The indirect tax regime underwent a major revolution on July 1, 2017, and introduced the Goods and Services Tax (GST) for the industry which has modernized the entire indirect tax structure of India. The past five years were like a roller coaster ride for both the taxpayers and tax authorities.
Real estate agencies have a lot of financial information to track, from rental income to property sales to commission payments. It can be easy for things to slip through the cracks without proper accounting management.
Assessee, a retired bank employee earning pension, deposited Rs.15 lakhs cash in his bank account on 13.11.2016 which he explained as withdrawal on 13.10.2015 or a perceived need and kept the cash with him and the very same cash was deposited . AO rejected the explanation for the reason that the assessee failed to explain the perceived need for which cash was withdrawn holding that no prudent person would keep cash and lose interest if he deposits the money in FD. AO treated the cash deposit u/s 69A. CIT(A) confirmed the addition.
Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by banks in India.
Understand the 5 crucial factors that determine your personal loan eligibility. Make sure you meet these criteria to secure an instant personal loan.
PPIs are instruments that facilitate purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments. PPIs that can be issued in the country are classified under three types viz. (i) Closed System PPIs, (ii) Semi-closed System PPIs, and (iii) Open System PPIs.
Enhance board effectiveness with committees under Companies Act, 2013 & SEBI (LODR) Regulations, 2015. Strengthen governance and maximize input value for strategic objectives.
Understand the procedure for inspecting goods in transit under GST Law. Learn about the relevant sections and rules that govern the inspection process.
Learn about the Benami Transactions (Prohibition) Amendment Act, 2016 and the measures taken to confiscate Benami property in India.
Article aims to provide clarity on filing of annual returns (Form GSTR 9) and reconciliation statement (Form GSTR 9C) along with required reconciliations, best practices, advanced issues & solutions and tips as applicable for financial year (FY) 2021-22.
