Table 14 includes differential tax on account of 10 and 11 above. However, there could be a scenario wherein there is a need to reverse the wrongly availed credit in table 12. Since, the annual return provides for payment of taxes, in table 14, liability from table 12 can also be considered in view of the authors.
Section 17(5) blocks ITC in respect of certain goods and services. One such service is works contract service as per section 17(5)(c).
Non-resident Indians (NRIs) are taxed in India on their income that is earned or accrued in India. NRIs are also taxed on certain capital gains, such as the sale of property in India. NRIs are not taxed on income earned outside of India, unless it is deemed to be accrued or deemed to have arisen in India.
PEOs (Professional Employment Organizations) are often used by companies that want to outsource all of their human resources. While enjoying the perks of collective bargainings, such as compensation, payroll, and other costs associated with PEO human resources, they wish to reduce their risks and exposure.
Understand common issues, solutions & suggestions to improve NFAC functioning. Issues with SCN time limit, assessment proceedings & request for personal hearing. Find solution for all challenges!
Warranty is a type of guarantee that provides repairs or exchanges if the product does not function as expected. Learn about GST credit Reversal on goods used for free supply under warranty period here!
CESTAT held harvesting and transportation charges deducted were not to be considered as charges for independent supply. Hence, not liable for service tax.
हाल में ही हैदराबाद आयकर अपीलीय प्राधिकरण ने एक सामाजिक एवं सेवा संस्थान फर्नाडीज फाउंडेशन की करमुक्त मान्यता को विभाग द्वारा रद्द करने के फैसले को सही ठहराया है. इस केस का नं आईटीए १८८४, १८८५, हैदराबाद, २०१९ एवं आईटीए २९९, हैदराबाद, २०२० है. कहा यह गया कि उपरोक्त संस्थान जो की फर्नाडीज हास्पिटल नाम […]
Income Tax Act 1961: Explore the section 10 clause that exempts some income from Total Income. Learn more about Sec 10(39) and its parameters!
Taxation and its primary objective in India: generating revenue, redistributing wealth, and more. Learn about the implications of taxation in India.
