Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The purchaser would not be qualified for claiming the ITC on the subject of purchases that the seller made, who would have released its tax liability, Punjab Authority of Advance Ruling (AAR) stated. No registered individual would be eligible to get the ITC for any supply of goods or services or both until the tax […]
A division bench of the Jharkhand High Court stated that the electronic cash ledger (ECL) is the only “e-wallet” and hence, the liability to furnish the interest arises on late filing of GSTR-3B return and debit of tax due from the Electronic Cash Ledger are independent. Justice Aparesh Kumar Singh and Justice Deepak Roshan see […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled, tax liability under section 206C of the Income Tax Act,1961 would come, the taxpayer has unable to file Form 27C and Tax Collect at Source (TCS) exempted on the scrap sale. The petitioner was represented via Shri Jinesh Shah and the respondent […]
With effect from date FY 2020-21, a person has the choice to carry on with the existing income tax regime and claim the existing tax deductions and exemptions, or opt for the new tax regime and let go of 70 tax deductions and exemptions like sections 80C, 80D, tax exemption on HRA, LTA, and others. […]
The Goods and Services Tax Network (GSTN) has implemented new functionality for the purpose of Discharging Goods and Services Tax liability in relation to GSTR-9C that has a reconciliation statement. How to Use This Functionality To utilise this facility, the taxpayer shall first log in to the web portal of GST Portal and then choose […]
“The Income Tax Appellate Tribunal (ITAT), Delhi Bench upheld the decision of addition as the assessee failed to utilize the amount in the capital gain account within the statutory period.” Here, in this case, the assessee, Avtar Krishen Jalla is an individual. It was observed by the Assessing Officer that during the time of assessment […]
Myth 01: The bigger number of the assessee will be influenced by the rule. Fact: For several privileges such as exporters, suppliers of goods of inverted duty structure, assesses who have a footstep in the Income Tax database, etc. it is thought that this rule will be applied to only 0.5% of the total assesses […]
The Bombay high court has canceled all the notices provided by the respondent authority stating that now the interest will be levied on net cash tax liability before the change in section 50 of Central GST Act, 2017 Get to know about GST levy terms on disposal of the company’s capital goods under the CGST […]
Almost all the world economies have been looming with economic slowdown and crash. Also, there are companies that have postponed their salary payments and also held the payments of the vendors. With this never before situation, there are doubts and queries in the market and companies on the tax liabilities of the business units. Here […]
