Powerd By SAG INFOTECH
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Similar to Tax Exemption, Every budget and every successive government proposes a rebate of tax for a certain level of income. At Present, the rebate of tax is accessible for those individuals whose income is not over ₹5 lakhs. Notably, This rebate is available as per Section 87A. Let us discuss how this section works […]
Name and address of the applicant M/s. Enpay Transformer Components India Private Limited. Plot No. 112, Alindra , Manjusar GIDC, Savli, Vadodara-391775. GSTIN of the applicant 24AACCE2260M1ZR Date of application 06.07.2018 “Clause(s) of Section 97(2) of CGST / GGST Act, 2017, under which the question(s) raised” “(b) applicability of a notification issued under the provisions […]
All the assessee whose average turnover is upto Rs 5cr will need to provide an option to file their Form GSTR-1 statement and Form GSTR-3B from 1st Jan 2021 on the quarterly grounds. They have a choice to furnish B2B invoice information in the Invoice furnishing facility (IFF) for months 1 and 2 (eg. Jan […]
Here is an interesting fact – Residential Status and not citizenship is the sole determining factor for imposing the tax. In other words, foreign citizens who have earned income in India are also subject to tax. However, the domain or criteria of residential status of India keeps on changing from Budget to Budget usually. As […]
Recently, The Orissa High Court has directed the Commissioner, GST to give clear instructions to all the tax officers for “no more notices to be sent to practising advocates” for imposing services tax/GST on legal services. The Bench of Chief Justice BP Routray and Justice Dr. S Muralidhar also commented that as per the notification […]
From FY 2025-26 onwards, taxpayers can have the choice within the double income tax scheme, i.e. the newer and the old one and the latest concessional. This choice is synonymous with shopping in the market, where we have the option to purchase one product or the other from our pocket/budget for shopping. If the taxpayer […]
As per the direction of GST authorities now field units have to identify prime taxpayers, find the defaulters and promote them to give more tax. They have been directed to connect the top 200 defaulters (return) for the month of February concerned to central jurisdiction and ask them to file tax returns. The directive was […]
It’s a great setback to the Bank of India(BOI) and a lesson for other banks operating overseas. The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has issued orders not to refund foreign taxes aggregating to Rs. 182.64 crore paid by the Bank of India (BOI) as the bank suffered financial loss and does not […]
The Finance minister shows the first budget in the digital form in the parliament. Also, there is no amendment which has been urged to the personal tax rates the budget consists of several advantages methods and proposals to directed the simplicity of the agreement for the assessees. The budget indeed urges the taxation of particular […]
