CBIC clarifies on Leviability of GST on remuneration paid by companies to the independent directors or those directors who are not the employee of the said company and Leviability of GST on remuneration paid by companies to the directors, who are also an employee of the said company Vide Circular No: 140/10/2020 – GST Dated […]
Form GSTR-3B can be filed as a nil return if there are no outward supplies as well as liability (including reverse charge liability) in the month, for which the return is being filed for. This form can be filed nil, in both online mode and in offline mode (by SMS).
Article explains about Input tax Credit (ITC) unbder GST, Taxes under GST to claim ITC, Conditions to claim ITC, Eligible persons to claim ITC, Manner to claim ITC, Manner to utilise ITC, Tenure to avail ITC, Allowance of ITC, Diallowance of ITC, Allowance / Disallowance of ITC – special points, ITC under reverse charge mechanism […]
Article discusses ITC provisions contained u/s 17, 18, 19, 20 and 21 of the CGST Act, 2017. Sec. 17 provides for various restrictions in the form of apportionment of credits and blocked credits.
ITR-4 | Key Insertions in the Income Tax Return form Now Available for E-Filing at Income Tax Portal for Assessment Year (AY) 2020-21 / Financial Year (FY) 2019-20 Recently, the government (CBDT) notified the revised Income Tax Return Forms (ITR) for the financial year 2019-20 (AY 2020-21) including ITR-4. Today i.e. on the 5th of […]
Rule 86A (2) prescribes that the Officer so authorised have to reasons to believe , such reasons to be recorded in writing and not allow debit of an amount equivalent to such credit in electronic credit ledger for discharge of any output tax liability under section 49 or for claim of any refund of any unutilized amount
Background of levying tax on the services of Goods Transport Agency The levy of Service Tax on Road Transportation Service has always been a debatable issue. The Finance Act, 1997 and 2004 had levied Service Tax on Goods Transport Operators (Transport of Goods by road) w.e.f. 16-11-1997 and 10-09-2004 respectively, which was subsequently withdrawn Due to nation-wide […]
In this article we will discuss in detail about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) along with updated TDS Rate Chart and TCS Rate rate chart amidst the outbreak of COVID-19 and lockdown: TDS Compliances And Impact of Covid-19 Thereon TDS Deductor and Deductee TDS is basically income tax deducted […]
On 29.05.2020, the Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms and manner of furnishing Return of Income for Assessment Year (A.Y.) 2020-21 i.e. FInancial year (F.Y.) 2019-20. In exercise of the powers conferred by Section 139 read with Section 295 of the Income-tax Act, 1961, the CBDT amended […]
It is prayed to merge the May 2020 exam with November exams and initiate the remedial measures of providing options of students to their chosen groups etc. Further in a stressful and trying situation, and I look forward to your understanding to make decisions in a timely and well-informed manner.
