Return is very important aspect of GST. Return filed by the taxable person is the base for Government to keep track over tax paid and Input Tax Credit availed. Filing of return is the biggest nightmare for tax payers. It is equally challenging for Government to ensure compliance of return fling provisions by the registered […]
(Circular No. 129/48/2019 – GST, Dated 24 December 2019) The Central Board of Central Excise and Customs (hereinafter called board) comes heavily on the defaulters on account of non submission of GST Returns u/s 39 or 44 or 45 of the CGST Act. The board in exercise of power conferred u/s 168(1) of the CGST […]
As per the Insolvency and Bankruptcy code 2016, section 43 to 51 deals with avoidable transactions. These transactions are also called as vulnerable transactions .As per the code; there are three types of avoidable transactions. Such are preferential transactions, Undervalued transactions and extortionate credit transaction the corporate debtor has to avoid these transactions during the relevant period.
Restricting Input Tax Credit to 20 % as on 09.10.2019 and further squeezed to 10% from 1.1.2020 will kill the business person or business. Reason is obvious, as most of supplier of goods or services do not file GSTR-1 on due date and consequently recipient of goods or services can not file Form-3B waiting for […]
Who is a non resident under Income Tax Act, 1961? Non-resident is a person who is not a ‘resident’ as per the Income Tax Act, 1961. For detailed provisions related to residential status, reference may be made to TPI brochure titled “Determination of Residential status under Income-tax Act, 1961”. Income which are not included in […]
Services by way of transfer of development rights (TDR) or Floor Space Index (FSI) (including additional FSI) on or after 01st April 2019 for construction of a project against consideration paid or payable by developer, wholly or partly, in the form of construction service of commercial or residential apartments in the project
Robotic Process Automation – A Technology Saviour For A CFO: A contemporary CFO is expected to not only partners with the CEO in addressing critical business and governance issues, but he is also expected to provide real-time insight on performance. One of the critical roles that a CFO delivers is making the analytical presentation of […]
जीएसटी में टैक्स का भुगतान करने का एक तरीका है जिसके अनुसार डीलर्स अपनी बिक्री पर कर एकत्र करते हैं और इसका भुगतान करते समय अपनी खरीद पर चुकाए गए कर को घटाकर शेष बचे हुए कर का भुगतान करते हैं . जो कर डीलर्स एकत्र करते हैं उसे आउटपुट टैक्स कहते हैं और जो टैक्स वे देकर आते हैं इसे इनपुट क्रेडिट कहते हैं और जो टैक्स का भुगतान होता है वह आउटपुट टैक्स और इनपुट टैक्स का अंतर होता है.
The provisions of Income- tax act impose an obligation on customer (i.e., recipient of service) to withhold certain portion of payment as tax deduction at source. Accordingly, the customer deducts such portion and releases the balance amount. Assuming TDS rate is 10% and bill value is Rs. 50,000/-, service provider would get Rs. 45,000/- in […]
The Reporting Portal allows reporting entities to register themselves with the Income Tax Department (ITD). To access the portal, visit the URL: https://report.insight.gov.in
