Compulsory Payment of tax before filing of GSTR-3B-Inconsistent working of GST portal Section 146 of the CGST Act, 2017 provides that the Government may notify the common elecronic portal for facilitating the registration, payment of taxes, furnishing of returns and carrying out other purposes under the said Act. In exercise of the powers u/s 146 […]
A capital asset being shares and securities (listed), unit of UTI( listed/unlisted), unit of equity oriented mutual fund (listed/unlisted), zero coupon bonds (listed/unlisted) is considered as long term capital asset if it is retained for more than 12 months and 24 months in case of unlisted shares and securities and land or building or both and 36 months in case of other assets . Any gain, arising from its sales is considered as long term capital gain. In case of long term capital gains the capital gains is calculated according to indexed cost of acquisition and improvement. Cost inflation index of the year of acquisition and improvement is considered for the purpose of capital gain calcul
Section 40A(3) and Section 40A(3A) deals with Disallowance of 100% of expenditure if payment is made by any mode other than account-payee cheque or draft in the year of expense or in the subsequent year / Years. Article explains provision of Section 40A(3) and Section 40A(3A) of Income Tax Act, 1961. Section 40A(3) of Income Tax […]
Article explains how we can get corrected Physical Income Tax / TDS challan after payment through Bank with period of correction and format to apply for correction.
Provisions regulating mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of Income Tax Act 1961.
Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed the monetary limits specified u/s 40(b) and are available subject to the fulfillment of conditions mentioned therein.
The power of assessment or reassessment of any income chargeable to tax that have escaped assessment has been provided under section 147 r w s 148 of Income Tax Act of 1961. If the assessing officer has the reason to believe that any income chargeable to tax has escaped assessment then the assessing officer may subject to the provisions of section 147 to 153 assess or reassess such income.
A person covered u/s 44AD is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of section 44AD(1) and if his income exceeds the maximum amount which is not changeable to tax(i.e basic exemption limit).
Punjab Government has notified under Rule 138(14)(d) of Punjab GST Rules, 2017 that e-way bill will not be required to be generated for a period of two months from 1st February, 2018 for intra-state supply of goods provided such goods do not cross the State boundary during the transit. However, a person may voluntarily generate e-way […]
Taxable event is very important matter in every tax law. Its determination is most crucial for proper implementation of any tax law. Taxable event is that on happening of which charge is fixed.
