CBEC has issued Circular No. 135/05/2020-GST dated 31/03/2020 clarifying certain confusions under refund of GST. The summary of same reproduced below: 1. Bunching of refund claims across Financial Years: Vide circular No 125/44/2019-GST dated 18.11.2019, claiming refund by bunching across different Financial years was restricted. As per this circular, clubbing was possible only within the […]
Need for clubbing of refund claim across financial years arises while claiming refund of Input Tax Credit for exports, It is possible that input tax credit may be received in a month while exports may be made in subsequent month.
Recently, the CBIC has issued a notification no. 16/2020-Central Tax, dated 23/03/2020 whereby certain amendments have been made in CGST Rules, 2017 (‘CGST Rules’). Under this article, I have covered the amendment made in definition of ‘Turnover of Zero-rated supply of goods’ under Rule 89 (4) of the CGST Rules and its impact of quantum […]
eTutorial – Online TAN Registration and Request for Consolidated TDS/TCS file from TIN – Download Step by step guideline on how to register your TAN and How to Request for Consolidated TDS/TCS file from TIN in power Point Presentation Format
When a capital asset is converted into stock in trade then capital gain u/s 45(2) of Income Tax Act arises in the year of sale and not in the year of conversion. But in vice versa situation i.e conversion of stock in trade into capital asset there does not arise any capital gain. If an assessee is in the business of real estate and on closure of his business he retains the existing stock in trade of immovable properties of the business with him and holds it as investment then it will become his capital asset from the time of closure of his business.
One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications. Following are the views expressed by the author in this respect. The assessee must prepare his books of accounts following the mercantile system of accounting. The same is also followed under section 145 of the Income tax act, 1961.
What is a Nil Return? What is the position for an assessee who has not made any payment at all in a quarter? What to do If for a quarter TDS return / statement are not filed and then the assessee receives a letter / notice from NSDL/ Income Tax Department for non-filing of e-TDS return/statement? When Assessee is required to file NIL TDS return? What about Challan and deduction Link for Zero Deduction? How to Create Nil Challan?
What is the procedure to retrieve TAN – A written request on the letter head has to be sent to NSDL mentioning name of Deductor, TAN and requesting for retrieving TRN. The letter should be signed by ‘Managing Director’ or ‘Chief Financial Officer’ or authorized signatory in the organization along with name and designation and should be preferably digitally signed
Salary is said to be the remuneration received by or accruing to an individual for service rendered as a result of an express or implied contract. The statute, gives an inclusive but not exhaustive definition of salary. As per sec. 17(1), salary includes therein (i) Wages (ii) Annuity or pension (iii) Gratuity (iv) fees, commission, perquisites or profits in lieu of salary (v) Advance salary (vi) Receipt from provident fund (vii) Contribution of employer to a recongnised provident fund in excess of prescribed limit (viii) Leave encashment
Permanent Account Number is basically a method of identifying a taxpayer on the computer system through a unique All-India number so that all information relating to that taxpayer, e.g. taxes paid, refunds issued, outstanding arrears, income disclose
