Know truth about the E-Invoice through ‘Myth vs Reality’ Myth – I would need to issue invoices through the GST portal. Reality– No. You would continue to issue invoice the way you have been doing it. You are just required to generate the Invoice Reference Number (IRN) for each invoice issued through your billing software […]
Section 46 of CGST Act read with rule 68 CGST Rules requires issuance of a notice in FORM GSTR-3A to a registered person who fails to furnish return under section 39 or section 44 or section 45 (defaulter) requiring him to furnish such return within fifteen days
Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman held her 9th Pre-Budget Consultation meeting with the leading representatives from Water and Sanitation sectors here today in connection with the forthcoming General Budget 2020-21.
Article explain What Is Section 194N of Income Tax Act, 1961, Who Will Deduct TDS Under Section 194N, Importance Of TDS Under Section 194N, Rate of TDS Under Section 194N and Threshold limit, From which date Section 194N and Section 194N applies to cash withdrawal by whom. What Is Section 194N? Section 194N is applicable […]
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.
