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Search results for: section 54

Tax Exemption to 5 Foreign Companies

SWFs: Exemption to 5 Foreign Companies U/S 10 of Income Tax Act

To counter the recession which Indian Company is going to face, Government has opted for an alternative path of kickstarting the economy by relaxing tax measures on companies that are bringing huge Foreign Direct Investment in the Infrastructure of the Indian Economy. One such decision has been taken by the government by providing tax exemption […]

CBIC Launches Electronic Portal for GST Services

CBIC: New Common Electronic Portal for Smooth Workflow of GST Compliance

Gone are the days of struggling with complicated workflows. Now Individuals, who are related directly or indirectly to GST-related activities or compliance don’t have to wander here and there. The Central Board of Indirect Taxes and Customs (CBIC) has launched the Common Customs Electronic Portal for fine-tuning the workflow of various GST-related compliances and services. […]

Eligibility of Transitional Credit Not Under Advance Ruling

TN AAAR: Transitional Credit Eligibility Out of Advance Ruling Ambit

The Tamil Nadu Appellate Authority of Advance Ruling (AAAR) held that the problem of eligibility of Transitional Credit is not within the purview of the Advance Ruling. The petitioner Shapoorji Pallonji and Company Private Limited seeks the advance ruling upon the problem that the Transitional Provision under Section 142(11)(c), (Chapter XX) of TNGST Act, 2017/CGST […]

|Telangana HC Orders Panel to Continue Accepting Applications

TG HC: I-T Settlement Commission to Accept Application U/S 245(C)

Telangana High court has urged that the income tax settlement commission allow the application of settlement beneath section 245 (C) in the Income-tax act. In the writ appeal, the order has been passed via Green city Duke’s estates where it directs that during the section carried in the income tax act. The income tax settlement […]

No Need to File GSTR 9C Audit Form

FM Trashed Audit Reconciliation GSTR 9C Form in Budget 2021

The finance minister of India Nirmala Sitaraman during the presentation of the budget 2021 i.e today inside the parliament said to ignore the need of filing the GSTR audit report in the GSTR-9C form. The assessee is needed to file the GSTR-9C reconciliation statement Get the easy guide to GSTR 9C along with complete online […]

18 Percent GST Rate for Employees If Skipping Job

Pay 18% GST If Employee Exits Without Completing Notice Period

The Gujarat Authority for Advance Rulings (GAAR) has stated that an employee who is leaving a company without completing their notice period will have to pay 18% Goods and Services Tax (GST) on the recovery of salary. This decision comes into a case related to the Ahmedabad-based export company “Amneal Pharmaceuticals” which took an advance […]

Know All Govt Steps to Control Fake GST Registrations

Is Govt in Form to Stop Fake GST Registrations? Check All Steps

The government is taking the actions with respect to the declarations done by the GST department written in Notification No. 94/2020 – Central Tax, which notifies the CGST (Fourteenth Amendment) Rules, 2020. The GST enrollment concerned procedure is changed by the notification besides providing extensive authority to cancel or suspend the existing enrollment of the […]

CPC 2.0 Jhatpat Processing for ITR 1 and 4

File ITR for AY 2020-21 with CPC 2.0 (Jhatpat Processing)

As per a tweet from IT department’s official twitter handler “File Karo Jhat Se, Processing Hogi Pat Se”, the department is ready to introduce a new technologically upgraded platform CPC 2.0 for faster processing of ITRs. And the filing of Income Tax Return for financial year 2019-20 (AY 2020-21) will be processed on CPC 2.0. […]

Issue Due to Auto ITC with Warning

New Problem for Traders from Auto-Generated GST ITC with Warning

There is once again fear has attained out for the traders because of the new Delhi goods and service system (GST) as per section 36(4). There is anger for the same rule among the traders as it is called an anti-trade rule from its start. Due to covid-19 from February to August, it was stopped, […]

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