Time Limit Imposed for Invoice Reporting on IRP Portal The Government has imposed a time limit on reporting of old invoices on the IRP portal. This applies to individuals who have an Aggregate Annual Turnover equal to or exceeding 100 crores. Such taxpayers will not be allowed to report invoices that have exceeded 7 days …
Clarifications/ Guidelines Issued By CBDT on Section 194R 1). The deductor is not needed to check whether the amount of perquisite/ benefit that he is providing would be taxable in the hands of the recipient under section 28. Income tax Section 194R casts an obligation on the person responsible for providing any benefit or perquisite …
ITR: Do you want to file Income tax Return without Form 16? Then you have to know about it According to New FY 2023-24 begins, In India, salaried person must file their income tax returns (ITR). Form 16 is commonly used by the salaried class to file Income Tax Return, but it is not always …
Latest Update on Input Tax Credit under GST by the CBIC It was urged by the Supreme Court, that the GST council shall provide a special note to issues arising within the GST Act and also provide for a solution in respect of the formula for the assessment of claiming GST refund. CBDT provided that the taxpayers are quite liberalized …
Overview on “How is TDS (Tax Deducted at Source) Applied”? As the new income tax administration system takes effect, employees will have various concerns about their taxation, including the issue of tax deducted at source, which could be complex if a person is not knowledge about taxation and accounting with finance. The new tax regime …
CBDT Started mobile Application called “AIS for Taxpayer” for Assesses to provide TDS and AIS : As we know, income tax tries to give Income tax statement in Form No. 26AS. Annual Information Statement is a much detailed one with more details included- ex: All mutual fund transactions & Saving account Interest during the year …
SEBI recently developed the concept of Social Stock Exchange. Social Stock Exchange (SSE) is a separate segment of the existing Stock Exchange, that can help Social Enterprise(s) to introduce funds from general public via stock exchange system. Social Stock Exchange will act as a medium between fund providers & Social Enterprises and that can support …
PERSON NOT REQUIRE TO LINK AADHAR – PAN CARD General terms of Aadhar card It is a 12-digit unique number issued to citizens of India by the Unique Identification Authority of India (UIDAI) after finishing an individual’s verification process. Regardless of age and gender, anyone who wants to obtain a uniform identification across the country can …
Distribution of free samples & gifts is treated to be supply under Goods and services tax Q: – Whether distribution of free samples and gifts is treated to be supply under Goods and services tax ? Ans: It is a Normal Practice among particular sections of industry & trade, Like that, pharmaceutical firm which often provide drug …
RECTIFY GSTR-1 TO SHOWN CORRECT SUPPLY IN B2B INSTEAD OF B2C RECTIFY YOUR ALL GST RETURN AT YEAR END VIA FILLING GSTR 9 & 9C WITHIN DEADLINE Goods and Services Tax Network issues Advisory on New Tables added in GSTR-1 -live on GST portal The Goods and Services Tax Network issues Advisory on New …