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There was fake news in the air especially on Social Media that the due date to furnish income tax returns for the Assessment Year 2019-20 (FY 2018-19) and Assessment Year 2020-21 (FY 2019-20) and the due date to furnish tax audit report for Assessment Year 2020-21 (FY 2019-20) Have been extended up to 31st March […]
Almost every state is going through a tough time due to the Covid-19 pandemic and lockdowns, but the condition of Uttarakhand seems worst among all in the case of GST Collection In April and August of the current year, the Goods and Service Tax GST revenue sees a sharp decline of 30.4% in comparison to […]
Section 194-O has inserted that normally explains the applying 1% tax deducted at source (TDS) on the amounts made to E-commerce Members, which shall be suitable for the transactions from 1st October 2020 onward. The residents and non-residents e-commerce operators will be applicable to make the payment under section 194-O in context to the sale […]
Here we will go through all the latest tax collected at source (TCS) provisions as listed by the tax department. The department has made clear all the points in detail. The Finance Act 2020 has launched three new provisions under Tax collected at source The Central Board of Direct Taxes (CBDT) has amended the provision […]
In the current case of three prominent businessmen in Srinagar and Kupwara on 2nd September 2020, the income tax administration has implemented contemporary research and operations. The case consolidated about the undisclosed amount and the operations have prima facie seizure of unaccounted assets and incriminating proof and relationship in unnamed transactions by certain groups. In […]
The problem of criticizing the decisions for the bureaucratic opacity and ambiguous fiscal regulations has been seen at several times in India. The country has improved its business index from 134 in 2013 to 63 in 2020 owing to the e-governance which includes the initiation of electronic MOA and AOA, one program for communicating in […]
With the interest for the purchase of credit inputs and capital goods the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench held that Unutilized CENVAT can be availed for initiated upon the liability of tax. The taxpayer M/s. Asta India Pvt. Ltd. has requested upon the order of Income-tax commissioner in which Rs 2,93,36,409 represents unutilized […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) held that the assessment would be invalidated if the notice was not issued to the amalgamated company. In this matter, M/s Siemens Power Engineering Pvt. Ltd. is the assessee and It was amalgamated with M / s Siemens Limited by the High Court of Punjab […]
While assuring the social distancing, CBIC asked administration for accompanying conferences in GST cases through video conferencing. Via video conferencing CBIC announces the facts to conduct hearings so as to appeal for Acts for customs along with disputes belonging to excise and service tax. From this, the feedback has been received from the grounds of […]
