When you file your TDS/TCS return, first the details regarding deposit of TDS/TCS made by you is compared with the data given by banks. The data is uploaded by banks on the basis of the TDS/TCS challans received by them. For this purpose, the Challan Identification Number (CIN), TAN and TDS amount as given in your TDS/TCS return is compared with the corresponding details given in the challan details provided by the bank that has accepted the tax. (CIN consists of the BSR code of the branch where you deposited the tax, date on which you deposited tax and the challan serial number which have been stamped on the counter foil of the challan given to you.)
Dear Friends/Taxpayers Recently, CBIC extended the date of filing of GSTR 9 from 30.09.2020 to 31.10.2020. Last date is approaching very fastly and still every taxpayer is facing number of challenges at the time of filing the GSTR 9 like; a) How to report the transactions or supply pertaining to FY 2017-18 in GSTR 9 […]
On GST compensation option to states, about 20 states have reverted and all these states want Option-1 to borrow Rs. 97,000 crore without the obligation paying interest and principal back. Next GST Council meeting on 5th October shall take this forward. CAG report recently disclosed that for 2018-19, out of the Rs. 2.7 lakh crore […]
The answer is ‘NO’ there is no such provisions in the Income tax Act /rules to adjust the same by assesee himself. If the excess is related to perriod up to 31.03.2010 then Assesssee can claim refund of the same as per the provisions of CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 . Detailed analysis of the same can be seen on the link given below:-
Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determination of depreciation under section 115BAA to 115BAD, of the Income-tax Act, 1961 CBDT vide Notification No. 82/2020-Income Tax notifies changes in Form 3CD, Form No 3CEB and ITR6. It amended Rule 5 of Income […]
Sub-section (1H) of section 206C shall be made effective from 1st October 2020. It states that: A Seller of Goods is liable to collect TCS from Buyer on Sale of any goods; Turnover of seller is more than INR 10 Crores in previous financial year; TCS to be collected if the Value/Aggregate Value of Goods is more than ₹ 50 Lakhs in a financial year; TCS to be collected on [ Total Sale Value – ₹ 50 Lakhs]; Rate of TCS is 0.075%, if PAN of buyer is available [1% if PAN not Available].
1. Is the recipient eligible to claim a refund? Whether the refund of the unutilized ITC in the e-credit ledger be claimed? In the case of M/s Britannia Industries Limited Vs Union of India (Gujarat High Court) the assessee is an SEZ unit being an exporter has procured the goods and services with payment of […]
The Income-tax Rules, 1962 ( the Rules) only provides that an appeal to the Commissioner (Appeals) shall be made in Form No. 35 and that the form of verification shall be signed and verified by the person who is authorised to sign the return of income under section 140 of the Income-tax Act, 1961 (the Act) (Rule 45) . However, Income-tax (Appellate Tribunal ) Rules, 1963 ( the Tribunal Rules) specifies as to the contents of the memorandum of appeal. Rule 8 mandates that every memorandum of appeal shall be written in English and shall set forth, concisely and under distinct heads the grounds of appeal without any argument or narrative and such grounds shall be numbered consecutively. Rule 47 of the Rules prescribes Form No. 36 for an appeal to the Income-tax Appellate Tribunal (the Tribunal) and Form No.
Tax Bar Association, Guwahati has made a request to Hon’ble Union Finance Minister for extension of due date for filing of GST Annual Return Forms GSTR 9, 9A & 9C for the year 2018-19. Full Text of the Representation is as follows:- Dated: September 27, 2020 To Hon’ble Finance Minister Govt. of India New Delhi […]
Punjab National Bank invites application from eligible firms of Chartered Accountants / Cost Accountants and individuals possessing necessary expertise for empanelment as Stock Auditors and Stocks/ Receivables verification. Punjab National Bank Dated: 25.09.2020 Credit Review & Monitoring Division, Head Office, Plot no.4, Sector 10, Dwarka, New Delhi – 110075 Applications are invited from eligible firms […]
