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During the lockdown, some issues related to Special Economic Zones (SEZs), Export Oriented Units (EOUs), and some general policy have been put forward by stockholders and now on May 15, 2020, the Director-General of Export Promotion (DGEP) clarified all of them in a circular released by the Ministry of Commerce. The circular clarified several issues […]
In a recent event, some sources hinted that the Government can provide a big relief regarding the problems people face in paying GST due to the effect of lockdown and Covid-19 pandemic. They said that the Government can allow GST Payment in EMIs, so taxpayers and business houses can pay GST in installments. One more […]
CBDT recently released notification and said that TDS rates on 23 items have been reduced, It also released the revised TDS and TCS rates which will be applicable from yesterday throughout the current FY i.e. till 31st March 2021. It happens by following the recent announcement made by finance minister Nirmala Sitharaman, in response to […]
Almost all the world economies have been looming with economic slowdown and crash. Also, there are companies that have postponed their salary payments and also held the payments of the vendors. With this never before situation, there are doubts and queries in the market and companies on the tax liabilities of the business units. Here […]
As you know already that the Release of GST Collection data for April month has been postponed. And now in this matter, Finance Secretary Ajay Bhushan Pandey on 13th May stated that the clear picture of the GST collection of April month is possible only on 30th June 2020. 30th June is also the last […]
In hearing for an appeal the ITAT stated that even if the onus is cast upon the assessee to prove their received cash credits, the tax authorities need to go through the documentary evidence which is represented by the assessee, before making additions in cash credit Under section 68 of Income Tax Act, 1961 Get […]
In a Controversial issue Authority Advanced Rulings (AAR) Karnataka Bench comes up with a ruling on 4th May and it states that The salary of a director in a company is not liable to be taxed under GST. However, This ruling by AAR Karnataka is opposite to a ruling given by the Authority of Advance […]
The Government revised the Income-tax rules and with this amendment, the authorities can now try to resolve the Mutual Agreement Procedure (MAP) disputes within the 24 months. This step has been taken for faster resolution of cases related to multinational corporations who have opted to the alternative process for resolution of the tax-related disputes. The […]
As per the recent update, the registered persons were facing certain challenges or issues in the implementation of provisions of GST Laws, and on 06th May 2020 CIBIC which stands for the Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the […]
