High court held that since the defaulter had transferred the property in favour of his brother’s wife, by appointing his own brother as the Power Agent to act on his behalf and such a sale has happened within six months from the date of which the demand of arrears of tax was made, it can be said there are no bona fides in such a transfer.
The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B.
Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date.
All about TCS on sale of Goods [newly inserted Section 206C(1H)] effective from 01.10.2020 Introduction to TCS (Tax collection at source) Tax Collected at Source (TCS) is the tax payable by a seller which he bills on to the from the buyer at the time of sale and is payable into the Government Treasury on receipt of money from the buyer. […]
Applicability of Section 50 of the NDPS Act in cases of Personal Search Only The Supreme Court of India has recently ruled a judgement under section 50 of the Narcotic Drugs and Psychotropic Substances Act 1985 holding the opinion that the section 50 of the abovementioned act shall be applicable only in cases of personal search and thereby affirmed the […]
Guidance on Payment of Bonus Act, 1965 R/w Payment of Bonus Rules, 1975 An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or on the basis of production or productivity and for matters connected therewith. 1. Application of the Act: It shall apply to; […]
TCS on sale of goods will be applicable with effect from 1st October 2020. TCS applicability, rates and compliance are analysed below for your reference: Applicability Seller of goods are required to collect of TCS on the sale of goods exceeding Rs. 50 Lakhs with in India. Turnover of the seller during preceding financial year shall […]
GST E-Invoice Implementation: In Depth Study- Part-1 This video discusses on understanding the nitty gritties of GST E-Invoice implementation including – 1. The need to integrate the GST-Portal, E-Waybill Portal and IRP data. 2. Understanding Form GST INV-01. 3. Understanding QR Code Composition, encryption & Decryption. 4. Other issues and points critical to GST E-Invoice Implementation GST E-Invoice Implementation: In […]
1. The taxability of the ‘Canteen Facility’ to the employees is an area of dispute. It has become more confusing in the light of decisions held by Advance Rulings Authorities. In this article, an attempt has been made to analyze the taxability of canteen facility & ITC availability in a different scenario. 2. Scenario A: […]
Form GST – ITC 01 is a declaration form filed on GST portal for claiming the input tax credit by taxpayers newly registered under GST. Filing of this form is mandatory to claim ITC on such stock.
