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The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench ruled that the provisions of TDS are not applicable to recovery of late payment charges and Service Tax. The taxpayer M/s. Prithvi Outdoor Publicity LLP incurred the payment to M/s Andhra Pradesh Road Transport Corporation (APSRTC) to the tune of Rs.10,48,125/-. The AO ruled that the taxpayer […]
Under the MSME act doing the late payment to the MSME vendors just affects the supply of the materials from the MSME vendors. This article consists of sections where it mentions the effects and consequences of doing the late payment Vendor under the MSME act. The article discusses the issues and their effects of the […]
The Income Tax Appellate Tribunal (ITAT), Chennai ruled that simple interest received for late payment will not be recognized as income made through the business operations, entitled for deduction. Via taxpayer owner of M/s NLC India Ltd appeal for the assessment, years is the disallowance of the additional income for calculating the deduction under section […]
On the Central government, the Gujarat high court has imposed a notice about the goods and service tax (GST) along with the Central Board of Indirect Taxes and Customs covering the concern of directing interest on late payment of taxes under GST. Prior to that the GST council has directed 18% will be levied on […]
In Bhopal, a total of 75 thousand registered traders accused of making delayed GST payments are now in the eyes of the Central Board of Indirect Taxes and Customs (CBIC). Currently, such taxpayers in the capital have received notices from the CBIC. Out of 75 thousand traders, 50 thousand owed more than Rs. 300 crore. […]
Adamant to revive the GST collection, the government has now designed the roadmap that will lead them to gather Rs. 46,000 crores under interest on late payments. Protesting against the decision of the government, tax experts said that at the time of GST (Goods and Services Tax) implementation when the government was making taxpayers switch […]
In a recent announcement done by the government, now there will charge on the late payment of credit card bill of 18 percent. It was also mentioned that there will no chapercentTM and issuing of the chequebook.
Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST.
In the matter of Shamanna Reddy vs. ITO, the Income Tax Appellate Tribunal (ITAT) Bangalore addressed a petition against the order of CIT(A) for the AY 2018-19. The petitioner, an individual, challenged the dismissal of their petition via the CIT(A) on technical foundations, and the following assessment order passed u/s 147 read with section 144 […]
