Income Tax : Gifts exceeding Rs.50,000 are taxable for the receiver under Income Tax, except those from relatives or received on marriage. TDS ...
Finance : Summary of mandatory financial record-keeping periods under the Income Tax Act, GST Law (72 months), and Companies Act (8 ye...
Income Tax : Summary: Taxpayers, particularly Individuals and HUFs not required to audit their accounts, must file their Income Tax Returns (IT...
Goods and Services Tax : The 56th GST Council meeting is set for September 2025. The agenda includes rationalizing tax slabs, simplifying compliance, and a...
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Corporate Law : Right now, MSME’s are in a bind, there are lot of suppliers who are not paying MSME’s their dues on time and it's causing MSME...
New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail.
in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from ITR filing.
Many GST taxpayers are getting notices for liability of late fees for delay in filing of GSTR-1. Why are such notices being issued by the GST department?
Arjuna, after the pleads of many taxpayers & tax associations, the tax departments extended the due dates for compliances under Income Tax & GST. However, this is the third time that the Income-tax department has extended the due date for Income tax returns & audits. Plus it is the shortest extension provided in history over time.
Arjuna, the year 2020 has seen a large number of false transactions & malpractices of the taxpayers. Hence in the new year 2021, to curb malpractices used by taxpayers for tax evasion, the GST department is now implementing its new tools to brush out anomalies in the system.
There are four warnings that need to be critically taken care of in GSTR-3B from November 2020 onwards. First, in GSTR-1 and GSTR-3B about outward supplies in Table 3. Second, in GSTR-2B and GSTR-3B about RCM in table 3. Third, GSTR-2B and GSTR-3B about ITC in table 4 and fourth, GSTR 2B and GSTR-3B about the import of goods (ICEGATE) in ITC table 4. Let’s discuss these warnings in detail.
The facility to file an annual return in form GSTR-9 for FY 2019-20 is now available. The form is enabled for taxpayers whose table 8A computation has been completed. Computation of table 8A of the said return for auto-population from returns is under progress which is likely to be completed soon. Taxpayers need to ensure that all applicable returns of the said year have been filed before attempting to file the said return.
Arjun (Fictional Character): Krishna, What are the compliances regarding GST to be done before 31st Dec 2020? Krishna (Fictional Character): Arjuna, In GST Five important compliances, are done before 31st December 2020 which are as follows: 1. GSTR 9 – GST Annual Return for 2018-19 Mandatory if Turnover more than 2 Crore. 2. GSTR 9C- […]
After the relief of Corona now tax audit season is approaching. 31st December 2020 is the due date of the audit of Income-tax audit for AY 2020-21. Further assesses who are not under audit also need to file their Income tax returns before 31st Dec to avoid late fees. Also, 31st December 2020 is the due date for filing of GST Audit and the annual return of FY 2018-19. Thus taxpayers should take care of GST as well as Income tax both.
Article contains Important Definitions related to Lease of Land and issues in GST, Schedule entries related to Lease of Land, Reverse Charge Mechanism on Land Lease, Important Judgement and AAR related to GST on Land Lease with FAQ on Issues like: What is the difference between the lease of Land v/s Building?, What is a […]
