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New changes and some additions have been implemented inside the goods and services tax plan through the 14th GST amendment rules 2020. The article concentrates on the important rule inserted with respect to the input tax credit which has effected from 1/01/2021. A new rule has been inserted in 86B which reveals that the division […]
It is expected that the forthcoming budget i.e. Budget 2021 may unveil a unique and continuous framework for the speedy resolution of all the disputes concerned to direct taxes. As per online sources, a person familiar with pre-budget discussions revealed that The government is thinking on all the available options which include arbitration or a […]
Gujarat Authority of Advance Ruling (AAR) has mentioned that the Selling of machinery to bring 18% GST on commission income from Japan in foreign currency. The petitioner is the owner of Dharmshil Agencies where the agreement has done with Tsudakoma Corporation, Japan to sell the machinery with respect to the specific services, they are collecting […]
The government has developed a specific unit for doing the investigation throughout the country concerning the undisclosed assets kept by Indians overseas and hold of black money abroad. In recent times the Foreign Asset Investigation Units (FAIUs) had made 14 directorates of the tax department for the examination which is situated in numerous parts of […]
After extending the last date for return filing three times this year, finally, the I-T department has rejected requests for further extension of the due date for filing tax returns. The department also said that India has been more generous in providing extra time than other countries and this taxpayer’s obligation cannot be delayed indefinitely. […]
31st July is the due date for filing the ITR for FY 2023-24 for the assessee. A penalty will be imposed if you do not file the ITR within the due date however some other consequences and issues relevant to the delay. Through the below points, we can understand the same. Fine for Late Filing […]
Myth 01: The bigger number of the assessee will be influenced by the rule. Fact: For several privileges such as exporters, suppliers of goods of inverted duty structure, assesses who have a footstep in the Income Tax database, etc. it is thought that this rule will be applied to only 0.5% of the total assesses […]
Under the secondment contract, the Customs, Excise, and Service Taxes Appellate Tribunal (CESTAT) ruled that there will be no tax applied to the employees. The petitioner is the owner or the northern operating systems Pvt ltd and is registered under the council for releasing the service tax beside the categories of “Manpower Recruitment Agency Service”, […]
According to the assessee, the government has prolonged the deadlines for the income tax goods and services tax along with Vivad se Vishwas direct tax conflict intention policy with context to the view of the challenges which is raised because of Covid-19 pandemic. “Considering the problems being faced by the taxpayers, it has been decided […]
