"26 January 2022" Archive

Claim of Assessee of Profit lower than 8% cannot be denied for mere non-submission of Tax Audit Report

ACIT Vs Vairam Constructions (ITAT Chennai)

In our opinion, non submission of section 44AB report in cases like this does not render the assessee’s claim of a lower profit void ab initio. Failure to comply with section 44AB has to be dealt with under the provisions of section 271B. Here, the exposition emanating out of Hon’ble jurisdictional High Court decision and the Tribunal...

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FM Madam: Please withdraw Super Rich Tax

It is an anomaly that Individuals & HUFs are being subjected to Income Tax at the highest rates. Majority of the Corporate Sector is paying Income Tax of 25.17% including cess & surcharges. The LLPs & Partnership entities pay 31.2% Income Tax including cess. But, with the introduction of Super Rich Tax in Budget 2019, [&hellip...

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Posted Under: Income Tax |

Who Required To Take Registration Under GST Act 2017

Who Required To Take Registration Under GST Act 2017 If supplier having aggregate Turnover in a FY exceeds 20 lakh (in case of north & eastern state 10 lakh) section 22 (i) But in case of goods only limit is 40 lakh. [GST Notification No. 10/2019 Date 07/03/2019 C.T w.e.f -1.4.2019] Persons Not Liable for […]...

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Posted Under: Income Tax |

Interest under Section 50 of CGST Act 2017

PROVISIONS RELATED TO INTEREST UNDER GST ACT 2017  Case Sr. No. Section of CGST Act. 2017 Particulars Rate of Interest Interest payable/paid by RP 1. 50(1) Not Deposit/Short deposit within prescribed time under the GST Act. 2017 18% 2. 50(3) Claim of Wrong/undo ITC or Short showing Output liabilities u/s section 42(10) and 43(10) 24% [&h...

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Posted Under: Income Tax |

Section 135 Corporate Social Responsibility And Schedule VII

Sec. 135 which provides for Corporate Social Responsibility and Schedule VII of the Companies Act, 2013 and Rules made thereunder are mandatory compliance that needs to be done by all Companies irrespective Listed, Public of Private which fulfils applicability criteria. Here are some deliberations of CSR for your ready reference: “Corpo...

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Posted Under: Income Tax |

Interest calculator in GSTR-3B is now live on GST Portal

Press Release No. 520 26/01/2022

Deployment of Interest Calculator in GSTR-3B 1. The new functionality of interest calculator in GSTR-3B is now live on the GST Poral. 2. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by...

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May 2022