How to get old Income Tax Refund? Can I do this process online or I have to visit Income Tax Office? Can I file my ITR now to get the old Income Tax Refund? What is the procedure to file application for condonation of delay in Filing of Refund Claim?
It is a well known and understood fact that land is not a depreciable asset. By its very definition, depreciation means decrease in the value of an asset through wear and tear, deterioration or obsolescence. While these implications easily apply to buildings or other structures built upon land, the land itself as an asset has no finite life.
It is a well settled and in substance a legal precedent that what is subject to tax is a real income. The principle of real income has been subject matter of intrinsic litigation in past and the possibility of probable dispute on the scope of what constitutes real income in days to come cannot be completely ruled out despite there have been series of amendments/clarification brought into the existing provisions of the Income Tax Act 1961 (the Act).
The season of filing of tax return is here. This year all those who have taxable income are required to file their return. Also those with income above Rs five lakhs have to compulsorily e-file their return. Its very important to file error free Income tax Return to avoid future problems. Lets see the most commonly committed mistakes those could be avoided.
1. Meaning of Job Work and Job Worker : As per Section 2(68) of the CGST Act, 2017, the meaning of word Job Work, that under taking any treatment or processes by a person on goods belonging to another register person and the expression ‘job worker’ shall be constructed accordingly. 2. Meaning of Goods : […]
There are two gateways through which taxpayer can make payment of GST. One is when the taxpayer makes payment through PMT-06 while filing monthly return GSTR-3B and when the taxpayer has made any mistake of short payment of tax or excess ITC while filing his return then, DRC-03 may be filed for correcting the mistake.
The world is witnessing technological advancements now more than ever, thus providing leeway for an increase in the number of cybersecurity breaches and violations of privacy laws. The scope of the internet has broadened to such an extent that the protection of privacy and personal data has become a major concern for all the countries. […]
Valuation of Taxable Value in case of Inter-state Stock Transfer between Branches under GST Under GST, The Persons with same PAN having pan-India presence required to take GST registration state wise and it is quite common for businesses to transfer its stock to its other units, depots, warehouses for timely delivery of orders. During the […]
1. GSTR 9 is mandatory annual return to be filed by every taxpayer registered as normal taxpayer during the financial year.It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. 2. Form GSTR-9 is required to be […]
In India, out of the total 18,94,146 registered companies, 6,83,317 have closed down as on May 2019 as per report released by Ministry of Corporate Affairs. A company when incorporated had a vision to run its business and to contribute to Indian Society. All the Companies in India as we already know are regulated by […]
