"12 March 2021" Archive - Page 4

Few unknown facts about Airlines industry

1. The airline industry is a product of the Aviation Industry – Did you know that the airline industry and the aviation industry are not the same? The airline industry generally has four business models. Full-service carriers, low-cost carriers, charter airlines, and cargo airlines. Whereas, the aviation industry includes aircraft m...

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Posted Under: Finance |

Roadmap to E-Invoicing under GST for B2B & B2C Suppliers

Roadmap to E-Invoicing for B2B Suppliers Notification No. 13/2020 dated 21st Mar 2020 ♣ E-Invoicing made mandatory for Registered Person having Aggregate Turnover more than 100 crore rupees in a year. ♣ Turnover of current F.Y. shall be consider. ♣ Provision shall come into effect from 1st Oct 2020. Notification No. 60/2020 dated 30...

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Posted Under: Finance |

No section 80IB(10) deduction to Land owner if no developmental activity by him

ITO Vs Anjli Foundations (ITAT Chennai)

ITO Vs Anjli Foundations (ITAT Chennai) The undisputed fact in this case is that the assessee is owner of the land. Therefore, for claiming the deduction u/s. 80IB(10), the assessee has to establish that it had undertaken developmental activities which include activities like undertaking the levelling the road and removal of rock surface ...

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Handling of non-responsive Income Tax cases for physical verification

F.No. CIT(NeAC)/2020-21/802 12/03/2021

Compulsory/148/Set aside cases - where the assessee has not responded to the notices in last 30 days. However, the cases where emails are not present (cases without digital footprint) may not be marked as they would be handled by different procedure....

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CBDT clarifies on potential cases for issue of Section 148 notice

F.No.225/40/2021/ITA-II 12/03/2021

The 'potential cases' at Point no.1(iii) mean the cases flagged by the Directorate of Income-tax (Systems) subsequent to 04.03.2021. It is further clarified that the NMS cases flagged earlier will get subsumed in the new list....

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GST ITC Mismatch and How to apply for ITC verification

No.F.16 (100) Tax / CCT / 14-15 /2656-2663 12/03/2021

Rajasthan Government notifies the manner for the verification of deposit of tax (GST) for the purpose of allowing the Input Tax Credit (ITC) for demands pertaining to assessments years upto 2017-18, where the demands have been created for want of verification of Input Tax Credit claimed by a dealer. GOVERNMENT OF RAJASTHAN COMMERCIAL TAXE...

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CBDT notifies reporting of Capital Gain, Dividend, Interest Income in SFT

Notification No. 16/2021-Income Tax/G.S.R 175(E) 12/03/2021

CBDT notifies that For the purposes of pre-filling the return of income, a statement of financial transaction containing information relating to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income shall be furnished by specified persons at such frequency, and in such manner, as may...

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Clarification on GST refund & Adjusted total turnover calculation

Circular No. 147/03//2021-GST 12/03/2021

CBIC issues Clarification in respect of refund claim by recipient of Deemed Export Supply, Extension of relaxation for filing refund claim in cases where zero-rated supplies has been wrongly declared in Table 3.1(a) and The manner of calculation of Adjusted Total Turnover under sub-rule (4) of Rule 89 of CGST Rules, 2017 vide Circular No....

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GSTN New Functionality of SELECTION OF CORE BUSINESS

GSTN New Functionality of SELECTION OF CORE BUSINESS The following notification is popping up these days every time the dealer logs in to the GST portal to go to the Profile page and select the nature of your Business. All the Registered dealers are getting this notification, and you have an option to select between […]...

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Posted Under: Finance |

Invoice Furnishing Facility for Taxpayers who opted for QRMP

Attention GST Taxpayers who have opted for QRMP Scheme! Enjoy the convenience of Invoice Furnishing Facility (IFF) to enable the flow of ITC to the recipients by furnishing B2B invoices for February 2021 by March 13, 2021....

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Posted Under: Finance |

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