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Search results for: tax liability

Karnataka AAR Order in Case of M/s Pankaj Enterprises

GST AAR: Transaction Value is Supply Taxable Value Otherwise Refused U/S 15

The Karnataka Authority of Advance Ruling ( AAR ) ruled that the transaction value is the taxable value of supply unless cancelled and revealed beneath section 15 Goods and services tax act. The petitioner M/s Pankaj Enterprises is an individual and has no enrolment beneath GST, however, he poses to execute the business as a […]

Key Highlights on Tax in Budget 2022-23

Brief Overview of Budget 2022 Based on Tax by SAG Infotech

The union budget 2022 has been overall covered by SAG Infotech and our complete team of chartered accountants had come with the basic budget as well as tax-related details from the minute details. The SAG Infotech is dedicated to providing the complete budget news to the assessee and the taxpayers who are concerned with the […]

No Tax on INR 10 Lakhs Individual Income

Zero Tax on INR 10 Lakhs Personal Income, Know the Full Way

At Rs 10 lacs the income tax towards one person entails the payment of Rs 1,17,000 under the old scheme. However, if the planning is done effectively, you do not need to pay the income tax on your income of Rs 10 lakhs. The government to surge the savings and furnish the tax has made […]

Recovery Process Due to Mismatch in GSTR 1 and 3B

Self-assessed Tax Recovery for Mismatch in GSTR 1 vs 3B Returns

Process for a Recovery Towards the Mismatch in GSTR 1 & 3B The Central Government presented modification to Section 75 (12) of the CGST Rules, 2017 through inserting an illustration so as to retrieve self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the CGST Act, 2017. The illustration describes […]

Govt Budget for FY 2022-23

Govt Budget 2022-23 May Boost Tax Compliance & Reduce Litigation

The Union budget for FY23 seems to announce the procedure to diminish the tax litigation, increase compliance by keeping an eye on the transactions in a strict way and does work for the target to draw more companies into the formal sector. Inside the procedure beneath acknowledgment are the changes towards the issue resolution policy […]

Issues for Not Choosing New Tax Regime

Big Reason, Why Few Taxpayers Are Selecting New Tax Regime?

Beneath the policy, those assessees who opted for the newer or another tax regime that is presented in budget 2020 AY 2021-22 the initial time on which they needed to furnish the returns. Towards the concern, the salaried assessee poses an option to switch between the 2 tax regimes during the ITR filing. The current […]

GST Taxman's Lens Over Food Discounts from 2022

GST: Food Discounts May Come Under Radar of Taxman’s Scrutiny from 2022

Under the GST regime, the coupon discounts furnished via food delivery platforms engaging with Zomato & Swiggy need to face the taxman’s investigation starting from Jan 2022. The problem is about the discounts provided via delivery apps with respect to the specific credit card, debit card, or digital wallet towards doing the payments. People just […]

Important Amendments Under GST

Lookout Tremendous GST Amendments in 2021 for Taxpayers

The GST council and government had released some of the best and exciting amendments and changes to bring forward the most required features to the GST applicability for the common people as well as organizations alike. Some GST amendments in compliance are late fee relaxation, lowering down of provisions doubts and more. You can check […]

EEPC Requests Govt to Reduce Burden for Companies

EEPC to Govt: Tax Benefits for Proprietary Firms & LLPs to Boost up Investment

Engineering Export Promotion Council (EEPC) of India ask the union government to extend lower corporate tax advantage to the limited Liability Partnerships (LLPs) and proprietary firms, from executing the action this makes the funds available with MSMEs and enhance the private investment cycle. Direct tax professional council seeks towards the diminishing of the tax upon […]

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