Today I will discuss how to handle show cause notice u/s 73, 74 & 76 of CGST Act, 2017 in simplified manner- Show cause notice (SCN) – is a document served by department as an opportunity to person to explain with reasons as to why particular course of action should not be taken against him. […]
Analysis of GST Amensty Scheme & Relaxations in due dates of GST RETURNS as per 43rd GST Council meeting : Today I will discuss GST Amensty Scheme and New due dates for Month of March, April and May 2021- Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns: To provide relief […]
√ Today I will discuss provisions of works contract under GST in simplified manner- Definition of works contract under GST- Section 2(119) CGST ACT 2017– defines works contract as contract for- -Building -Construction -Fabrication -Completion -Erection -Installation -Fitting out -Improvement -Modification -Repair -Manitenance -Renovation -Alteration – Commissioning Of any Immovable Property –wherein transfer of property […]
After a long time, Hope all readers are doing well… As we all know Government come up with relaxations in GST on May 1, 2021 so I am just discussing today four important notifications – Notification No 8/2021-Cenral Tax dated -01.05.2021 Waiver of Interest for delay in filling in of GSTR-3B for Month of MARCH […]
Hello readers, Today I will discuss key changes in ITR Forms for A.Y 2021-22 in simplified form- ♦ Regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N Now what is Section 194N-TDS u/s 194N is required to be deducted if amount of cash withdrawn exceeds – Exceeds Rs […]
Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on […]
Hello readers, Today I discuss very interesting and confusing topic after amendment in Finance Bill 2020– Residential Status- Resident & Non-Resident Indian in very simplified manner.. Now first question comes in our mind why it is important to determine residential status- Residential status is important as on basis of which we determine our total taxable […]
Today I am discussing Major GST Proposals in Union Budget 2021 in very simplified manner- Analysis of Proposed Provisions related to CGST ACT- ♠ Section 7(1)(a) –New clause inserted (aa) – Supply includes supply of goods or services by clubs or associations to its members and that to retrospective effect -01.07.2017 ,for cash ,deferred payment […]
Taxability of Dividend from F.Y 2020-21 for Shareholders- From F.Y 2020-21, Section 10(34) has been withdrawn-Exempting dividend Income from taxation. Also earlier Section 115BBDA that provided taxability of dividend over Rs 10 lakhs is of no relevance in hands of shareholders. Taxation of Dividend in hands of shareholders- Dividend can be taxable under head- Income […]
Should you choose the new tax regime or stick to the old one? Understand the difference in income tax rates and deductions to make an informed decision.
