Recommendations of the 40th GST Council meeting held today: Reduction in Late Fee for Past Returns, Further relief for small taxpayers for late filing of returns for Feb, Mar & Apr 2020 Tax periods.
The Department of Financial Services have put forth a recommendation to decriminalise financial offences for reducing clogging of courts and the burden of carrying out business. This was introduced as a resolution towards the current slowdown of the country’s economy.
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Form 26QB is an internet based PAN challan( minor head 800) containing details of buyer, Seller, property being sold, sale consideration, tax deposit details etc.
About Form 15 CA and Form 15 CB: The Income Tax Law of our country requires authentication of foreign remittances (payments) made to a Non Resident or Foreign Company, for any amount which is taxable as per the existing laws. For this purpose, certain rules and guidelines have been framed by the Income Tax Act for making foreign remittances.
CBIC clarifies on Leviability of GST on remuneration paid by companies to the independent directors or those directors who are not the employee of the said company and Leviability of GST on remuneration paid by companies to the directors, who are also an employee of the said company Vide Circular No: 140/10/2020 – GST Dated […]
CBIC clarifies that Circular No. 135/05/2020GST dated 31st March, 2020 does not in any way impact the refund of ITC availed on the invoices / documents relating to imports, ISD invoices and the inward supplies liable to Reverse Charge (RCM supplies) etc.. It is hereby clarified that the treatment of refund of such ITC relating to […]
Hello readers, we all understand rectification just as correction in any order passed by Income tax authority concerned so let’s review every clause of section 154 in detail with relevant judgement and my significant findings to it.
As per Section 194C, deduction of TDS is required to be made from payments of any amount to resident contractors or sub-contractors. 1. DEDUCTION OF TDS FROM PAYMENT TO RESIDENT CONTRACTORS :- Sec 194C(1) provides that any person responsible for paying any sum to resident contractor for carrying out any work (including supply of labor) in pursuance of a contract between the contractor and the following:
The provisions of the Income-tax Act relating to allowances disclose that the expenditure or outgoing sought to be deducted should bear a character which has a connection with or relation to the particular activity which produces the income or constitutes its source.
In CIT vs. Bharti Hexacom Ltd. [2014] 221 TAXMAN 323, the Delhi High Court has observed (at page 341), that if the money paid related to structure of assessee’s profit making apparatus and affected the conduct of business, the sum received for cancellation or variation of agreement, would be a capital receipt.
