Provision of section 206C(1H) is applicable only on the Sale of goods of the value exceeding fifty lakh rupees and Supply of Services has been kept out of the purview of this sub-section. Therefore, the provision is not applicable on the consideration received in relation to Supply of Services.
Direct Tax Vivad se Vishwas Act, containing the provisions relating to the specified due dates for payment of tax payable by the declarant under the Vivad se Vishwas scheme, has been made and accordingly the due date of making payment of disputed tax (without any additional amount), was extended from the originally stipulated due date of 31.3.2020 to 30.6.2020.
1. The Government vide office memorandum no. F.No. 12(2)/2020—EH(A) dated 12 October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Government employees. 2. What is LTC Scheme? The Leave Travel Scheme is assistance received by the employee from his employer for traveling on leave. The employee and family can visit anywhere in […]
The return of September month is the most significant one in GST.As it is the last chance for rectification of few mistakes in previous returns. Taxpayers need to check whether there are any differences in the outward supplies between the books and that as per GST Returns. If any differences exist, then taxpayers need to rectify the same, by making adjustments in September’s return.
In case of assessee who has to obtained and upload Audit Report under section 44AB of the Income Tax Act, 1961 has to file income Tax Return for the same previous year. As there are some information or data which are same in Income Tax Return and in Tax Audit Report. So assessee has to […]
Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as income from other sources. However, this provision is applicable only for individuals and Hindu Undivided Families (HUFs). Thus, if gift is received by any Trust or A.O.P., then it is not liable to income tax as “income from other sources”. The provision of taxation of gifts became applicable in respect of gifts received on or after 1.9.2004 and before 1.4.2006 if the gift money exceeded Rs. 25,000. From 1.4.2006, this amount has been increased to Rs. 50,000 so that cash gifts and gifts by cheque or bank draft from non-relatives and from non-exempted categories can be fully exempt from income tax up to Rs. 50,000 in aggregate in one financial year.
The word ‘Gratuity’, has not been defined in the Income-Tax Act, 1961(the Act). In the absence of any definition of ‘Gratuity’ in the Act, its meaning as provided in the dictionaries has to be referred to. The word ‘Gratuity’ has been variously defined in the Advanced Law Lexicon by P.R. Aiyar. The aforesaid definition is to be found on page 2038 of Book – 2, 3rd Edition,2005,
Under the Income Tax Act, the Search and Seizure operations are a carefully and secretly devised plan of action on the basis of authentic and bonafide information and material (something more than a rumor and gossip), which may be gathered on its own or given by some informer.
BACKGROUND OF TAX COLLECTION PROVISIONS TCS was first introduced by Central Government through Finance Act 1988 (vide Chapter XVII-BB) just to curb those sectors/ persons who are unidentified and mainly from unorganized sectors. Section 206C (1) – EVERY PERSON being seller AT TIME OF DEBITING OF BUYER “OR” AT TIME OF RECEIPT OF SUCH AMOUNT […]
GST Council in its 39th meeting held on 14th March 2020 had recommended to adopt and implement the incremental approach of linking the present system of filing of FORM GSTR-1 (details of the statement outward supplies) to the liability FORM GSTR-3B. This would be followed by the linking of the input tax credit in FORM […]
