Dear friends, as we all know from 01.04.2021, there has been drastic change made in registration process of NGO, which wants to get registered under Section 80G of Income Tax Act, 1961. In earlier process before 31.03.2021, NGO has to registered once under Section 80G of Income Tax Act and the registration is valid for […]
Section 206AB(1) [and Section 206CCA(1)] contains the word ‘Where’, so it is quite obvious that one has to decide as to someone (probable deductee or collectee) is specified person or not as on the relevant date of deduction or collection at source.
Guidance Notes on How to rectify Common mistakes in furnishing data through Form GSTR-1 & Form GSTR-3B under GST Act, 2017 Dear Professional Colleagues, Good Day to you. Today I am providing my guidance Notes on rectifications of mistakes in furnishing the data through Form GSTR-1 & Form GSTR-3B under GST Act, 2017. I have […]
Additions made by AO was not only on the basis of sworn statement but also on the basis other evidences collected during the course of search including discrepancies in books of accounts regarding accounting of bogus purchases therefore, there was no merit in arguments of assessee that AO had made additions towards alleged purchases only on the basis of statement recorded from those parties without further evidences.
The Prevention of Money Laundering Act, 2002 (the Act) deals with not only attachment of property derived or obtained, directly or indirectly as a result of criminal activity relating to a scheduled offence but also with the attachment of the property legitimately acquired by accused as equivalent value if ‘proceeds of crime’ is not traceable. […]
Every Person engaged in food Business (whether it be a restaurant business, manufacturing business, trading business or repacking/ relabelling business) must obtain a 14 Digit FSSAI Registration or Licence Number under FOOD SAFETY AND STANDARDS ACT, 2006
Dewan Housing Finance Corporation Ltd (DHFL) is a Housing Finance Company focussed in Tier-II/III cities with a loan book of more than 90,000 Crore, which was once the 2nd largest lender in this segment (after HDFC) has faced lot of challenges on account of irregularities in operations followed by RBI suspending Board of Directors and initiating CIRP process.
1.0 Background: All supplies made to unregistered persons or consumers are referred to as B2C transactions. B2C invoices are those invoices where the end-user will not be claiming input tax credit (ITC). CBIC vide Notification No. 14/2020-Central Tax directs all taxpayers with an annual turnover of more than Rs.500 crore in any preceding financial year […]
The Covid-19 pandemic has come with whole new set of challenges to Governments across the world in terms of policy-making. India is no exception. Raising enough resources for public welfare while ensuring sustainability is proving to be one of the biggest challenges.
Understand the new tax provisions u/s 206AB and 206CCA of the Income Tax Act 1961. Learn how these sections affect non-filers and ensure compliance.
