According to MoF, economic recovery may further strengthen in current H2 of 2021-22 owing to positive market sentiment, exports, vaccination drive, capex expenditure etc. The current mood is backed by governmental policies as well as Reserve Bank’s actions. Still, however, risking inflation, interest rate reversal, commodity prices, rupee weakening, slower consumer demand etc are some […]
हाल में ही सरकार ने जीएसटी में एक महत्वपूर्ण बदलाव करते हुए साफ कर दिया कि 1 जनवरी 22 से आपको इनपुट का सिर्फ उतना ही क्रेडिट मिलेगा जितना पोर्टल पर दिख रहा है और इससे ज्यादा लिए गए इनपुट की रिकवरी के लिए कर अधिकारी को पूरे अधिकार दे दिए गए हैं और हम […]
Recently, the income tax department has rolled out two new statements, namely, ‘Annual Information Statement’ and ‘Taxpayers Information Summary’. ‘Annual Information Statement’ provides a comprehensive view, whereas, ‘Taxpayers Information Summary’ provides the summarized view of all the financial transaction of the taxpayer. ‘Annual Information Statement’ collects information about the financial transaction of the taxpayer from […]
There are many amendments proposed from 1st January 2022. Among them the most crucial two which would impact all taxpayers is related to the legal changes for availing ITC and filing GSTR-1 and GSTR-3B which have been notified vide Notification No 39/2021-Central Tax dated 21st December 2021. In this article we will discuss the said […]
A mutual fund is a Company or corporation that collects money from multiple investors and invests that money in stocks, bonds, and short-term market instruments. A Professional specialist known as a fund manager or portfolio manager oversees this pool of funds. It is his/her responsibility to invest the funds in various securities such as bonds, […]
The main aim of Producer organization is to ensure better income for the producers through an organization of their own. Small producers do not have the volume individually (both inputs and produce) to get the benefit of economies of scale. Besides, in agricultural marketing, there is a long chain of intermediaries who very often work […]
As per the new insertion of Section 16(2)(aa), a Recipient cannot avail Input Tax Credit (ITC) for the Invoice issues by the Supplier, if the Supplier has not filed that Invoice in his GSTR1 Returns i.e. Input tax Credit (GST Paid to vendors) in respect of invoices and debit notes shall be available only to extent they are furnished in GSTR1 by the vendors and the appearing in GSTR2A/2B of the recipient(your company name).
Introduction: The title of the article emphasis on the applicability of Income Tax, on the gifts, whether movable or immovable received by an individual from any person on different occasions. Description: The Income Tax Act, 1961 bifurcates gifts received by an individual in the broad categories namely Gift of money (whatever the mode, cash or […]
The ‘Annual Information Statement’ covers comprehensive details of the taxpayer’s financial transactions like details of property; shares; mutual funds etc. Once the Annual Information Statement is fully operational and validated, the same will replace Form 26AS, by that time, the taxpayers will be provided with both ‘Form 26AS’ and ‘Annual Information Statement’. The present article […]
Annual Information Statement (AIS) – Receipts from transfer of immovable property AIS is the abbreviation form of ‘Annual Information Statement’ which is recently rolled out by the Income Tax Department. Along with ‘Annual Information Statement’, the department also came up with the ‘Taxpayers Information Summary’ i.e., TIS. Notably, if the information reflected in the ‘Annual […]
