For a developing country like India- what we need the most is a stronger economy which indeed needs a stronger budget which in turn builds a stronger nation altogether. This budget shall propose to give Indian economy an impetus to emerge as more vibrant and stronger. Our Finance Minister released Budget 2020 with an aspiration of […]
The Announcement: A Positive Move On February 1, Finance minister Nirmala Sitharaman, in her budget speech declared that employees of startups (exempt under Section 80-IAC) could defer paying income tax on stock options. The proposal was put forward by the Department for Promotion of Industry and Internal Trade (DPIIT) which suggested extending tax benefits to […]
INTEREST was, Interest is and it will always be charged on NET LIABILITY Section 50 of CGST Act, 2017 In this article author tries to unfold the mystery of interest as per section 50 of CGST Act, 2017 with backdrop of recent judicial, departmental and Twitterial development For the sake of brevity section 50 of […]
Revised/enhanced minimum threshold limit of tax effect of Rs. 50 Lakh vide CBDT Circular No. 17/2019, dated 8-8-2019 was applicable not only for appeals to be filed by Revenue in future; but also for appeals already filed by Revenue in ITAT. Therefore, all existing appeals in ITAT, having tax effect below the revised/enhanced limit of Rs. 50,00,000, were to be treated as withdrawn/not pressed; and were, not maintainable.
Penalty under section 271(1)(c) could not be levied for bonafide explanation furnished by assessee as assessee had not offered interest income for tax due to wrong interpretations of the provisions of the Act, not on account of deliberate concealment of income or furnishing of inaccurate particulars of such income.
Article compiles month-wise due date /Last Date of filling GSTR3B for Financial Year 2017-18, 2018-19 and 2019-20 as extended from time to time by various Notifications. In the table below last date of filling FORM GSTR3B alongwith payment of taxes are provided: Monthwise GSTR 3B due dates for Financial Year 2017-18 Principal Notifications: 1) Notification […]
GST in India is known for extensions. Since 2001 when the than government talked about its implementation, it has story of date extensions and it’s implementation got extended many times. Similarly, after its introduction w.e.f 1st July, 2017 extensions of dates for different provisions continued and at many times things failed to happen. First ever […]
Finance Bill 2020 has introduced new section, Section 115BAC where employee can pay tax on their total income at the rate specified in the Table from the assessment year 1st April, 2021. Table Sr. No. Total Income Rate (1) (2) (3) 1. Upto Rs.2.50 lacs Nil 2. From 2.50 lacs to 5 lacs 5% 3. […]
Constitution of a committee for recommending Rules & Regulatory framework for smooth implementation of proposed Cross Border Insolvency provisions in the Insolvency & Bankruptcy Code, 2016
The concept of Risk is distinct from the concept of Uncertainty. The former relates to that which can be predicted, measured or quantified whereas the latter relates to ‘unknown unknowns’ and ‘known unknowables’ where outcomes and probability distributions cannot be meaningfully defined.
