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As per a recent ruling from the Maharashtra Appellate Authority of Advance Ruling (AAAR), the housing society is ineligible to claim ITC on contract services acquired from their designated contractor. This is due to the ineligibility of housing societies to claim ITC on repairs, rehabilitation and renovation work. A two-member bench comprising Ashok Kumar Mehta […]
There is much more demand for rapid application development with the businesses laid on their IT companies to build and provide ready applications. As per tax experts, the demand for the same has increased among industries due to covid-19. The businesses would have amended their operating models so that innovation is faster for growth and […]
There was a time when companies were forced to hire fluent coders and developers or outsource an app development company to build an app. There was no problem in this way as well because the companies were getting what they were paying for. In this post, we are discussing what is the best time to […]
The Appellate Authority for Advance Ruling (AAAR) has recently maintained the order of the Gujarat Authority of Advance Ruling (Gujarat AAR) that flavoured milk shall not be treated as milk, but as a drink/beverage, even though milk is a major component in making flavoured milk. GST AAAR’s Ruling Related to Flavoured Milk The decision came […]
The Patna bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that as per the provisions of the Income Tax Act, 1961 no income tax is payable on compensation for the compulsory acquisition of land by the Government. This came in a case where Shri Suresh Prasad is the assessee who had received compensation […]
The process for re-crediting the amount in the electronic credit ledger using FORM GST PMT-03A has been notified by the Tamil Nadu GST Department. If the refund is wrongly sanctioned, the amount paid by the taxpayer, along with interest and penalty, can be re-credited to the GST electronic credit ledger through Form PMT-03A. It came […]
The past few years were like a learning curve for businesses around the world. They understood how unprepared they were for unforeseen situations and what they had to do next to be prepared for any such imminent situation. They have learned the importance of digital agility and the role low-code platforms can play in it. […]
Every sector is coming under the radar of the digital revolution. It is slowly digitizing businesses and improving the way they work. Apps, in particular, are in extensive demand and that’s why businesses, as well as developers, have been continuously looking for advanced low-code no-code platforms to provide the solution faster and more accurately to […]
A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is the new form and taxpayers can use it to file updated income tax returns for the […]