Income tax rates are decided and governed by Income Tax Act 1961 and are subject to change every year. This article will cover the income tax rates applicable to Domestic Companies for the Assessment Year 2019-2020 and Assessment Year 2020-2021 (As per the Taxation Laws (Amendment) Act, 2019) respectively, also cover Minimum Alternate Tax (MAT) […]
The term ‘Job Work’ is very important subject under the GST. Though there is no tax under GST upon goods supplied for the purpose of job work to the Job Worker and returned back from the Job Worker after completion of job work to the Principal even then the Legislature has framed full fledged provisions […]
Is there is any way to take Input tax Credit beyond the due date of return for the month of September? If no, what are other ways to get it? Let take two scenario to understand legal approach to take Tax benefit: 1. Taxpayer not claimed Input Tax credit of Supplier Invoices for FY18-19, till […]
CGST Act (Section 46) read with CGST Rules 2017 (Rule 68) requires issuance of a notice in FORM GSTR-3A to a registered person who fails to furnish return i.e. GSTR-3B under section 39 or Annual return or final return (defaulter) requiring him to furnish such return within fifteen days. Further section 62 provides for assessment […]
Article explains What is Job work, Whether Job worker should be registered under GST, ITC on goods sent for job work (Section 19), Documentation for removal of goods without payment of taxes, When goods are sent from one job worker to another job worker, Direct Dispatch of goods from job work premises and E-way bill […]
SMEs requires timely action of GST Council, Ministry of Finance – Few suggestion for budget 2020 Two years have been passed, since the implementation of Goods and Services Tax Act, 2017. In this article I’m just trying to convey some common practical difficulties that are facing by the SMEs (Small & Medium Enterprises) in their […]
CBDT has instructed all PR. CITs to dispose Pending appeals of more than 3 & 5 years on priority. It is directed that all such appeals pending for more than 5 years as on 1st April, 2019 must be disposed off without fail by 31st March, 2020. F. No. 279/M-118/2013-ITJ(Pt.)(Vol.II) Government of India Ministry of […]
Updated version of the Offline tool of GSTR-9C (Version 1.5) was made available on the portal on 24-12-2019. A minor issue has come to notice in auditor’s certificate issued in Part-B(ii) . The issue will be fixed shortly.
Article explains What is Public Provident Fund (PPF), Who can Invest under PPF Scheme, Rate of Interest on PPF and Taxability, Tax Benefits from Investment in PPF, Minimum and Maximum Deposit in PPF, Period and Lock in period, How to Open a PPF A/C, Documents required for opening PPF account, Closure of PPF Account and […]
Upon recommendation of 38th GST Council meeting held of 18.12.2019, CBIC has recently released Circular No. 129/48/2019 dated 24.12.2019, define Standard Operating Procedure to be followed in case of non-filers of GST Return under section 39, 44 and 45 of CGST Act 2017. It provides for – > Sending system generated massage to registered person […]
