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As for yourself or as a company If you look to furnish the ITR then the term known as Form 26AS under which all the tax filed on your grounds through your employer or customers. What is Form 26AS? The Form 26 AS is also called a tax credit statement. It is your yearly consolidated […]
Recently Section 16(2)(aa) on Input Tax Credit has been added by Finance Bill. And the implication of this insertion is that it has empowered already existing Rule 36(4). The reason for inserting 16(2)(aa) is being that Rule 36(4) was weak and so, has been challenged before various Authorities & High Courts many times. Consequently, there […]
The launching of e-Invoicing has been a game-changer considering the facts and circumstances in India. It has been a sort of new revolution that shall transform and smoothen. Invoicing Process Revamped Tax Reporting Fuel the Interoperability of the Direct and Indirect Ecosystem Let’s understand the aforesaid transformation with the statistics related to eight months posts […]
The Input Tax Credit (ITC) under the mechanism of Goods and Service Tax plays a crucial role for a business and if it is mismanaged, it might adversely affect its working capital. And The GST Act 2017 has laid down a set of rules for claiming and utilizing ITC by every taxpayer. Basics of Input […]
The Income Tax Appellate Tribunal has ruled that the affidavits received by tax authorities from Family Member are sufficient to prove that the Cash Gift is genuine. Here in this case, the assessee, Dheeraj Thakran is an individual and his sources of income are from: Rent Profession And other sources. And he has already filed […]
The Income Tax Appellate Tribunal, Hyderabad has passed a ruling in which it dismissed an appeal made by the revenue department — Tribunal ruled that being a joint account holder in a husband’s salary account does not mean an Undisclosed Foreign Account. This appeal was made against an order of the tribunal wherein the revenue […]
National Securities Depository Limited, an Indian central securities depository, released the new features in e-TDS and TCS. The NSDL has amended and updated the e-TDS TCS RPU utility for the purpose of preparing TDS or TCS returns. NSDL has enabled the e-TDS/TCS File validation utility (FVU) versions 2.167 up to Financial Year 2009-10 and Version […]
The Income Tax Appellate Tribunal (ITAT), Agra Bench permits the deduction held that the change in limiting the Section 54 deduction to only one residential house can be considered. The taxpayer, Mr. Dinesh Chandra Dutta Bhargava on April 21, 2014, sold a residential house in Agra for Rs.1,20,00,000/- owning the value for the intention of […]
Inside the GST regime, one of the problems is if the credit can be refused to the purchaser of goods and services for the fault of the supplier for non-payment of taxes post to collecting the tax amount through the purchaser. Important Provisions Towards the ITC the major law is Section 16 of the CGST […]
