Whether Input Tax Credit to be reversed or not of the Goods destroyed due to lockdown ? Goods of many taxpayers have destroyed or expired due to lockdown. They had paid Goods and Services Tax (GST) on it and taken the input tax credit. Many manufactures had given GST on the raw materials which are […]
Section 54(3) of the CGST Act, 2017 has allowed certain Category of Persons to claim Refund of Accumulated Input Tax Credits subject to certain conditions and restrictions. Rule 89 of the CGST Rules, 2017 has prescribed that such Refund application shall be filed in Form GST RFD-01A. Circular No. 79/53/2018-GST dated 31.12.2018 has made it […]
Arjuna, as a course of action to wipe up the pendency in return filing, the late fees for non-furnishing of Form GSTR-3B for the tax period of July, 2017 (i.e. beginning of GST period) to January, 2020 has been recommended to be reduced/waiver as under:
Many people associated with the market have queries or are unaware regarding Risk Profiling including certain Investment Advisers. The Regulations for Investment Advisers clearly states that an Investment Adviser has to ensure that it carries out Risk Profiling of the investors in a systematic manner. Further, a few months ago, SEBI came out with the […]
Practical Ambiguity of Newly Proposed Provision of TCS On Sale of Goods Under Section 206 C (1H) of The Income-Tax Act, 1961, Introduced By The Finance Act, 2020 To Be Effective From 1st October 2020 Provision of TCS on sale of goods under section 206C sub –section (1H) To curb and track usage of unaccounted […]
Capital Gains & Interest on compensation received on Compulsory acquisition of urban agricultural land Section 10(37) inserted by the Finance Act, 2004, with effect from 01.04.2005 (from assessment year 2005-06). Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban agricultural land is exempt from tax. Background With a view to mitigate the […]
Hello friends, in this article I will discuss some of the points which every CA student should keep in mind while pursuing articleship training. Although the list of suggestions is not exhaustive, it will give some inputs for those who will commence their articleship training in future. In the next article, I will discuss how […]
In recent past there has been an increasing trend of redevelopment of old buildings in the Metro cities of India. The structure works in the manner that the builders takes the project of the particular building, wherein his liability is to demolish the old structure and construct the new structure, a unit in the new […]
Understanding the new vs old income tax rates for individuals in AY 2021-22. Learn about the benefits, deductions, and cash savings under the new tax regime.
With reference to the activity of sale of repossessed goods by an NBFC, there are certain aspects in the GST law which require further evaluation. This article analyses various implications under the GST law and the possible interpretations, on the activity of sale of repossessed goods. A. What is meant by repossessed goods? In the […]
