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Composition Scheme was introduced for small taxpayers, so that they can get rid of tedious GST formalities and pay indirect tax at a fixed rate of turnover. ♦ Eligibility :- 1. It is an optional scheme available to taxable person, Taxable person can opt for the scheme if aggregate turnover is upto Rs. 1.5 crore […]
The term actionable claim has not been defined under GST law. It has same meaning as mentioned in section 3 of Transfer of Property Act 1882. As per section 3 of transfer of property Act 1882, “Actionable claim” means a claim to any debt, other than a debt secured by mortgage of immoveable property or […]
‘Tour Operator’ shall mean any person engaged in the business of planning, scheduling, organizing, arranging tours (which may include arrangements for accommodation, sightseeing or other similar services) by any mode of transport, and includes any person engaged in the business of operating tours. The definition is provided by the Explanation in Heading 9985 of GST […]
The growth of Indian economy & growth in collection of GST both are positively correlated to each other. Goods and Services Tax is defined as the giant indirect tax structure designed to support and enhance the economic growth of a country. GST is consumption based tax and therefore, it wholly depends on the purchasing power […]
Goods and Service Tax law in India is a multi-stage, comprehensive, destination – based tax that is levied on every value addition. GST is one Indirect Tax Regime for the entire country and levied on the supply of goods and services. GST replaces many indirect tax laws that was previously prevails in India. Whereas, due to flooded notifications, […]
Introduction COVID -19 Pandemic has halted the businesses around the world, and this has made the regulatory authorities to take facilitation measures for various compliance requirements. One such measure is extension of due dates for filling GSTR-1 and GSTR-3B. Notification no-31/2020 dt-03/04/2020 is issued relaxing the filling dates of GSTR-3B, as per the said notification […]
Section 35 of CGST Act 2017 deals with the upkeep and maintenance of books of accounts and records by every registered person* at his principal palace of business** from where business is being pursued. Generally such place is mentioned in Certificate of registration of registered person.
Whenever assessing officer issues assessment order u/s 143(3), 147, 271(1)(c) along with it notice of demand u/s 156 is also raised. This demand notice is usually required to be paid within 30 days of service/receipt of the same. In case assessee fails to pay the demand within the required time, he/she becomes assessee in default.
Taking medical insurance has become extremely relevant in the current days and medical expenditures for purchase of medicines for life style diseases have also started becoming a regular expenditure especially for senior citizens. Medical expenditure can cover even the hospitalization expenses also of the senior citizen. The Income Tax Act, 1961 has given tax benefits […]
Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for deduction u/s 54F of the Act and allow the same if the assessee satisfies the conditions.
