In the 40th GST council meet, various relaxations were provided for taxpayers under GST. The one which tops the list, would certainly be waiver of late fees entirely for nil GSTR 3B returns for an extensive past period. This will almost the late fee to an insignificant amount even if no returns were filed since […]
Features of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 1. Last date for filing belated/revised tax return for Financial Year 2018-19 has been extended from 31st March, 2020 to 30th June, 2020 2. The due date for completion/passing/issuance/filing of any proceeding/order/notice or approval order or sanction order/appeal or reply orany application […]
This article contains following concepts in regard of Works Contract under GST- What is Works Contract, What is immovable Property for the purpose of Works Contract, Whether Works Contract Supply is a Supply of Service or Supply of Goods or both, Input Tax Credit provisions for Works Contract
Resident Status of a ‘Resident’, Resident but Not Ordinary Resident (RNOR) under the Income Tax Act, 1961 in light of Finance Act, 2020 In India the residential status of a person plays a vital role in determining the taxability of income of any person. The Income Tax Act, 1961 follows the residence-based taxation system wherein […]
Maintaining books of accounts is often considered as a tedious and unwanted process. Maintaining proper books of accounts is not only mandatory but it is also beneficial as it helps to compute the amount of tax liabilities, input tax credit (ITC), refunds etc. They act as proof for further litigations. Provision in Law for Maintaining […]
Whether Input Tax Credit to be reversed or not of the Goods destroyed due to lockdown ? Goods of many taxpayers have destroyed or expired due to lockdown. They had paid Goods and Services Tax (GST) on it and taken the input tax credit. Many manufactures had given GST on the raw materials which are […]
Section 54(3) of the CGST Act, 2017 has allowed certain Category of Persons to claim Refund of Accumulated Input Tax Credits subject to certain conditions and restrictions. Rule 89 of the CGST Rules, 2017 has prescribed that such Refund application shall be filed in Form GST RFD-01A. Circular No. 79/53/2018-GST dated 31.12.2018 has made it […]
Arjuna, as a course of action to wipe up the pendency in return filing, the late fees for non-furnishing of Form GSTR-3B for the tax period of July, 2017 (i.e. beginning of GST period) to January, 2020 has been recommended to be reduced/waiver as under:
Many people associated with the market have queries or are unaware regarding Risk Profiling including certain Investment Advisers. The Regulations for Investment Advisers clearly states that an Investment Adviser has to ensure that it carries out Risk Profiling of the investors in a systematic manner. Further, a few months ago, SEBI came out with the […]
Practical Ambiguity of Newly Proposed Provision of TCS On Sale of Goods Under Section 206 C (1H) of The Income-Tax Act, 1961, Introduced By The Finance Act, 2020 To Be Effective From 1st October 2020 Provision of TCS on sale of goods under section 206C sub –section (1H) To curb and track usage of unaccounted […]
