Amount deposited during the pendency of the appeals before the Hon’ble Supreme Court has to be construed as having paid under protest and has to be refunded without insisting on such importer or manufacturer satisfying the requirement of unjust enrichment as in the case of pre deposit.
In this article we are going to discuss about hardships faced by the Tax payers due to delay in filing of GSTR 1 Return by GST Registered Government undertaking, after the amended Rule 36(4) of CGST Rules and not reflected in GSTR 2B.
The first ever digital budget was presented on 1st February 2021 by the Finance Minister of India, Smt. Nirmala Sitharaman. The budget 2021 came up with the expansion of the scope of supply covered under section 7 of the Central Goods and Services Tax Act, 2017. The present article briefly explains the same. Basics of […]
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 103 of the Finance Bill, 2021 to provide certainty as to leviability of interest only on Net Tax Liability.
New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail.
in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from ITR filing.
Proposed Parameter For Issuing Equity Share And Other Security For UCB (Urban Co.Operative Bank) As Per Banking Regulation Act 2020 Recommendation By RBI Vishwanathan Committee. (1) Banking Regulation Act Amendment As per new Banking Regulation Act 2020 Section 56(i), the following clause shall be substituted, namely:- Section 12 (1) A co-operative bank may, with the […]
This article give the standard procedure to comply the TCS under GST rule by the dealer, supplier & operators (read with e commerce operators). The Union Budget 2021 has given a simple & easy route how to Comply the TCS under GST Rule. Introduction: Tax Collection at Source (TCS) has similarities with TDS, as well […]
Some Income Tax professionals are not happy with the Budget proposal in respect of introduction of the scheme of Faceless ITAT. These are the same people who had wholeheartedly & unequivocally welcomed the scheme of Faceless Assessment & Faceless Appeals before the CIT (Appeals). It is common knowledge that Faceless Assessment & Faceless Appeals are […]
Before coming to the topic, let’s stop and ponder over what is happening around us. Budget has been laid, with Fiscal Deficit for 2020-21 at 9.70%, a tiny notch below 10%. This means spending pressures did mount upon the government due to the virus, with no respite in sight. Neighborhood is in turmoil and we […]
