Section 77 of CGST Act, 2017 and Section 19 of IGST Act, 2017 replayed and redefined There are doubts circulating whether or not time limit of two years under Sec 54 of the Act will apply to refunds claimed under Sec 77/19 of CG/IGSTA. Let’s replay below the sections concerned for ease of ready reference: […]
It now appears that Indian Government did paved the way for economic turn amid Covid which was made possible by a mix of fiscal reforms and infrastructural push leading to higher consumption and revival of all sectors of economy. How much, how less – may be a perception issue but it did worked. Governance and […]
Monetary Limit under section 194J & 194C are unchanged for Individual or HUF, it is still Rs 1 crore instead of Rs 5 crores With Finance Act, 2020, tax audit total sales, turnover or gross receipts limit in case of Business has been changed to Rs 5 Crores instead of Rs 1 Crore earlier. Provided […]
Now taxpayers up to Rs. 5 Cr turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly. Introducing Quarterly Return Monthly Payment (QRMP) Scheme The scheme will be made available from January 1st 2021 You can opt-in to the scheme from 5th December 2020 Now, small taxpayers with Aggregate turnover up to Rs. […]
Rule 86A could be said to be ultra vires, Article 300A of Constitution of India, ‘No person shall be deprived of his property save by the authority of law’. Input tax credit would be treated as a property of the taxpayer.
SPECIAL PROVISIONS FOR COMPUTATION OF CAPITAL GAINS IN CASE OF JOINT DEVELOPMENT AGREEMENT [Section 45(5A)] Sub-section (5A) was inserted in section 45 with effect from 01.04.2018, i.e., from the assessment year 2018-19. According to section 45(5A), where the capital gain arises to an assessee, being an individual or a Hindu undivided family, from the transfer […]
My last article covered how investment through sip for people of different age group is more fruitful rather than investing in the old means of investment & earing better return from F.D./ Post office savings etc. SIP FOR PROFESSIONALS STEPS As salaried person enjoys a fixed amount of monthly pay-out it is not the same […]
1. GST PORTAL UPDATES 1.1. GSTR-9 of FY 2019-20 is available now Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. Please ensure that all applicable returns of the said year have been filed before attempting to file the said return. 1.2. Auto population of details in Form GSTR-3B from […]
Arjuna, the year 2020 has seen a large number of false transactions & malpractices of the taxpayers. Hence in the new year 2021, to curb malpractices used by taxpayers for tax evasion, the GST department is now implementing its new tools to brush out anomalies in the system.
This article analyses the applicability of ‘Doctrine of Noscitur a Sociis’ as a rule of construction in the interpretation of Income tax statute in India. This has been explained with the help of provisions contained under clause (e), sub section 22 of section 2 of the Indian Income Tax Act, 1961 .i.e. Deemed dividend.
