Browsing author
The CBDT stands for The Central Board of Direct Taxes, and it is a statutory authority functioning under the Central Board of Revenue Act, 1963. Recently, the board notified some new Income Tax Return Forms for the assessment year 2021-22. It also notified the Income Tax (7th Amendment) Rules, 2021 which is aimed to make […]
The Central Board of Indirect Taxes and Customs (CBIC) has already made e-invoicing mandatory for all businesses with a turnover of 5+ crore. CBIC first mandated it for businesses having turnover of 500+ crores in October 2020, for businesses having turnover of 100+ crores in January 2021, 50+ crores in Apr 2022, 10+ Crores in […]
If TDS is deducted on time and paid to the Govt. exchequer then no interest is leviable, this ruling came from the Income Tax Appellate Tribunal (ITAT), Cuttack Bench in a matter where Srabani Constructions Pvt Ltd. is the assessee. The Assessee was involved in the real estate business and paid INR 41,84,879 to contractors, […]
As per the direction of GST authorities now field units have to identify prime taxpayers, find the defaulters and promote them to give more tax. They have been directed to connect the top 200 defaulters (return) for the month of February concerned to central jurisdiction and ask them to file tax returns. The directive was […]
Only on billing, no business process will be completed. Businesses will have to provide details of their sale/purchase to the prospective government and if they come under the radar of taxation, they will also have to file a tax return. The Goods and Services Tax (GST) was introduced on July 1, 2017, it replaced all […]
Have you ever encountered the error “Failed to establish a connection to the server, kindly restart the emsigner” while signing your GST return or application with DSC? If yes then you can try the following. While filing GST returns with DSC people occasionally encounter the emsigner errors in two situations: first, when you are filing […]
From an indirect tax point of view, Budget 2021 made various announcements focusing primarily on two key aspects, namely punishing fraudulent transactions and reducing compliance burden. Among the many amendments proposed under GST, three main amendments that require serious deliberation by taxpayers are: Rationalization of annual GST compliance Amendment of provisional attachment provision Amendment of […]
At present time, GST at 5% applicable on Rice bran (before oil extraction) and crude rice bran oil but de-oiled rice bran oil are out of the GST radar. However, now the Department of Food and Public Distribution is suggesting North Block to levy GST at 5% on de-oiled rice bran (DORB). As per a […]
While responding to an RTI Application, the Good and Service Tax Network (GSTN) shared information that only 50% of taxpayers have successfully furnished their GSTR-9 and GSTR-9C. As per the information provided by the Central Public Information Officer (CPIO) the total number of registered taxpayers who are liable to file GSTR-9 & 9C (2 crores) […]