5 and 8 shall come into force at once (5th September 1988) and the remaining provision of this Act shall be deemed to leave come into force on the 19th day of May,1988. The decision of […]
Ganpati Dealcom Pvt. Ltd. Vs Union of India & Anr. (Calcutta High Court) By an amendment an existing Act is supplemented by new provisions adding to or subtracting from it. It is usual that parts of the existing Act are retained. Say for example, there is a provision in the existing Act for penalty in […]
