"27 September 2020" Archive

GST Guide for Contractors

What is the rate of GST applicable for providing Contract services? Solution: Basically Contract services qualify for the definition of Works Contract Services under section 2(119) of the CGST Act, 2017 as it has elements of both provision of services and sale of goods. Government had bifurcated the work contract services basically into t...

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A to Z of E-Invoicing Under GST- Detailed Analysis

A2Z OF E – INVOICING UNDER GST Further to my article An Overview of E-Invoicing Under GST, I have received a number of queries related to e-invoicing. In this article, an attempt has been made to compile all the Frequently Asked Questions and their answers suggested by the authorities on various forums. A. BASIC DETAILS […]...

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Initiation of Faceless Assessment Procedures

The CBDT is launching the Faceless Assessment in various direct & indirect tax procedures from today as announced earlier as promulgated by Prime Minister Narendra Modi as the income-tax appeals are all set to go faceless from Friday. Further, the income tax department has already enunciated PAN-India faceless assessment facil...

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PBPT: Prerequisites For A Valid Provisional Attachment

One of the draconian facet of the amended Prohibition of Benami Property Transactions Act, 1988 is the provisional attachment provided under Section 24 of the PBPT Act. In this piece we will discuss the prerequisites for valid provisional attachment under Prohibition of Benami Property Transactions Act, 1988....

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Authorized Economic Operator (AEO) Programme

Authorised Economic operator Programme (AEO) is a voluntary compliance programme by Indian customs to provides a strengthen of international supply chain facility and facilitate movement of legitimate goods....

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TCS on sale of Goods – Illustrations- Section 206C(1H) wef 01.10.2020

TCS on sale of Goods- Section 206C(1H) w.e.f. 01.10.2020 : Overview with Illustrations To widen and deepen the scope of early collection of revenue to the Government, Finance Bill, 2020 brought in levy of TCS (0.1% or 1% in case PAN/Aadhaar not provided by Buyer) on sale of goods for which sales consideration. Sub section 1H […]...

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RODTEP calculations – race against time for manufacturer-exporters

India lost the battle before the WTO panel (panel) when number of export incentive schemes that were (are) in vogue were called off as illegal per the SCM agreement. The mischief of MEIS, as pointed out by the panel, was that instead of providing countervailing rates for setting of the input taxes, the rates were […]...

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Liability of Legal Representative under Income Tax Act, 1961

Dear friends, as we are aware that under normal circumstances, tax is levied upon the person, who has earned income. The income tax considers him/her as assessee and income tax will be levied on all income he has earned in previous year. There are three types of assessees such as Resident and Ordinary Resident, Resident […]...

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TCS under Section 206C(IH) -New Income Tax Compliance

Government of India’s Finance Act,2020 has amended the Income Tax Act,1962 by adding a subsection 1H under the section 206C of the latter. This pertains to the collection of TCS by the seller on the sale of any goods. This seems to take effect from 01.10.2020 pan India. This article briefs on the essence of […]...

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Holding of General Meetings: A Revolution due to Covid-19 Pandemic

Corporate Meetings are very crucial part of business activities. Corporate Meetings thus turn out to be a place where various aspects of business management are discussed- the performance of the company, the mission and vision of company, the weaknesses of company, the obstacles faced and how to overcome them. This article would be divide...

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