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Since from 1st April 2021 it is important for the GST assessee who posses the turnover exceeds 5 cr in the before fiscal year, to file 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) upon the invoices provided for the supplies of taxable goods […]
Due to the difficulties faced in the prevailing COVID-19 pandemic, The Central Board of Direct Taxes ( CBDT) has extended the deadline/last date for linking the Aadhaar number with Permanent Account Number (PAN) from 30th September to 31st March 2022. Note: PAN and Aadhar linking date extension of 6 months in 45th Council Meet The […]
The simplicity of implementing the business for MSMEs: it will not affect the businesses whose turnover is Rs 50 cr to generate the e-invoices however towards the micro and small businesses who do not invest in technology and do not have the digital systems, as per the President, Federation of Indian Micro and Small & […]
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. […]
The income tax Appellate Tribunal (ITAT) stated that the AO is taking the rental income via commercial properties as the income beneath the head ‘House Property’ rather than the Income from Business. The taxpayer is the owner of Discovery Estates Pvt. Ltd. which owned the construction businesses of the commercial complex and also earning the […]
When the Goods and services tax (GST) regime was made on July 1, 2017, the commercial tax department recognized an 85% rise in the number of assessees who denied filing the returns. The council also mentioned a rise in the number of cases in which tax left still not have been furnished from the last […]
Honourable Madras High Court in “Quantum Coal Energy (P) Ltd. Vs Commissioner, Office of the Commissioner of Customs” quashed the imposition of Penalty under Section 112(a) or 114AA of the Customs Act, 1962 stating the reason that ‘Show Cause Notice’ was not issued by Proper Officer. The Honourable court held that an officer who did […]
With respect to the last year, the corporate houses have furnished over 20% more tax this financial year with respect to the last year as per the information available through the Central Board of Direct Taxes (CBDT) as of March 25. In the top 10 list, HDFC bank leads with paying Rs 12050 cr in […]
The Central Board of Direct Taxes (CBDT) has once again delayed the “Tax Audit Clause 30C and 44” till the date 31st Mar 2022 due to the pandemic COVID-19. For the fourth time, The CBDT has once again provided an extension to the aforesaid due date for filing Form 3CD. As per the Income Tax […]
