In order to protect the ‘interests of the revenue’ during the ‘pendency of any proceedings’, the Government has the power to provisionally attach the properties of any taxpayer. It is stated that any litigation under GST law might take a considerable amount of time and potentially delay the earning of revenue by the Government. Moreover, […]
[Ref: Notification No. 94/2020-Central Tax dated 22nd December, 2020] We all are aware that recently, in exercise of the powers conferred by Section 164 of the Central Goods and Services Tax Act, 2017 (CGST Act, 2017), the Central Government, on the recommendations of the Council, has issued a Notification No. 94/2020-Central Tax dated 22nd December, […]
1. Changes in Rule 36(4) of CGST Rules, 2017 from 1st January, 2020- recipients can claim provisional Input Tax Credit (“ITC”) in GSTR-3B to the extent of 10% instead of earlier 20% of the total ITC available in GSTR-2B for the month; 2. Insertion of new Rule 86A providing conditions of use of amount available in electronic credit ledger.
1. GST registration can be cancelled or suspended under CGST Rules, 2017 21A at the discretion of the tax officer in certain cases; 2. Changes in Rule 36(4) of CGST Rules, 2017 from 1st January, 2021- recipients can claim provisional Input Tax Credit (ITC) in GSTR-3B to the extent of 5% instead of earlier 10% of the total ITC available in GSTR-2B for the month;
The Board is the primary management body of any company and having a fiduciary duty to the company. It is expected from the Board to act in good faith and to promote the best interests of all the stakeholders. Directors are exposed to liabilities as a consequence of a breach of their duties. Liabilities may […]
The valid question which comes into the mind of every person who is required to file Income Tax Return (‘ITR’) as per Income Tax Act, 1961 (‘the IT Act’), is ‘whether can a person file his ITR again which has been originally filed by that person with some mistakes or omission’. As a human being […]
Understand the penalty for failure to furnish income tax return. Learn about the increased late fees and provisions under Section 234F of the Income Tax Act.
I would like to submit that I had various meeting with various Advocates (Practice in Civil, Criminal and/or Tax), but all they are confused to understand whether they are covered under any exemption notification or they will have to pay the tax liability under Forward Charge Mechanism (‘FCM’) or Reverse Charge Mechanism (‘RCM’). Even, they […]
Deduction under section 80D of the Income Tax Act, 1961 (‘IT Act’) is available in addition to the deduction of Rs. 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1) of IT Act. The individual can claim a tax deduction for the health insurance premium paid for self, parents, children, and spouse. […]
Learn about the mandatory income tax return under Seventh Proviso to Section 139(1) of the Income Tax Act, 1961. Understand the high-value transactions that require filing an ITR.
