HC has granted stay on Recovery Order passed by the Revenue Department, denying Input Tax Credit (ITC) to the Company due to mis-match in two return forms i.e. Form GSTR-2A and Form GSTR-3B, on a condition of deposit of 5% of the demand by the Company.
Can a bank offer different rates of interest, on non-bulk Fixed Deposits of the same tenure and size, under simple interest and compound interest plans? An attempt has been made in this article to examine the following: whether a bank can prescribe different rates of interest for the same tenure, for the same amount, on […]
Yum! Restaurants Marketing Private Ltd. Vs ITO (ITAT Delhi) The assessee’s first claim with respect to the income of the assessee not chargeable to tax because of principles of mutuality has already been decided by the Hon’ble Supreme Court in assessee’s own case reported in 424 ITR 630. The Hon’ble Supreme Court dismissed the appeal […]
Time limit to issue notice- One of the major differences between the new and old regime is the time limit of issue of notice, under the earlier regime the time limit for issue of notice was 4 years from the end of the relevant assessment year however in certain circumstances it was 6 and 16 years.
Avon Udhyog Vs State of Rajasthan (Rajasthan High Court) Without pronouncing upon petitioner’s contention that on passing of a period of 30 days of the reply, the suspension stands annulled or vitiated, this Court hastens to add that provisions of sub-rule (3) of Rule 22 clearly mandates an order to be passed within 30 days […]
Complete Guide on Section 206C(1H), Section 194Q including TDS/TCS rate in case non Pan/ Non- filer? An analysis of Section 206C(1H), Section 206CC, Section 206CCA, Section 194Q, Section 206AA and Section 206AB. All about TCS on Goods Various discussions are going on about the applicable rate of TCS and TDS on various forums in case […]
Recently Moody’s Investor Services has lowered its India’s growth projections for calendar year 2021 from 13.9% to 9.6%. Faster vaccination progress is going to be paramount in restricting economic losses in June quarter. It states in a report that economic shocks from second Covid wave will not be as severe as in 2020. The virus […]
Section 194Q & 206C(1H) | Circular No. 13/2021 Section 194Q Applicability of Section 194Q: 1) Applicable from 1stJuly 2021. 2) When buyer purchase any goods of value or aggregate of value > 50 Lakhs in the previous year. 3) Buyer deducts @0.10% at the time of credit of such sum to the account of the […]
[Ref: Circular No. 92/11/2019-GST dated 07th March, 2019] There are Several Promotional Schemes (like Free Samples, Buy One Get One free offer, Discounts including ‘Buy More, Save More’ offer, Secondary Discount) which are offered by taxable persons to increase sales volume and to attract new customers for their products. Generally, the distribution of free samples […]
Coverage :- i. Analysis of provisions of Section 194Q ii. Analysis of provisions Section 206C(1H) iii. Time and manner of deposit of tax with Interest Liability iv. Time and manner of furnishing of TDS / TCS statement v. Time and manner of furnishing of TDS / TCS certificates vi. Consequences of late deposit of taxes, […]
