2 Archive - 25 July 2022

"25 July 2022" Archive

Representation to Extend ITR Due Date of Non Audit Case for AY 2022-23

Due date for filing Income Tax Return u/s 139(1) for the assessee not required to get the books of accounts audited for the Assessment Year 2022-23 should be extended at least up to 31st August,  2022 at earliest....

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Posted Under: Income Tax | ,

SC directs GSTN to open portal for filing of TRAN-1 and TRAN-2 (Read Judgment)

Union of India & Anr. Vs Filco Trade Centre Pvt. Ltd. & Anr. (Supreme Court of India)

Goods and Service Tax Network (GSTN) is directed to open common portal for filing concerned forms for availing Transitional Credit through TRAN-1 and TRAN-2 for two months i.e. w.e.f. 01.09.2022 to 31.10.2022....

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Tax Audit u/s 44ADA(4) for professionals- Net Profit less than 50% – Whether Compulsory?

Whether tax audit is compulsory for a specified professional whose gross receipts from the profession do not exceed Rs. 50 Lakhs but the net profit declared is less than 50% of such gross receipts?...

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Posted Under: Income Tax | ,

GST implications on Residential Dwellings (25 FAQs)

I am a registered person under GST, providing my residential property on rent for residence purpose to a registered person under GST, what would be the GST implications?...

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Posted Under: Income Tax | ,

Request to amend section 151 Sanctioning Authority for reassessment

Humble Representation for modification of Section 151 of the Income Tax Act relating to Sanction for issue of Notice under sec. 148/148A w.e.f. 1st April, 2021 DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, Kolkata 700001 Ph – 033-22420638 URGENT Ref. No. DTPA/Rep/22-23/ | Dated: 25th J...

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Posted Under: Income Tax | ,

Income Tax Calculator in excel for F.Y. 2021-2022 A.Y. 2022-2023

Income Tax Calculator in excel for F.Y. 2021-2022 A.Y. 2022-2023 select better option from Old regime vs new regime of taxation u/s 115BAC for Individual & HUF Individual and HUF has to choose any one option out of two options for paying income tax for F.Y. 2021-2022 A.Y. 2022-2023 in India. Option 1 old regime […]...

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Posted Under: Income Tax |

ITC Eligibility on partial damage goods or goods sold at reduced price

Is there is any requirement of reversal of input tax credit in a case where goods were partially destroyed or sold at reduced price?...

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Posted Under: Income Tax |

GST on Sale made to Institutional & Industrial Consumer after 18.07.2022

As per Notification No. 06/2022 Central Tax Rate, issue on 13th July 2022, certain commodities were made to be taxed if they are in Pre-Packaged & Labeled form. The expression ‘pre-packaged and labelled’ means a ‘pre-packaged commodity’ as defined in clause (l) of section 2 of the Legal Metrology Act, 2009 (1 of 2010) where, [...

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Posted Under: Income Tax |

Another 60 days window to apply for Transitional credits under GST

The Hon’ble Supreme Court of India in the case of Filco Trade Centres Pvt Ltd on 22 July 2022, has awarded the order in the favour of assessee and ordered the department to provide the facility for all the registered persons to claim transitional credit from 1st September 2022 till 30th October 2022. Some of the […]...

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Posted Under: Income Tax |

Applicability of GST on Rent

As per notifications 05/2022 (Central Tax Rate) dated 13 July 2022, ‘Service by way of renting of a residential dwelling to a registered person is also taxable. This new applicability will be levied on Reverse Charge Mechanism basis and not under Forward Charge Mechanism. Under RCM scheme the liability to pay GST is on the recipient o...

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Posted Under: Income Tax |