GST Council: The GST Council was constituted on 15th September 2016 under Article 279A of the Constitution. It consists of the Union Finance Minister (Chairperson), Union Minister of the State in charge of Revenue of Finance and the Minister in charge of Finance or Taxation or may other Minister nominated by each State Government. Union […]
Q. 1. What is Online Correction ? Ans. TRACES has provided the functionality of ‘Online Correction‘ where deductor can perform correction of TDS/TCS statements online. Deductor is required to Login to TRACES, Go to ‘Default’ Menu, Click on ‘Request For Correction‘. Following are the various facilities available through Online Correction: 1 – Rectifying Challan mismatch […]
Appasaheb Lonkar case: Dispute arises over transfer of property, ITAT Pune rules no capital gains due to incomplete sale transaction.
Shri R. Bhoopathy Vs CIT (Madras High Court) he scourge of Capitation Fee by Medical and Engineering Colleges is an infamous and thoroughly extortionist act that is going on in the education sector in our country and it is almost a known fact that these so called Educational Institutions act more like Business Houses rather […]
A number of issues have been raised regarding the new GST rate structure notified for real estate sector effective from 01-04-2019. A compilation of Frequently Asked Questions (FAQs) is presented below. Also Read- GST on Real Estate: CBIC release FAQs (Part II) F. No. 354/32/2019-TRU Government of India Ministry of Finance Department of Revenue (Tax […]
Since there was an order of the Settlement Commission under section 245D(4) in relation to the assessment year in respect of which assessment was sought to be reopened, AO had no jurisdiction to reopen the assessment as once an order had been passed under section 245D by Settlement Commission, assessment for year stood concluded.
Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg.
e-filing of Income Tax Returns registers an increase of 19%. There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns (ITR) e-filed during Financial Year (F.Y.) 2018-19 as compared to F.Y. 2017-18. Press Information Bureau Government of India Ministry of Finance 06-May-2019 18:17 IST E-filing of Income Tax […]
ROC Filing Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting. The ROC filing of annual accounts is governed under Section 129(3), 137, of The Companies Act, 2013 read with Rule […]
Income Tax Investigation Directorate, Chennai conducted searches on a Coimbatore based business group handling the lotteries run by certain State Governments under agreements with them to function as a Marketing Agent.
