Following suggestions were compiled by Mr. Bimal Jain, towards making GST Return system and formats simplified for all taxpayers, which have been submitted to the Government
Goods and Service Tax (GST) in simple terms can be said to be an indirect tax, levied in India, on the supply of goods or services or both. Goods and Service Tax has been made applicable in India from 1st July, 2017 and the same has replaced various cascading taxes levied by the Central and State Government in India.
Rule of Lapse & September Rush A New Jargon For ITC Seekers Under GST Law- Union Budget is based on the Principle of Annuality’ i.e Parliament grants money to the Government of India for one financial year. If Grants are not utilised by the end of the financial year, the unutilised grants shall expire and restored to the Consolidated Fund of India. This practice is known as ‘Rule of lapse’.
What happens if you miss the income tax return filing deadline? Understand the consequences and potential penalties of late filing.
CBDT proposed to amend Income Tax Rule 114 related to PAN and proposed to make PAN compulsory for transactions of Rs. 250000 or more and also proposed to amend Form number 49A and Form number 49AA to provide that in case of Kids of Single Mother father’s name shall not be mandatory in PAN application […]
With the introduction of Goods and Service Tax in India, crores of taxable persons have registered under GST and are now required to comply with various GST compliances. In order to make the compliance easy for businesses registered under GST, the Government has taken various initiatives such as GST Facilitation Centres and GST Practitioners.
CBDT extends the due date for furnishing return of income, from 31st August, 2018 to 15th September, 2018, in case of Income-tax assessees in the State of Kerala, who are liable to file their Income-tax returns by 31st August, 2018. F.No. 225/242/2018/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct […]
If a taxpayer forgets to claim ITC in relation to a purchase invoice dated 23rd Dec 2017, then in such case he can claim ITC in relation to this invoice ,any time before filing of annual return or filing any return on or before the return of September month .It is to be noted that this credit can be claimed in any return but before filing September month’s return, As Annual return is not yet made available.
Article Explains Exemption / Deduction under Section 54, Section 54EC & Section 54F of Income Tax Act, 1961 with FAQs and Case Laws. It explains regarding Capital Gain Account Scheme, deduction on multiple sales & purchases of residential houses, capital gains arising from sale of more than one house
Extension of Last Date for filing GSTR-3B for July, 2018 extended till 24th August, 2018 for all class of taxpayers As per PIB also The last date for Filing of Return in FORM GSTR-3B for the month of July, 2018 has been extended till 24th August, 2018 for all class of taxpayers by the Competent […]
