MEANING OF GST AUDIT: Audit under GST involve the scrutiny of records, returns and audit of all the other documents which is maintained by the registered person under GST. It also verifies the exactness of declared turnover, taxes which is paid, if refund is claimed, if there is any Input Tax Credit is availed and […]
Any assessee who has tax payable and don’t file his/her Income Tax Return within the due date specified u/s 139(1) is liable to pay interest u/s 234A. Meaning of Due Date U/s 139(1) Non Audit Cases : 31st July Audit Cases : 31st Oct, Due to Covid 19 CBDT on 24th June 2020 extended the […]
About AEO In 2011, Indian Authorised Economic Operator (AEO) Programme was introduced by Central Board of Indirect Taxes & Customs (“CBIC”). In 2012, Government came up with further rules and instructions in reference to AEO Programme. Administered by CBIC, the Indian AEO Programme is a voluntary programme that applies to all business entities that participate […]
No officer may be allowed to attend conferences/ seminars/webinars organized by non-government entities as resource person without the prior permission of the Secretary, Department of Revenue, Ministry of Finance, unless it is organized by Government agencies.
An amount deposited into ‘Deposit Account’ or ‘Special Account’ for utilization of the same for the specified purpose is allowed as a deduction under section 33AB. Deduction under section 33AB of the Income Tax Act is available to an assessee carrying on business in India of growing and manufacturing tea, coffee or rubber. The present […]
The 2020 has been a recessionary year unlike earlier ones, perhaps the longest one but not due to economic reasons. The sources of recession or slow down is neither financial nor economic one but the economy got adversely affected by Covid-19 pandemic, locally as well as globally. It destroyed social and productive capital badly, also […]
Enhance the security of your Income Tax e-Filing account with ‘e-Filing Vault’. Learn how this two-level authentication adds an extra layer of protection.
CBIC vide Notification No. 02/2021-Central Tax amends Jurisdiction of Principal Chief Commissioner/Chief Commissioner of Central Tax in terms of Commissioner (Appeals)and Additional Commissioner (Appeals) for New Delhi & Mumbai. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ) Notification No. 02/2021-Central Tax New Delhi, the 12th January, 2021 G.S.R. 18(E).—In […]
CBDT issues Notification No. 03/2021-Income Tax and notifies directions to give effect to the Faceless Penalty Scheme, 2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2021-Income Tax New Delhi, the 12th January, 2021 INCOME-TAX S.O. 118(E).—In exercise of the powers conferred by sub-section (2B) of section 274 of the […]
CBDT issues Notification No. 03/2021-Income Tax and notifies Faceless Penalty Scheme, 2021. Also Read- Faceless Penalty Scheme, 2021 – CBDT notifies directions MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 12th January, 2021 Notification No. 02/2021-(Income-Tax) S.O. 117(E).—In exercise of the powers conferred by sub-section (2A) of section 274 […]
