GST treatment on cancellation of contract/agreement of sale of Flat/building where the buyer is not registered. Gain insight on refunds and applicable tax/GST
Extra income tax demands may be triggered if certain entries reflected in GSTR 2A are not taken in GSTR 3B. Learn how to address this issue.
The recent CBIC Circular No. 183/15/2022-GST dt. 27.12.2022 dealing with the issue of mismatch of the input tax credit (ITC) claim made in GSTR 3B with GSTR 2A for FY 2017-18 & FY 2018-19 demonstrates the same mindset as it seeks to do something which should not be done at all.
As per the provision contained in Income Tax Act, a resident payer is required to deduct TDS on sum paid to Non Resident payee, if income is chargeable to tax in India. Section 195 of Income Tax provides that payer is required to deduct TDS as per rates in force.
Learn about the implementation of 48th GST Council Meeting Decisions notified by The CBIC with Notification No. 26 & 27/2022-Central Tax. Notification amendments include Rules 8, 9, 12, 37, 46, 46A, 59, 87, 89, 108, 138 and 161 and Forms REG 01, REG 17, GSTR-01, APL-01, APL-03, DRC-01A, DRC-03 and DRC-25.
An advance ruling helps the applicant in planning his activities which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as concerned Government authorities.
Learn how the Updated Return under Income Tax Act, 1961 Section 139(8A) is helping taxpayers promote voluntary tax compliance and reduce litigation.
HC that where an investment is made in new residential property, prior to the sale of the original residential property, any gain on the sale of the original property is eligible for long-term capital gains (LTCG) tax exemption under section 54 of the Income-tax Act, 1961
MCA has extended the time period for conducting AGM through VC/OAVM till 30 Sept 2023. Find out more in this blog!
Setting up a manufacturing unit in India requires a number of registrations, licenses, and permits. To simplify the registration process, the government has recently unveiled the Udyog Aadhaar Memorandum (UAM).
