Missed the response to the Income Tax Departments notice for your filed ITR? Learn about the consequences and actions you can take to resolve the issue.
1. The Purchase & sales returns are common in day-to-day business transactions. This concept is treated in a slightly different manner under GST Act 2017. 2. Purchase Return: The purchase return is the return of the goods by the customer to the seller. From the GST perspective, it is a return by the recipient to […]
1. The CBIC vide Notification No. 14/2020-Central Tax, as amended by Notification No. 71/2020-Central Tax mandates that the taxpayers with an annual turnover of more than Rs.500 crore in any preceding financial year (starting from 2017-18) are compulsorily required to display QR (Quick Response ) code on their B2C invoices from 1st December 2020 (initially […]
1. The Union Budget 2021 has proposed taxing the income on provident fund contributions of over Rs. 2.5 lakh a year. As per clause 5 of Finance Bill 2021, the interest on any contribution above Rs 2.5 lakh by an employee to a recognized provident fund will be taxable from 01 April 2021. 2. Existing […]
1. The Ministry of Company Affairs ‘ MCA’ vide Companies (CSR Policy) Amendment Rules 2021 shifted CSR spending mandatory from the voluntary. In this article, an attempt has been made to cover all the amendments read with statutory provisions under section 135 of Companies Act, 2013. 2. EFFECTIVE DATE – [Rule 1(2)]: The Amendment Rules […]
1. The employer cannot be faulted for not deducting tax at source from leave travel concession facility allowed by him to employees where the employee has travelled, as a part of composite itinerary involving a foreign sector as well, to destination in India. The position with respect to the taxability of such a leave travel […]
he Annual GST Return is a summary of the monthly/quarterly returns filed by a taxable person. It is basically a comprehensive return containing all the transactions that occurred and reported in the periodical returns filed during the financial year.
1. A taxpayer may have received an e-mail informing that his return has been processed and the refund amount will be credited to the pre-validated bank account. He must be wondering even after so many days why the amount has not been reflected in his account. 2. The Income Tax department has initiated a new […]
1. The Government vide office memorandum no. OM No F. No 12(2)/2020-EII (A) dated 12th October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Central Government employees. 1.1 The Central Board of Direct Taxes issued a press release on October 29, 2020, to provide a similar scheme & income-tax exemption to non-central […]
1. The income tax return filed by the taxpayer is processed by the Central Processing Centre (CPC) of the Income Tax Department. The CPC (Centralized Processing Centre) in Bangalore is in-charge of handling all the primary processing of assessments. The CPC processes return without any interaction with the taxpayer and in a jurisdiction-free manner. 2. […]
