This article examines the tenability of levy of interest u/s 234B in cases of excess refund claimed by taxpayers under the Income Tax Act, 1961.
Explore whether the supply of coal with cargo handling services on a back-to-back basis is classified as a composite supply. Gain insights into the definition of composite supply and its application in the coal trading industry.
After 1 month on 01/07/2021 ” GST Act , 2017″ will celebrate its 4th anniversary, but after being most complicated and confused taxation system still dependent on plethora of department rulings due to lack of technical and theoretical intricacies. Among all of the complication, the Input Tax Credit on supply of goods & services to […]
Due to reducing trend in no. of registration under new indirect tax regime, government had made a lot of efforts to cover more taxpayers under tax bracket. By, informing section 24 ‘compulsory registration’ under GST Act, 2017. Although, government has covered all the branches/establishment/subsidiary of the taxpayer for separate registration under goods and services tax […]
After 14 years of long effort by Dr. Kelkar Shah, Finally since 2017, The Government made 101st amendment in the constitution of india and implement GST Act, 2017 and lot many changes have taken place since then. Due to a large number of amendments in the Act, there is a confusion as regards to threshold […]
REFUND OF TAX Rapidly growing information technology and advancement in business process leads the government to think about seamless and smooth flow of refund of tax under various acts. Under Goods and Services Act, 2017, Sec 54 specifically talks about ‘Refund of tax’ and there are various sub section under which a registered person shall […]
Whether disallowance under section 14A of the income tax act, 1961 is related with earning of actual income or notional/anticipated income? Most of taxpayers under Income tax act, 1961 afraid to file appeal against additions made by assessing officers due to fear of departmental procedures/penalty/bar/attachment in the thought process of normal taxpayers. however, most of […]
For applicability of provisions of any act/law there shall be a ‘Taxable Event’. In GST ‘Supply’ is that taxable event that triggers applicability of provisions of CGST/SGST/IGST/UTGST act 2017. As per Section 7 (1) – Supply The term Supply has been defined under section 7 (1) of the CGST Act by way of Scope of Supply which […]
Most of taxpayers under Income tax act, 1961 afraid to file appeal against additions made by assessing officers due to fear of departmental procedures/penalty/bar/attachment in the thought process of normal taxpayers. however, most of cases seen where department made disallowance of expenditure even if payment made through electronic payment system due to unsupported documents/evidence towards […]
A subsidy is an incentive given by the government to individuals or businesses in the form of cash, grants, or tax breaks that improve the supply of certain Goods and Services. With subsidies, consumers are able to access cheaper products and commodities. Markets that have positive externalities, which are extra benefits to society, tend to […]
