Updated Return in the Income Tax Act, a new concept added by the Finance Bill, 2022 The current provision of the income tax act requires the assessee to file its voluntary income tax return latest by 31st Dec of the relevant assessment year (including the timeline for belated and revised return). In view to enhancing […]
At the inception of GST, it was envisaged that there would be a seamless flow of input tax credit. But with the lots of conditions attached with availment of ITC, it doesn’t seem to be correct. There were the following four conditions primary to avail the ITC. 1. The recipient should have a tax invoice […]
Nowadays it is very common practice to block the ITC (credit ledger) by department taking the recourse of rule 86A of CGST Rule. In most cases, it is being done even without informing the taxpayer or without giving the opportunity to justify anything wrong which is noticed by the department, it is like openly infringement […]
Concept of Person being distinct is only for GST perspective, otherwise, it is one and same person only. Hence it will help the registered person to unlock its working capital and less administrative work for GST department
M/s. ICICI Econet Internet and Technology Fund Vs. Commissioner of Central Tax (CESTAT Bangalore) Any start-up needs huge financial support and presently this is being done by alternative investment funds (AIFs) or venture capital fund (VCFs). These funds are pooled investment vehicles with a certain set of contributors. In India, these funds are usually in […]
As per Section 5 of the Income Tax Act, Income which is accrued or deemed to accrue and received or deemed to receive in India is only taxable in the hand of non -resident. Therefore, any income of non -resident which is accruing outside India is not taxable until that is deemed to accrue in India. Section 9 of Income tax act creates such deeming fiction.
Restrictions There are many sections in the income tax which discourages or restrict the usage of cash, some sections create the disallowance the of expense and other penalise the person doing the cash transaction, some of which are given as follows: – > Section 13A (Special provision relating to incomes of political parties): Exemption to […]
Understand the taxation of dividends in the income tax act. Learn about the distribution tax, exemptions, and implications for shareholders.
Availability of ITC on goods and services taken for construction of immovable property As per Section 16, every registered person is eligible to take ITC of goods and services intended to be used in the course or furtherance of business subject to other condition as mentioned in section 16(2) are fulfilled. Section 17(5) restrict ITC […]
