The Government of India had enacted the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006 in which it had defined the micro, medium, and small enterprises. As per section 7 of the MSMED Act, 2006, the micro, small and medium and enterprises are defined as: Manufacturing Sector Service Sector Enterprises Investment in Plant and Machinery Enterprises Investment […]
The Pre-filled Income Tax Return (ITR) forms are going to be available for taxpayers. This measure has been adopted in order to make the tax compliance convenient for the individual taxpayers, as notified by the Finance Minister, Nirmala Sitharaman.
Objective Author in this article discusses the probable reasons that spending of Corporate Social Responsibility expenses is not mandatory in nature. Structure-: The article gives authors own analysis. This article is based on a judicial pronouncement and is divided into following parts. 1 Objective 4 Broad characteristics of CSR 7 Whether CSR is a tax […]
CA Navjot Singh Cosmo Films India Vs Union of India & Ors. (Gujarat High Court) Holders of advance authorization licenses were entitled to import raw materials without payment of integrated GST and rebate of IGST. The government changed the rules in September 2018 – retrospectively from July 2017 – prohibiting the entitlement if benefits of […]
With effect from 01st January, 2021 the new GST returns regime will be rolled out. Pursuant to the central government’s constant jostling with adverse, trying and demanding economic situations, an effort is being made to provide the small taxpayers some breathing space and easing the compliance burden, quarterly GSTR-3B filing is being implemented from 1st […]
Input Tax Credit (ITC) restriction in the hands of buyer, on the ground of tax collected but remaining unpaid to the Government by the seller cannot be sustained and requires re-consideration.
Avoidance of Permanent Establishment (PE) status of Non-Residents are made through various arrangements. Company structures their business in way that status of PE can artificially be avoided. The definition of permanent establishment included in tax treaties is therefore crucial in determining whether a non-resident enterprise must pay income tax in another jurisdiction. Strategies used to […]
Tax-to-GDP ratio represents the size of a country’s tax kitty relative to its GDP. It indicates the size of the government’s tax revenue expressed as a percentage of the GDP. A higher tax to GDP ratio means that the government is able to cast its fiscal net wide. It reduces a government’s dependence on borrowings […]
The Central and State Governments have been continuously taking preventive measures in its mission to contain the spread of novel Corona Virus (COVID-19). Several important measures have been adopted to fight with COVID-19 and self-quarantine appeared to be one of the best solutions among others. In its endeavor to save its citizens from getting infected, […]
Article explains Common errors while reporting invoices to IRP and resolution for the same. It also contains Error Code, Error Message & Reason for Error. Error Code Error Message Reason for Error Resolution 2150 Duplicate IRN Attempting to register a document again which is already registered and IRN is generated. Don’t fire the same request […]
