Today you need to file your income tax returns attentively and on time if you are a citizen of India with a source of income. The consequences of failing to file your taxes might be severe. Your income will be…
An individual may pay more tax than they are obligated to pay at times. You can seek an income tax refund if your advanced tax or tax deducted at source (TDS) is greater than the amount you owe. ITR refunds…
The spread of COVID-19 appears to be slowing in India, but the pandemic’s economic impact is still being determined as new waves of COVID-19 infection emerge locally. As a result, any revenue impact of covid-19 on GST collection in India…
Refund application time limit changed: The refund claim of ITC on inward supplies can be made only within 2 years from the last day of the quarter in which supply was received. Earlier, it was 2 years from relevant date.…
Rationalization of provisions of TDS on sale of immovable property In order to remove inconsistency, it is proposed to amend section 194-IA of the Act to provide that in case of transfer of an immovable property (other than agricultural land),…
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In this part, we shall discuss the clause (b) and clause (c) of Section 7 of the CGST Act 2017 Section 7, (For the purpose of this section, supply includes………As per clause (b ) of Section 7 of the CGST…
Under the Indirect taxes mechanism, the taxes are levied at every stage of value addition. This is applicable in case of supply of goods as well as services. Thus it is important to understand that tax and the value addition…
The determination of taxability of transactions, involving multiple goods or services or a combination of goods and services has always been a challenging aspect under the indirect taxes. As far as the Pre-GST regime was concerned, the taxable events like”…
The online platforms like Quora, Reddit and similar other are overflowing with questions like – Do I need a GST number for my small business? Who are liable to register under GST in India? How to register for GST in…