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Archive: 09 July 2020

Posts in 09 July 2020

Suo Moto GST Registration Cancellation to GST Revocation – Golden Opportunity

July 9, 2020 38733 Views 7 comments Print

In this article, we will discuss the situations in which GST Registration will be suo moto cancelled by GST Officer and how these defaulting dealers can take benefits of this one time scheme for revocation of their cancelled GST.

Is refund of waived late fee under GST possible?

July 9, 2020 35439 Views 6 comments Print

The waiver of late fee has become a hot topic on social media now. Twitter is flooded with tweets to waive of the late fee on late filing of GSTR 3B from the inception of law. Recently, GST Council has released a press note stating that the “Issue of GST late fee for the past […]

Interest on Gross or Net Liability under GST?

July 9, 2020 9309 Views 0 comment Print

Every legislature which contain the provisions for collection of taxes, duty or other amount also contains the provisions for interest on late payment or non-payment of such amount. Just like other legislatures, GST act also contains the provision for levy of interest on delay or non-payment of GST. However, quantum of interest to be levied […]

How to Deduct TDS on Property Sale- Section 194IA

July 9, 2020 78700 Views 16 comments Print

As per the Income Tax Act, tax must be deducted at source by the buyer of a property from payments made to a seller who is resident in India. TDS must be deducted on sale of all types of property, except where the property sold is an agricultural land. TDS is applicable when receipts are of more than Rs 50 lakh.

Contribution of Land or Building in a partnership firm: Tax Impact

July 9, 2020 62716 Views 3 comments Print

Many times it happens that a person contributes capital in a partnership firm in the form of land or building in order to become a partner. It has been noted that the tax consequence in such cases is not clear since two sections comes into play in such kind of transactions-Section 45(3) and Section 50C of the Income Tax Act, 1961. The aforesaid issue has been discussed below in detail.

Acceptance / Repayment of Loan in Cash- Section 269SS/ 269T

July 9, 2020 287203 Views 43 comments Print

The provision of 269SS and 269T has been enacted in order to prevent the increase in black money and to stop tax evasion. It ensures that the taxpayer does not give any false explanation for his unaccounted money.

Range Concept and Multi-year data

July 9, 2020 78004 Views 6 comments Print

Since the time the transfer pricing (TP) provisions were first introduced in India in 2001 and the concept of the arm’s length price introduced, taxpayers have been grappling with issues arising from the requirement to use the arithmetic mean to defend the arm’s length nature of their transactions.

10 FAQs on Tax on Sale of Immovable Property by Non-residents

July 9, 2020 45502 Views 4 comments Print

Sec 194-IA deals with TDS on sale of immovable property. Under this section TDS is to be deducted @1% on sale of immovable property at the time of credit of such sum to the account of the transferor or at the time of payment of such sum whichever is earlier.

How to file response to notice u/s 139(9) of defective return notice

July 9, 2020 35509 Views 0 comment Print

Learn how to respond to a notice u/s 139(9) for a defective income tax return. Get step-by-step guidance on filing the response and resolving the issues.

PAN- A Must for all Financial Transaction- All you Want to Know

July 9, 2020 17644 Views 0 comment Print

ALWPG5809L All India UNIQUE 10 Alphanumeric Number allotted by the Income Tax Department. PERMANENT ACCOUNT NUMBER which does not change with change of address or station or change of Assessing Officer, etc. How to Apply for PAN ? ♣ Apply only in “Form 49A (in the case of Indian Citizen/Indian Companies/Entities incorporated in India/Unincorporated entities […]

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July 2020