"09 June 2020" Archive

GST on GTA Service/Transport Service

GST on the GTA Service/Transport Service Introduction :– Transportation of goods from one place to another palace is the normal economic activity, in the India, there are huge no of trucks/Lori etc. for the transportation of the goods being vast area of our country whereas some state/location are main manufacturing hub such as Gujar...

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Zero Rated Supply in IGST Act has not been Zero Rated

Under VAT or GST system of levy of tax on sale or supply of goods or services, a zero rated supply is understood as a sale or supply of goods or services or both on which tax is not payable and person making zero rated supply is entitled for claiming benefit of input tax credit […]...

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GST Implications on Print Media Industry (Due to covid19 pandemic)

As we all know, the economic impact of Covid 19 virus pandemic has been largely disruptive. The work process of various sectors has been heavily hampered due to this outbreak. In this Article we are discussing the impact of Covid 19 on Print Media Industry. Because of this pandemic and subsequent lockdown, it was really […]...

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GST on the Work Contractor

Section 2 (119) “works contract” means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property wherein transfer of property in goods (whether as goods or in some other form) is ...

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GST Composition Scheme | Opt or not | Decide with our Excel Sheet

फायदा देखो यार – Avoid Confusion with Normal & Composition- Make/Modify choice with this Excel worksheet If a businessman chooses the type of his GST registration without calculating the actual impact of his choice, there is scope for making wrong choice. This article explains what should be the real basi...

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Role of Authority of Advance Ruling under GST

In the present article, we will discuss detail description and purpose of Authority of Advance Ruling (AAR) established under GST.  I will try to cover or describe all the need and purposes of AAR under GST. INTRODUCTION: “Advance ruling” means a decision provided by the Authority or the Appellate Authority to an applicant on matters...

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Analysis of SC Judgment- PILCOM Vs. CIT | TDS | Section 194E

Pak-Indo-Lanka, Joint Management Committee (Hereinafter, 'PILCOM') filed a special leave petition (Civil Appeal No. 5749/2012) in Supreme Court challenging the decision of High Court of Calcutta whereby High Court dismissed Income Tax Appeal No. 196 of 2000 and affirmed the view taken by the Income Tax Appellate Tribunal, Calcutta....

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Set-Off & carry forward of losses – A Complete Summary

This article covers the provisions of The Income Tax Act, 1961 and rules made there under in regard to the Carry Forward and Set Off of Losses. The Income Tax Act has prescribed rules to set-off loss arising from one head against other heads of income. The process of setting off of losses and their […]...

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Which scheme should an employee opt for Income Tax?

The dilemma of which scheme should an employee opt for Income tax in FY 20-21 Everything has been changed in the beginning of new FY 2020-21 like the new virus, lockdown, work from home and also popped up new question i.e.  ‘Which scheme should an employee opt for Income Tax ?’ A new section 115BAC […]...

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Vivad se Vishwas Scheme deadline extended to December 31, 2020

Vivad se Vishwas is a direct tax scheme for settling tax disputes between assessee’s and the income tax department. The extension of the deadline has come as a relief for those individuals who want to settle their tax disputes.   The Government on May 13, 2020, announced that is has extended the deadline for tax […]...

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