"AUTHOR IS CHARTERED ACCOUNTANT AND IS ALSO LL.B. GRADUATE. WORKING IN FIELD OF DIRECT & INDIRECT TAXATION AND INSOLVENY AND BANKRUPTCY CODE BEFORE ALL APPELLATE FORUMS INCLUDING TRIBUNALS."
That Central Government has come out with Budget Amendment 2021 whereby provision for doing Tax Deduction at Source u/s. 194Q i.e. TDS on purchase of Goods by Purchaser is introduced and made effective w.e.f. 1st July, 2021. The brief synopsis of provisions are given as below:- APPLICABILITY : 1. Section 194Q is applicable to those […]
BACKGROUND OF TAX COLLECTION PROVISIONS TCS was first introduced by Central Government through Finance Act 1988 (vide Chapter XVII-BB) just to curb those sectors/ persons who are unidentified and mainly from unorganized sectors. Section 206C (1) – EVERY PERSON being seller AT TIME OF DEBITING OF BUYER “OR” AT TIME OF RECEIPT OF SUCH AMOUNT […]
MCA Amends Section 4 of Insolvency and Bankruptcy Code, 2016 to increase Threshold of default to Rs 1 crore. Section 4 deals with defaults relating to the insolvency and liquidation of corporate debtors. Section 4 is been amended vide S.O. 1205(E) Dated 24th March, 2020. Revised Threshold is applicable from 24.03.2020.
That a time of about 34 months have been completed after implementation of Goods & Service Tax. After its implementation always there remain a plethora of litigation in between of tax payer and revenue authorities. That being new law and it is always inevitable to have difference of opinion and having lot of flaws in the law and which are being rectified day and night by the revenue department through various amendment as undertaken and passed through GST Council. That whenever there are two opinion arises and it is always lead to creating dispute amongst the party.
Physical verification is not a new concept in tax laws. Central Government has opened up new avenues for the Tax Officials for prior visit of premises whereby now the registering authority may undergo prior physical verification of the registered premises of the registrant prior to issuance of registration under GST Law. I. BACKGROUND: (a) That […]
