Income Tax : CBDT has notified Cost Inflation Index (CII) from 1981-82 to 2023-24. Find out the Meaning & Index of CII and its use for computin...
Income Tax : A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 6...
Income Tax : Explore the intricacies of capital gains on Joint Development Agreements (JDAs) and the exemption under Section 54 of the Income T...
Income Tax : Provisions of section 28 of Income Tax Act, 1961 specify income chargeable to income tax under ‘Profits and gains of business or...
Income Tax : Curbing cash transactions Section 269SS of Income Tax Act mandates electronic modes for loans above ₹20,000 to fight black money...
Goods and Services Tax : TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Online GST Course Covering whole Gamut of GST an...
CA, CS, CMA : We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Th...
CA, CS, CMA : In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax...
Income Tax : CA Sandeep Kanoi After protest from all over India partial extension by CBDT, Dr. Hasmukh Adhia who took over as Revenue Secretary...
Income Tax : In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), ...
Income Tax : Hon'ble SC held that Making a claim which would prima facie disclose that the expenses in respect of which deduction has been clai...
Income Tax : It is not in dispute that the period during which interim stay of the order passed by the court is in operation has to be excluded...
Income Tax : The initial assessment year has been defined and the expression or' has been used in respect of new units by stating commences op...
Income Tax : Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, as...
Income Tax : We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take ...
Income Tax : The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Dir...
Income Tax : Vide its order dated 30.09.2015 CBDT has extended due date only for the state of Haryana, Punjab , Union Territory of Chandigarh a...
Income Tax : It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of th...
Income Tax : Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall...
Following article highlights various provisions affecting cancellation of GST registration and procedure thereon. It discusses Persons Who Can Apply For Cancellation of GST Registration
As per rule 18 of the Central Goods and Service Tax (CGST) Rules, 2017, every registered taxpayer is required to display the GST registration certificate in a prominent site at the principal place of business and also at every additional place of business.
Input Tax Credit commonly known as ITC is the tax that a registered taxpayer pays on procuring goods or services or both and the same can be utilized in order to reduce its tax liability. In simple words, a registered person can reduce the future tax liability by claiming the input tax credit to the […]
In brief my family was met with an major accident in 2010 and my pretty daughter (minor) got 70% permanent disabilities., literally we have lost everything in that accident even my well established business also. Now the court has given my wife ( guardian and claimant of minor) accident compensation amount ( without deduction of any tax as it was recovered by the court thru attachment order because insurance people never came to deposit the amount by themselves) inclusive interest of last 7 years ( 2010 to 2017). Enhancement amount is 35 lacs and interest amount is 15 lacs. The amount was received in august 2011 in which 75% of the amount i.e. 40 Lacs has been fixed by the court in the name of disable minor for next 15 years. Court has given us one facility to take quarterly interes
In order to ensure compliance under GST law various measure has been taken by the government and GST audit is one of them. The GST Audit limit 2 crore has been set by the government, it means if a taxpayer having a turnover exceeding Rs. 2 crore in a financial, it will create an obligation for compulsory audit under GST . The registered person shall electronically file:
Goods and Services Tax (GST) introduced to the Indian economy to bring a new regime of business compliance by subsuming most of the indirect taxes such as excise, VAT, service tax etc. In order to minimize the tax compliances for Start-ups and Small and Medium Enterprises, the government has introduced the concept of Composition levy under GST.
When Audit under GST is required? 1. If Turnover of the registered person crosses the threshold limit for audit under GST i.e. Rs. 2 cr in a financial year 2. An audit by Tax Authorities
GST composition scheme was introduced under the respective State Tax Laws to ensure greater compliance without the need of maintaining records. This scheme was missing under the Service Tax laws. Conditions for opting composition scheme include: The person opting for composition scheme should be a registered person under GST Goods kept in stock should not […]
The provisions contained under the GST Law facilitate easy compliance for self-assessment and payment of taxes. It also provides a detail explanation in relation to the notices, the demand and recovery provisions (cases where a registered taxable person has not paid/short paid the taxes and/or has failed to file required returns).
Not every taxable person is entitled to opt GST composition scheme. Only taxpayers having aggregate turnover less than Rs 100 lakhs (in case of Special category states, the limit is Rs 75 lakh) in a financial Year can opt for composition scheme. The aggregate turnover shall be calculated by considering all business registered with the same PAN number. This article will provide you with what Returns A Composition Dealer needs to File.
