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The Income Tax Department is sending notices to the Directors of the private limited companies owing to the company’s tax dues. As far as tax issues are concerned, the director is now the face of the company for the tax department. Such notices are sent to the Directors based on the law u/s 179 of […]
In the current hearing of M/s Neva Plantation Private Ltd. vs. ACST-cum-Proper Officer North Enforcement Zone, Palampur, the Himachal Appellate Authority commanded penalty for the taxpayer in accusation for not covering all the documents (i.e. not generated E-way bills) while transporting the goods. The appellant is a private firm registered under the name M/s Neva […]
The Madras High Court, while permitting the Writ Petition, has stated that the GST Department could be demanded interest only on the cash component of the tax remitted with delay, but not on ITC available. The judgment was passed by Dr. Justice Anita Sumanth, bench member, regarding the case between M/s. Refex Industries Limited Vs. […]
What is Corporate Tax? Corporate tax is a direct tax applicable to all the companies registered under the Companies Act of India and they are required to pay the corporate tax as per the rate decided by the Ministry of Corporate Affairs. The Corporate Tax rate cut was one of the sensational happenings of 2019. […]
Ministry of Corporate Affairs stated that forms NDH-1, NDH-2 & NDH-3 with substituted forms and further revised form NO. NDH-1- Return of Statutory compliance, form NO. NDH-2 Application to extend time along with form NO. NDH-3 return for Nidhi company for 6 months. Let us go through the complete notification issued by the government of […]
As mandated by the constitution of India, Income tax return filing is a foremost requirement by all registered taxpayers in India. Thanks to the outbreak of technology in India, the ITR filing can now be done via both Online and Offline modes. E-filing or electronic filing is the newly inaugurated process for filing online Income […]
Paying heed to the current analysis given by the Income Tax Department on Thursday only 1.46 crore people in the country are under tax-paying net. The said analysis is the affair of the day following the statement of country’s Prime Minister Mr. Narendra Modi who said that out of 130 crore people only 1.5 crore […]
Budget 2020 had many surprises but one thing which is getting most of the attention is that It now allows a taxpayer to choose between the existing income tax regime and a new tax regime every year as per their convenience. While the existing income tax regime features availing benefits of tax exemptions and deductions, […]
Regarding an application filed by the application, the Maharashtra Authority of Advance Ruling (AAR) stated that “Goods and Service Tax (GST) given by any co-operative housing society toward the maintenance charges, which is paid by its members are not eligible to claim the Input Tax Credit (ITC) in the case of replacement of existing elevator […]
