Provisional attachment of any property can be made to enforce or protect recovery of tax demands under the GST law. Where the proper officer consider it expedient in the interest of revenue, he may for reasons to be recorded in writing may require the taxable person to pay the demanded amount within a period shorter […]
Understand the new Section 194Q of the Income Tax Act and its implications for buyers. Learn about the applicability and conditions for TDS deduction on purchase of goods exceeding Rs. 50 lakhs.
Article explains Documents required/checklist for GST registration of Proprietorship, Partnership, Hindu Undivided Family,Limited Liability Partnership, Public Limited Company/Private Limited Company/Unlimited Company, Society/Club/Trust/AOP/BOI and Government Department/Local Authority/Statutory Body. The following documents are required to obtain GST registration depending on the types of business or constitution. Documents required/checklist for GST registration of Proprietorship (1) Aadhaar Card of Proprietor (2) […]
Reserve Bank of India (RBI), based on discussion paper on ‘Governance in Commercial Banks in India’ in June, 2020 and feedback thereon, RBI has carried out a comprehensive review of Governance framework to address operative aspects. RBI has issued instructions in relation to the following aspects of board governance: -Chairman of Board -Board meetings -Board […]
FUNCTIONALITY TO CHECK MISUSE OF PAN To address the complaint related to misuse of PAN for obtaining GST registration, a functionality to register such complaints on GST Portal has been introduced. It will check the misuses, control the frauds and help officers in enquiry and cancellation of such registration. Once complaint is registered, it will […]
Madras High Court: ‘Scope of Section 17(5)(h) shall not extend to cover the loss of inputs which is inherent to the manufacturing process’ This is to apprise you with a recent judgement by Hon’ble Madras High Court in the Case of ARS Steels & Alloy International Pvt. Ltd. Vs The State Tax Officer as follows: […]
On reading of the foregoing provisions, it emerges that section 50(1) has applicability in situation i) where tax is liable to be paid and ii) such person has failed to pay either full or part thereof. It further emerges that Interest shall be paid for the default period i.e for the period for which the tax or any part thereof remains unpaid.
CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by the growth […]
TDS on Purchase of Goods Section 194Q | TCS on Sale of Goods 206C(1H) | New TDS Rate from 1st July Introduction As you may be aware, Finance Act 2021 has inserted sec 194Q under Income Tax Act 1961 w.e.f 1st July 2021, introducing TDS (Tax Deducted at Source) on purchase of goods @ 0.1%. Buyers whose […]
Dear Friends, Nowadays it’s a big question that HSN/SAC code will be applicable on Exempt Goods / services, Composition registered person. Let’s Discuss this Situation with the provision of Law. Provision of Law Notification No. 78/2020-Center tax Dated: 15/10/2020 Notification No. 12/2017- Central Tax Dated: 28/06/2017 According to Notification No. 78/2020-Center tax Dated : 15/10/2020 […]
