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Search results for: tax refund

GST for Notional Interest on Security Deposit

KAR AAR: GST Can Be Imposed for Security Deposit’s Notional Interest

The Karnataka Authority of Advance Ruling (AAR) held that GST might be imposed on the notional interest upon the security deposit. The petitioner is the owner of Midcon Polymers Pvt. Ltd. who has the intention to involve in the business of renting commercial property on the monthly rents and allied business. They have an idea […]

ITAT Pune Allowed Deduction U/S 35(1)(ii)

ITAT Pune: Deduction Permitted Under Section 35(1)(ii) on Donation Account

The Income Tax Appellate Tribunal (ITAT), Pune Bench has permitted the deduction beneath Section 35(1)(ii) of the Income Tax Act with respect to the donation. The taxpayer owner of MRC transolutions Pvt ltd furnished a donation of Rs 1.25 cr to the organization known as the school of human Human Genetics and Population Health (hereinafter […]

Penalty on GST Fake Invoice of More Than INR 2 CR

GST: Temporary Attachment of Assets If Fake Invoice Exceeds INR 2 CR

The FM Nirmala Sitaraman during the Budget 2021-22 urges the provisional attachment of the assets of the individual who has hands behind the bogus GST invoices exceeding Rs 2 cr. FM said that “A new provision is being inserted in the Customs Act (section 114AC) to prescribe penalty in specific cases where any person claims […]

Demand Lower GST Rate

Indian Staffing Federation Wants GST Rate Cut from 18% to 5%

To the government, the Indian staffing Federation questioned to lessen the goods and services tax on staffing firms with respect to 18% to 5% as well as seeking separate industry status for the sector to assist them alleging specific privileges. “Staffing companies generate employment and in a majority of the cases, these are low-level jobs […]

18 Percent GST Rate on Sale of Machinery

Guj AAR: 18% GST Rate for Commission Income from Japan on Sale of Machinery

Gujarat Authority of Advance Ruling (AAR) has mentioned that the Selling of machinery to bring 18% GST on commission income from Japan in foreign currency. The petitioner is the owner of Dharmshil Agencies where the agreement has done with Tsudakoma Corporation, Japan to sell the machinery with respect to the specific services, they are collecting […]

Know All Govt Steps to Control Fake GST Registrations

Is Govt in Form to Stop Fake GST Registrations? Check All Steps

The government is taking the actions with respect to the declarations done by the GST department written in Notification No. 94/2020 – Central Tax, which notifies the CGST (Fourteenth Amendment) Rules, 2020. The GST enrollment concerned procedure is changed by the notification besides providing extensive authority to cancel or suspend the existing enrollment of the […]

Telangana HC Refund Cash with 12%

Telangana HC Orders IT Dept to Pay INR 5 CR Seized Cash with Interest

The Telangana High Court said to the Income Tax Authority to return the cash of Rs. 5 crores along with 12% interest and deliver the employee to the applicant. The applicant is the owner of the business in which he engages in buying the agricultural lands along with the agricultural products throughout the country and […]

List of Best Payroll Software

Best 20 Payroll Software As Per Popularity & Performance

Are you still using the old, manual process of payroll management, where all the data is manually entered and managed in Excel sheets or physical paper? Then, you can definitely save good money and time by learning about the best HR payroll software in India. Online payroll software is a digital, cloud-based application that can […]

Grant Benefit of Revised TDS Rates and 25 Percent Rebate

Delhi HC Orders IT Dept to Pass Benefit FY 2019-20 Revised TDS Rates & Rebate

The Delhi High Court ordered the Income Tax Authority to pass the benefit of revised TDS rates for the FY 2019-20 and a discount of 25%. The order comes in the case where Manpower Services is the petitioner and has challenged the order passed by the respondent authority following section 197 of the Income Tax […]

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