CBIC amends notification No. 08/2017- Integrated Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 43rd meeting held on 28.05.2021 vide Notification No. 02/2021–Integrated Tax (Rate) Dated 2nd June, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 02/2021-Integrated Tax (Rate) Dated 2nd June, […]
Seeks to amend notification No. 1/2017- Integrated Tax (Rate) to prescribe change in CGST rate of goods so as to give effect to the recommended by GST Council in its 43rd meeting held on 28.05.2021 vide Notification No. 01/2021-Integrated Tax (Rate) Dated 2nd June, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. […]
DCIT Vs Late Ajit Kumar Vaddevalli (ITAT Hyderabad) We find substance in the submissions of the ld. AR that the AO has passed the order in the name of late Ajit Kumar, nonexistent person, the information of which has been intimated to AO by the wife of assessee, who is the legal heir, during assessment […]
Uniform Customs and Practices for Documentary Credit (UCPDC600) : Standard Practice applicable to Letter of Credit The global trade value of goods exported throughout the world amounted to approximately 19 trillion U.S. dollars at current prices. Thus it is evident that Cross border trade has increased dramatically in the last 30 years and consequently there […]
Goods and service tax aims at providing seamless flow of credit throughout supply chain. Input Tax Credit is the backbone of goods and service tax. The term input tax has been defined under section 2 (62) of CGST Act 2017.
Critical Analysis of Supreme Court (SC) Ruling That Allows Lenders To Initiate Insolvency Proceedings Against Personal Guarantors INTRODUCTION A Division bench of the Hon’ble Supreme Court comprising of Justice L. Nageswara Rao and Justice S. Ravindra Bhat, on Friday pronounced a ruling that is destined to have a profound impact on the entire business community […]
What is TAN? TAN stands for Tax Deduction and Collection Account Number. It is a unique 10 digit alphanumeric number, the first four being alphabets followed by five numbers and ending with one alphabet allotted by the Income Tax Department of India. Who needs to apply for TAN? Every person who is liable to collect […]
There could be several occasions where a business might have supplied the goods or completed the services as per the agreed terms but did not receive payments from the customer/buyer. While there are various recourses available to recover such payments, we will discuss one of the quickest & easy recourse available to Micro & Small […]
What is SFT ? SFT (Specified Financial Transactions) or (Statement of Financial Transactions), is report filed by ‘specified persons’ under Section 285BA of Income Tax Act, 1961 which record transactions exceeding threshold limit including investment and expenditure done by taxpayers in FY. Such specified persons who register, maintain or record such specified financial transaction are […]
Many of us wants to create a passive income soured beside main source of income which should not have any risk loss. Most of the middle class people are risk averse and mostly they invest there money in PPF, FD, NPS, Gold etc. Gold is one of the popular and safest investments being considered by […]
