It is submitted that Section 83 of The Central Goods and Services Tax, Act, 2017 (“CGST Act, 2017”) is proposed to be amended via clause 106 of Finance Bill, 2021. Please note that these proposals will come into effect from a date to be notified later. It is stated that Sections 2 to 79 of […]
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 105 of the Finance Bill, 2021 with respect to recovery of self- assessed tax.
Tally Definition Language (commonly known as TDL)- Simply put, TDL is a language, using which a person can talk with Tally. It can help an organization in significantly reducing the time taken to post entries related to sales, purchase, receipt and payment.
Clause No. 103 of the Finance Bill, 2021 provides charging of interest on Net Tax Liability u/s 50, CGST Act, 2017 by substituting proviso to sub-section 1 retrospectively, w.e.f. 1.7.2017. Section 50(1) of the CGST Act after the proposed amendment, if implemented, will read as under; “50. Interest on delayed payment of tax.─(1) Every person […]
Article explains Concept of Presumptive Taxation For Professionals, Applicability of Presumptive Taxation For Professionals, Presumptive income from Profession under Section 44ADA, Expenses not allowed against Income deemed as Presumptive under Section 44ADA, Maintenance of books of account for professionals Opting for Presumptive Taxation, Audit Requirements under Section 44AB for Professionals. Payment of Advance tax by […]
M/s Perfect Constech Pvt. Ltd. Vs ACIT (ITAT Delhi) Penalty not leviable for non deduction of TDS under section 271C for EDC charges paid to HUDA as it is non statutory contractual liability It is seen that in Para 4.3.2, subparagraph (iv) of the order passed u/s 271C of the Act, the AO has himself […]
ITO Vs Sh. Sunil Nayyar (ITAT Delhi) In the instant case, the AO has not pointed out any accounting defects in the books of accounts. Rather he is summarily ignored the books of accounts but has proceeded to invoke section 145(3) which is bad in law.” 14. The ld. CIT (A) held that there is […]
Article explains Concept Of TDS Under Section 194Q, 11 Rules for Deduction of TDS under Section 194Q, Examples on TDS under Section 194Q, Practical Difficulty Faced in Deduction of TDS under Section 194Q and Authors Comment on deduction of TDS under Section 194Q. ♦ Concept of TDS Under Section 194Q Budget 2021 introduced section 194Q […]
The judgment remains significant as it recognises the vulnerability of the legal representatives and protects them from any liability which results from an accrual of the Revenue’s absence of due diligence while initiating action and holds that not all ‘bona fide’ mistakes can be held to be curable in nature.
Confederation of GST Professionals and Industries has made a representation to the Hon’ble Finance Minister of India and Requested to grant Extension for GSTR 9 & 9C – Financial Year 2019-20 from 28.02.2021 to 31.03.2021. Relevant Extract of the same is as follows:- “To The Hon’ble Finance Minister of India Rajpath Marg, E Block, Central […]
