The Hon’ble High Court, Gujarat in the All Gujarat Federation of Tax Consultants v. Union of India [R/Special Civil Application No. 13653 of 2020 dated January 8, 2021] directed CBDT to take an appropriate decision for extension of the due date of filing income tax return (ITR) and Tax audit report (TAR) by January 12, […]
The due date for filing of the Income Tax Return (ITR) for the financial year 2019-2020 i.e. assessment year 2020-2021 for general category of taxpayers and which covers all salaried was 31st July 2020 and has since been extended till 10th January 2021 as of now. What happens in case you miss the bus and […]
Unblocking of a-way bill E-way bill generation facility would be automatically unblocked on the portal when the taxpayer files GST return and the default in return filing reduces to less than two tax periods. In case, the blocked taxpayer has filed the return on the GST Common Portal, the next day morning his GSTIN is […]
10th January 2021, the last date of filing of ROI u/s 139(1), falls on Sunday. In such a case what should be the due date ROI u/s 139(1)? 10th January 2021 or 11th January 2021? Opinions varies. An analysis of the provisions affecting the Due Date may perhaps clarify the issue. General Clauses Act 1977: […]
Service Exports from India Scheme (SEIS) was introduced under the Foreign Trade Policy (FTP) 2015-20 with the objective to promote and encourage the export of services from India. Under this scheme, the exporters of notified services are rewarded at the rates specified under Appendix 3D. The incentive is provided in the form of a duty […]
From FY 19-20 onwards in the Finance Act, 2019, government has allowed a major relief u/s 23 and 24 of the Income Tax Act, 1961 by allowing the taxpayers to declare in their tax return the value of their ‘Two’ houses as self –occupied, on a NIL basis. That means, now a person can enjoy […]
Primarily Section 83 of CGST Act 2017 permits to attach property. Property means an asset which may be movable, immovable, tangible, intangible or in the form of some instrument.
Discover the quick and eco-friendly e-verification methods for your income tax return. Verify your ITR with Aadhaar OTP in just a few steps.
WHETHER PERSON RESIDENT INDIA INVEST ON OVERSEAS LISTED STOCK EXCHANGES? As an investor, have you ever wondered if you could diversify your portfolio by holding international shares of companies such as Twitter, Facebook, Walmart, etc.? These companies aren’t listed on the Indian Stock Exchanges. Then how can you add these shares in your portfolio and […]
> Introduction A supplier will come to know the extent of his tax liability which has to be discharged on a continuous and regular basis only after assessment. Section 2(11)-Assessment means determination of tax liability and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. The major determinants of the tax liability are […]
