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AAR is an acronym of Authority on Advance Ruling in Karnataka, In a recent matter, AAR stated that the tax invoice can be issued with Integrated Goods and Service Tax( IGST) to customers for the interstate transaction in the case where the goods are directly dispatched from the port of import with invoicing completed from […]
The Authority of Advance Ruling (AAR) stated in a ruling that all the goods supplied under the Turn-key Contract– having some independent contract- out of which those contract that does not come under the nature of works contract, will not be categorized under the value of the contract- in the nature of works contract just […]
This article is going to be helpful for taxpayers confused about the provisions under Sections 111A, 112, and 112A of the Income Tax Act, 1961 regarding the capital gains taxes of Shares, Debentures, Mutual Funds, and other types of movable and immovable properties. Need Demo of Income Tax Compliance Software Section 111A Under Income Tax […]
Income Tax Department of India issues a unique alphanumeric number called Permanent Account Number (PAN) under section 139A of Income Tax Act, 1961. Section 139A also contains some provisions related to the (PAN) that are required to be complied with. In case of failure, the penalties are to be imposed on the defaulter. All these […]
Section 286 and 271GB of IT Act Under section 286 of the Income Tax Act, there are certain entities that are obliged to file a report in regard to the international group. Any failure in furnishing the reports with valid information and on time will lead to penalties. The penalties are mentioned under section 271GB […]
As per norms u/s 206C of the Income Tax Act 1961, it is a prime requirement for a certain category of sellers to collect TCS from a certain category of buyers at the rates prescribed by the government. On failure to collect the TCS from specified buyers, the sellers are liable to pay a huge […]
Goods and Services Tax (GST) rate cut has been sought for the white goods by the concerned sector from the Budget 2020 along with the incentives for manufacturing goods locally from the same. “Make in India” incentives are sought for the consumer durable from 1st February i.e. with the application of the Budget in order […]
As an initiative to boost the digital payments and bolster the cashless economy, the Government of India has introduced a new provision Section 269SU Prescribed Electronic Mode and subsequently notified Rule 119AA through the Finance (No. 2) Act, 2019 that prescribes certain electronic modes of payments as a mandatory facility for costumers to be given […]
Proposals for Goods and Services (GST) rate cuts on Active Pharmaceutical Ingredients (APIs) in consonance with pharma formulations have been put forth by Industry body Confederation of Indian Industries (CII). Additionally, the demands for exempting all goods obtained by drug manufacturers for research and development from GST has also been made by CII in its […]
