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Search results for: IT Act

Eligible for Exemption Under Section 54F Regarding Investment

Exemption Eligibility Available Under Section 54F for the House Property Investment in the USA: KAR HC

According to section 54F of the Income Tax Return (ITR) The income tax department has declared that ITR 1, 2, 3, 4, 5, 6 & 7 for AY 2019-20 is now available for e-Filing and soon other ITRs will also be available, the assessee is free to do the investment in the house property in […]

Make Application Before GST Council for Transition Credit Issue

Petitioner Allowed for an Application Before GST Council on the Transition Credit Issue: RAJ HC

The Rajasthan High Court in a matter of the transition credit issue permitted the petitioner to make an application before the Good and Services Tax Council. It comes in the case of Obelisk Composite Technology LLP Vs. Union of India & Others. The Petitioners reached High Court seeking permission to furnish Form TRAN-1 Get the […]

Income Tax Provisions of TCS

Know Applicable New IT Provisions of TCS from 1st October 2020

Here we will go through all the latest tax collected at source (TCS) provisions as listed by the tax department. The department has made clear all the points in detail. The Finance Act 2020 has launched three new provisions under Tax collected at source The Central Board of Direct Taxes (CBDT) has amended the provision […]

Searches in Srinagar & Kupwara by IT Department

IT Dept has Implemented Contemporary Research & Operations in Srinagar/Kupwara

In the current case of three prominent businessmen in Srinagar and Kupwara on 2nd September 2020, the income tax administration has implemented contemporary research and operations. The case consolidated about the undisclosed amount and the operations have prima facie seizure of unaccounted assets and incriminating proof and relationship in unnamed transactions by certain groups. In […]

GST Registrations Under Scrutiny with Normal Collections

Chandigarh Brings 138 Registrations Under Scrutiny While Having Normal GST Collections

Recently Haryana has zeroed in on 138 new enrolled taxpayers for the state under GST for doubtful transactions said by The tax research unit (TRU) of the excise and taxation department. The taxpayers will be determined from the information analytic ability of TRU. The speaker of the state in the excise and taxation department states […]

ITR Filing Status Check Option for Commercial Banks

Income Tax Return Filing Status Option for Commercial Banks: CBDT

The Central Board of Direct Taxes in accordance with the powers conferred in section 138(1)(a) of Income Tax Act, 1961, has ordered in F.No. 225/136/2020/ITA.II dated 31.08.2020, for developing the data for IT return filing status Get to know easy guide to check income tax return status online by two methods on the income tax […]

GST Portal New Option for TCS and Composition Taxpayers

New Facility in GSTR 8 for TCS & Composition Taxpayers on GST Portal

Recently the goods and services network portal has made some facilities available for all the composition and tax collected at source (TCS) taxpayers in the form. This has made some relaxation in the filing procedure for the taxpayers. Here we have detailed those introduction changes in the post, Check out them: Preparation to proceed the […]

No GST Charge on Construction Service Provider

NAA: GST Charges Against Construction Service Provider Null

The National Anti-Profiteering Authority has not determined the construction service provider, M/s Aryan Hometec guilty of profiteering. The petitioner says that he buys a flat in the project named as Aryan fountain square and states without any proof which includes VAT and service tax in MRP for flat during the booking and demanding 12% GST […]

GST Collection August 2020

GST Collection in August 2020 Declined to ₹ 86,449 Crores

The Finance Ministry released a statement on Tuesday and stated that GST collection declined for the second consecutive month to ₹ 86,449 crores in August. The August collection on a year-on-year basis was down 12%, compared to Rs 98,202 crore reported in the same month last year. Of the gross collection, Central Goods and Services […]

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