Section 80C of Income Tax Act, 1961 offers an exemption to the individuals for the premiums paid for term insurance up to INR 1.5 lakh annually. Further, the death benefits that are received by a nominee of the policyholder are also tax-free.
After the commencement of Companies (Amendment) Ordinance Act, 2018, every company shall obtain certificate of Commencement of business by filing form INC 20A within 180 days of its incorporation.
A registered person, other than a person opting to pay tax under composition scheme, shall be entitled to take credit in his electronic credit ledger the amount of CENVAT (or VAT credit) credit carried forward in the return of the last period before the appointed day, subject to the conditions stated therein. (Section 140(1) of the CGST/SGST Act)
Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company under Section-8 of the Companies Act-2013, promoted jointly by the Central and State Governments, to provide shared IT infrastructure and services, t o both central and state governments including tax payers and other stakeholders.
What is the need for the Place of Supply of Goods and Services under GST? The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determines the place i.e. taxable jurisdiction where the tax should reach.
What is IGST? Ans: Integrated Goods and Services Tax (IGST) means tax levied under the IGST Act on the supply of any goods and/ or services in the course of inter-State trade or commerce.
Q.1 What are the prescribed offences under CGST/SGST Act? Ans: The CGST/SGST Actcodifies the offences and penalties in Chapter XVI. The Act lists 21 offences in section 122, apart from the penalty prescribed under section 1 0 for availing compounding by a taxable person who is not eligible for it.
Companies (Acceptance of Deposits) Amendment Rule, 2019 now mandate every company to file e-form DPT-3 irrespective of whether it has accepted deposits or not. The said requirement envisages stricter compliances for companies who may not be engaged in deposit taking activity.
Payment for removal of encumbrances is deductible u/s 48 (1) as expenses incurred wholly and exclusively in connection with transfer. Accordingly, value of flat allotted to Shri Uday should be accordingly reduced from the full value of consideration u/s 48.
Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the financial year and also, department did not make out a case that the assessee had the recorded re portable transactions in the relevant financial year.
