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The new e-invoice system has brought the policy in which there is no need for data entry of purchase invoice to be done by the buyer. The e-invoice states that the invoice will be shared electronically and viewed among the accounts department of the buyer. The invoice will present in the system before the arrival […]
Section 194IA of the Income Tax Act 1961 states that tax should be deducted at source, during the sale of the property, by the buyer from the payment made to the seller. TDS is required to be deducted during the sale of every type of property except during the sale of agricultural land. TDS will […]
The Income Tax Appellate Tribunal (ITAT) recently come up with an order and allowed income tax deduction on payment to Employees come under the voluntary Retirement Scheme (VRS). This order has come in a case where a company Foseco India Limited is the appellant and it is in the business of manufacturing and sale of […]
The GST (Goods and Services Tax) Council had decided to provide a late fees waiver facility for the assessees who have not paid their GST returns from July 2017 till March 2020 on the condition that all such assessees will file their returns from 1st July 2020 till 30th September 2020. A lot of assessees, […]
The Central Government recently cleared the confusion over GST on Company Directors. The authorities also reflected their concerns regarding held-up input tax credit refunds A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India. Read More, it is an issue that […]
As per the recent update from the income tax department, the department has notified about the revised form 26AS which is mainly utilized for collection of the tax collected or basically tax deducted at source under which there will be details such as property and share transactions. The revised form 26AS is now a detailed […]
Due to the COVID-19 pandemic and countrywide lockdown, the last dates of various compliances have been extended. After the Central government, the State government of Tamil Nadu is also on its way to extend the last dates for various GST compliances due to the Covid-19 The union finance minister Nirmala Sitharaman has finally taken some […]
There were rumours that the Government will reduce the GST rates Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab rates like 5%, 12%, 18% and 28% for six months to boost demand after the lockdown, but if we take some time and think about […]
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 […]
