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The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families who earn income from Proprietary business or by practising his/her profession. However, when an Individual/HUF earns income as a partner of a partnership firm which is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file […]
Recently the central government made an amendment into the legislation on the compensation cess under GST which made the centre very rightful in claiming a stake in ‘the unutilised (amount) in the Fund at any point of time in any financial year during the transition period’.
According to the Indian tax department’s understanding, India-based back offices of multinationals are just brokers and commission agents just rendering services while not coming into the definition of exporters.
Indian companies are confused on how to claim hundreds of crores ITC for the previous financial year under GST reign that might be lost if they fail to verify the claim with vendor returns.
The administration has taken the high pitched scrutiny into consideration and will take care of the taxpayers who are getting tortured by the assessment officers in the matter of evaluating taxes.
The Goods and Service Tax or the GST will complete one year on July 1st, 2018. In this period, a number of provisions which were part of the original draft for GST were put on hold at the behest of requests from Industry leaders and experts to reduce the burden of Tax compliance.
Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.
Research and development (R&D) Centres in India especially pharmaceutical, biotech and manufacturing companies went to Delhi Court as the government denied to provide tax benefits under GST.
The government has this time to have an increased Tax to GDP ratio by 12 percent in coming two years by FY20. For this, the authorities will be having benefits of newly implemented GST and the thorough cross checking of accounts with their taxpayers.
