Revenue shared with franchise doesn’t attract TDS liability U/S 194I if no actual services were rendered: The case of Addl CIT Vs. VLCC Health Care Ltd. (ITA No. 4414/DEL/2017) decided by the Delhi Income Tax Appellate Tribunal addresses the issue of whether revenue shared with collaborators or franchisees under a Joint Venture Partnership model attracts …
Self-invoicing, Time of supply for registered & Unregistered suppliers under RCM The recent changes effective from 1st November 2024 in the GST framework related to Self-Invoicing and the Time of Supply of Services under Reverse Charge Mechanism (RCM) introduce more structured timelines and compliance requirements. These changes aim to streamline compliance, especially in Reverse Charge …
CBIC ๐ก๐ผ๐๐ถ๐ณ๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป:ย ๐๐ฆ๐ง ๐ฅ๐ฒ๐๐๐ฟ๐ป ๐๐ฎ๐๐ฒ ๐๐ฒ๐ฒ๐ ๐ช๐ฎ๐ถ๐๐ฒ๐ฑ The Central Board of Indirect Taxes and Customs has issued a notification waiving late fees for filing GST Returns (FORM GSTR-7) after the due date, as per the Central Goods and Services Tax Act, 2017. Below are the key highlights of the notification: The waiver applies to any …
What is Penalties for Non-compliance of MCA Notification on Audit Trail (Edit Log) w.e.f 1st April 2023 The penalties for non-adherence to the MCA Notification on Audit Trail (Edit Log), effective from April 1, 2023, are stringent and cover companies, their officers, and auditors. For Companies: Penalty for Non-Compliance (Section 128(5)): A company failing to …
CBDT Guideline: Apply for condonation delay in filing ITRs for claims refunds or C/F losses New guidelines issued by the CBDT streamline the process for condonation of delay in filing ITRs specifically for claims related to income tax refunds or carrying forward losses. These Guideline Rules, which override all previous Income Tax instructions, grant different …
GST treatment on cross-border advertising services offered by Indian companies to foreign clients The Circular No. 230/24/2024-GST, dated 10th September 2024, provides significant clarifications on the GST treatment of advertising services offered by Indian companies to foreign clients. This circular addresses important concerns related to the status of intermediaries, place of supply, and classification of …
CBDT notifies Rules & Forms for Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024). The Central Board of Direct Taxes (CBDT) has officially notified the rules and forms for the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024). This scheme, first introduced by the Hon’ble Finance Minister during the Union Budget 2024, …
HSN(harmonized system of nomenclature) and SAC codes (Services Accounting Code) in Goods and Services Taxย Under GST, all goods and services supplied in India have been classified – Goods are classified under the HSN Code(harmonized system of nomenclature) and Services are classified under the SAC Code(Services Accounting Code). Based on the HSN or SAC code …
Union Cabinet approved the Unified Pension Scheme (UPS) The Union Cabinet, led by Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS), which guarantees a pension of 50% of the average basic pay from the last 12 months before retirement, provided the employee has served for at least 25 years. The scheme also offers …
New GST Ledger from Aug 2024| RCM Liability and ITC Statement To aid GST Taxpayers in accurately reporting Reverse Charge Mechanism transactions, the GST Portal has introduced a new statement called the “RCM Liability/ITC Statement.” This statement is designed to improve accuracy and transparency in handling Reverse Charge Mechanism transactions by capturing the following: RCM …