A landmark judgement pronounced in the Delhi High Court on 05th May 2020 in the case of Bharti Airtel Ltd Vs. Union of India & Ors in Appeal W.P.(C) 6345/2018, CM APPL. 45505/2019. High Court allowed petitioner to rectify Form GSTR 3B for the period July 2017 to September 2017. Issue Covered: Rule 61(5), Form […]
Janya : Today I want to know about GST Input tax and GST Input tax credit. I want to discuss specifically today about input tax only in this session Tanishi : Yes, today, we will specifically cover practical scenarios on input tax issues. Let me first explain the theoretical concept of input tax and input tax credit. […]
The incomes received towards (i) salary/remuneration as a Non-Executive Director of a private limited company, (ii) renting of commercial property and (iii) renting of residential property and (iv) the values of amounts extended as deposits/loans/advances out of which interest is being received are to be included in the aggregate turnover, for GST registration.
Satern Griha Nirman Pvt. Limited Vs ITO (ITAT Kolkata) Facts of the Case: The assessee in the present case is a Company, which is engaged in the business of Builders and Property Developers. The return of income for the year under consideration was filed by it on 17.09.2011 declaring total income at ‘NIL’. During the […]
The applicant is engaged in IT training programmes to Government aided Secondary and Higher Secondary Schools across the State of Delhi to implement the training projects for Government-aided Schools. Whether the applicant is liable to pay GST?
New GST Accounting System Under Rule 36(4) With Respect To 110% Availment of GSTR 2A The businesses have to change the mindset, the way of accounting, the innovative way of doing accounting entries in the ERP systems to remain abreast of the continuous and dynamic changes in Gst rules/ Act. There have been more than […]
When you supply goods on High Seas Sale basis, it will remain an exempt supply – also a non-taxable supply. Once this is so, you will get no input tax credit for inputs, input services and common input services and if you have claimed, it will have to be reversed u/s 17 of CGST Act.
Proposed Savings Declaration Format for Salaried Staff for Financial Year 2020-21 relevant to Assessment Year 2021-22 Article compiles format of Deceleration to be taken by HR Department of the Company from its Employees for Proper deduction of TDS on Salary for Financial Year 2020-21 related to Saving to be made by Employees and which Income […]
After the opening of the lockdown, the foremost and immediate tasks is Gst Annual returns, reconciliations and audits- the impending date being 30th June 2020 (as on today). Various factors and steps to be followed for filing annual returns and Gst audits are summarised as below: This submission has been divided 1. Steps for Annual […]
Financial Year 2020-21 (Assessment Year 2021-22) Personal tax 1. Optional new tax regime for individuals and HUF The FA 2020 has brought in place a new tax regime with effect from AY 2021-22. It is optional for taxpayers and provides lower tax rates. However, it does not permit the following: Specified deduction under section 80C […]
