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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 […]
India is said to induce natural gas in the goods and services tax (GST) regime to mark prices lower and uniform all over the country, commented PM Narendra Modi. “We are committed to bringing natural gas under the GST regime; I want to tell the world come invest in India’s energy sector,” he commented. He […]
Any individual or a Hindu divided family other than the person referred to the second provision to section 194-I, who is responsible for furnishing to the resident any income through the rent of more than Rs 50000 for a month or a section of the month in the preceding year, then the amount cut is […]
The Goods and Services Tax Network (GSTN) has approved the functionality to implement the Letter of Undertaking (LUT) for the fiscal Year 2021-2022 on the GST Portal. Any enrollment individual claiming the option to provide the goods or services towards exporting the Special Economic Zone (SEZ) Get to know the complete details of supplies given […]
The National Informatics Centre (NIC) has given a list of GSTINs on January 27, 2021, for whom e-invoicing will be compulsory. There are 73308 GSTNs which are listed through the NIC to which it is compulsory for the assessee to upload the invoice information and enroll the supply transaction on the portal of the government […]
The firms said to the Delhi high court that the National Anti-profiteering Authority (NAA) was not following the left process of law and was not starting the left procedure inside law with respect to them when there was no cut in the goods and services tax (GST) rates or any rise in the ITC. The […]
From an indirect tax point of view, Budget 2021 made various announcements focusing primarily on two key aspects, namely punishing fraudulent transactions and reducing compliance burden. Among the many amendments proposed under GST, three main amendments that require serious deliberation by taxpayers are: Rationalization of annual GST compliance Amendment of provisional attachment provision Amendment of […]
The Income Tax Appellate Tribunal (ITAT), Chennai ruled that simple interest received for late payment will not be recognized as income made through the business operations, entitled for deduction. Via taxpayer owner of M/s NLC India Ltd appeal for the assessment, years is the disallowance of the additional income for calculating the deduction under section […]
The registration of the GST officer will need to get canceled of those assessees whose sales return or GSTR-1 form reveals “significant differences or anomalies” from the return furnished through the suppliers a move to target at curbing the tax theft and securing the revenues. The CBIC has issued a Standard Operating Procedure (SOP) towards […]
