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Under section 271B of the Income Tax Act, 1961, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has deleted the tax penalty with respect to Air India Air Transport Services Ltd, a subsidiary of Air India. The taxpayer possesses the Public sector company act and needs to submit its audit report in Form […]
For late TDS issuance of the certificates by deductors including individual deductors, Budget 2022 has urged to increase the penalty. The decision taken by the budget is to increase the penalty of Rs 500 per day from Rs 100 per day. In the major times, the employers and financial institutions such as banks and others […]
Inside the Income-tax act, 1961 section 115BAA was introduced via Taxation Laws Amendment Act 2019, so as to make the tax laws easier under which the companies were provided with the option to pay the tax at diminished rates. Under section 115BAA (5), after this option came into force would then be applied to the […]
All the firms enrolled beneath the companies act 2013 or previous acts are needed to furnish the financial and yearly return through the Ministry of Corporate Affairs. The forms to furnish the financials and yearly return are prescribed beneath section 137 and section 92 correspondingly of the companies act 2013. Annual Filing AOC-4, AOC-4 XBRL, […]
AOC 4 is an E-form that companies need to file on a yearly basis to file their financial statement and other documents with the ROC. Every registered company is compulsorily required to File AOC 4 for the end of the financial year. The generated AOC 4 has to be submitted by the company within 30 […]
The restaurants along with the food delivery sector have asked for the goods and service tax(GST) on the home delivery of foods and lessen to 5% from 18% so as to enhance the $3 billion division. A 13% more price on similar food and beverages is being given by the customers with respect to the […]
GST has been prone to many tax evasion techniques since its commencement in India in 2017, as a well-developed system that can completely barricade the areas open to profiteering via bogus invoices for availing extra credit and truncate the tax liability is still absent. In the recent few weeks, the Income-tax department has issued notices […]
Enrol your name for a 4 day advanced certified training course on GST presented by Ministry of MSME (Micro, Small and Medium Enterprises). It is a clear opportunity to learn about GST at a much-advanced level. The training starts from 29 June 2019 in some of the prime cities like Ahmedabad, Jaipur, Agra, Cochin, Lucknow, […]
In response to a plea filed by KTC (India), a travel & tour’s operator, against the Special Audit notice of GST, the Delhi High Court has recently issued a notice asking Centre to declare Rule 5A of the Service Tax Rules, 1994 as unconstitutional and inoperative.
