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The rise in the tax collection of goods and services is higher because of the higher inflation compared to the higher consumption mentioned by the India Ratings and Research. A private final consumption expenditure, with respect to the first quarter of 2019-20 there is a rise in the consumption which would have increased by 9.9% […]
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) held that transport aggregator Ola ( ANI Technologies Private Limited ) is not responsible to deduct withholding TDS deductions on driver payments. ITAT ruled that Ola acts as the only intermediary. The role of Ola would be restricted to handling and functioning the […]
Mr Tarun Bajaj (Revenue Secretary) has said that the Indian government will come up with new compliance for compounding offences under GST in an interview with Businessline. When & How will GST Offences be Decriminalized? We are working on the same and very shortly we shall release the document. We will proceed in the same […]
The Institute of Chartered Accountants of India (ICAI), told the Chartered Accountants, that on the e-filing portal the functionality of withdrawing Form 15CB is open. “A large extent of pendency for the updation of 15 CB forms at the e-filing portal may be attributed to the non-availability of any options for their withdrawal from the […]
A notice has been issued to the Union and Maharashtra governments by the Bombay High Court, asking for a reply to the petition regarding the changes to the GST compliances through which the GST enrollment could get suspended excluding providing the influenced party a hearing. A division bench of Justices K R Shriram and A […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench comprises of Rahul Chaudhary, Judicial Member, and Om Prakash Kant, Accountant Member ruled that supporting evidence is mandatory for claiming TDS Credit in lack of a TDS Certificate. The taxpayer DZ bank provides the loans to the Indian borrowers and obtains the payments, via its Indian borrowers […]
New compliance for the income tax dept assessing officer has been announced by the Central Board of Direct Taxes (CBDT) so as to diminish the errors in the procedure and raise the faceless assessment system for the assessee. As per the decision, the assessing officer (AO) shall be needed to issue a show cause notice […]
Employees’ Provident Fund is a government-sponsored savings plan for employees of the formal sector who work in companies with more than 20 employees. Besides serving as a retirement plan, it also serves as an emergency fund. Each year, the Employees’ Provident Fund Organization (EPFO), a government agency established by the Employees’ Provident Fund Act of […]
Currently, a post is in the headlines claiming that a sum of Rs 96,000 must be furnished as GST when the marriage budget would Rs 5 lakh. Below is the claim incurred in the post. Claim: Rs 96,000 ought to be paid as GST (goods and services tax), the marriage budget exceeds Rs 5 lakh. […]
