Reconciliation of Input Tax Credit with GSTR-2A for years 2017-18 and 2018-19 – whether mandatory or optional…..? In the draft GST law, there was discussion about availment of Input Tax Credit (ITC) on the basis of GSTR-2. However, due to some practical and technical reasons it was never implemented. Accordingly, it was seen that taxpayers […]
A GIST of GST Updates: This article summarizes all the GST developments which have been announced in the past four weeks for easy and quick reading of the professionals. The updates have been arranged in the relevant order starting from the GST legislative amendments, CBIC Notifications, Circulars, Judicial Developments – Apex Court followed by High […]
DICGC- Liability to make time-bound an interim payment to depositors of insured bank/s : PMC Bank, Rupee Coop Bank, Pen Coop Urban Bank Efforts are made in this write-up to highlight the correct status of interim payment by DICGC to insured bank depositors, without getting too much into legal Jaron. Print media has been interchangeably […]
Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme This is one such reform, based on the globally accepted principle that taxes and duties should not be exported, and taxes and levies borne on the exported products should be either exempted or remitted to exporters. The government had decided to discontinue MEIS–its largest export […]
It is crucial for every business, irrespective of the business structure to adhere to the statutory compliance and complete all the necessary filings before the due dates. It is important to stay compliant with enormous compliance falling in the year for businesses and entrepreneurs. The Government and concerned Government Departments such as Ministry of Corporate […]
With an amendments passed in the Finance Act, 2021, government has take away the benefit of exemption from taxation (w.e.f financial year 01st April, 2021 and onwards) which was earlier available for an interest income earned by the taxpayers on their provident fund contribution. However, their specific rules to determine their taxability was awaited from […]
How do I file a Compounding of Contravention application under the FEMA Act of 1999? 1. Conceptual Framework What does compounding of contravention means? Compounding is the settlement of an offence committed by the contravener by imposing a monetary penalty rather than going to litigation once the contravener admits to committing the offence. Under the […]
Author analysed some provisions of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 which was notified by SEBI on 10th June, 2021. Definitions Bidding Period: Means the period within which shareholders may tender their shares in acceptance of the offer for delisting of equity shares of the company made under these […]
This Article is to enquire whether a report by way of GSTR 2A, made available to the recipient, through the GST Portal will satisfy the condition of ‘communication’.
Introduction The Income Tax Department must determine the residential status of tax payers, regardless of whether they are individuals or companies. This information becomes pertinent during tax filing season. This is actually one of the main factors that determine a person’s taxability. Meaning and importance of residential status Taxability of an individual is dependent on his Indian […]
