Section 285BA—Statement of Financial Transactions (SFT) The Statement of Financial Transactions (SFT) is a document or report that provides a comprehensive overview of an entity’s financial transactions over a specific period. It is a critical component of financial reporting and is typically prepared by businesses, organizations, and government agencies to accurately depict their financial activities …
Summary of Deductions U/S 80C, 80CCC, 80CCD & 80D SECTION 80 DEDUCTION SECTION DEDUCTION ON ALLOWED LIMIT (MAXIMUM) FY 2018-19 80C INVESTMENT IN PPF – EMPLOYEE’S SHARE OF PF CONTRIBUTION – NSCS – LIFE INSURANCE PREMIUM PAYMENT – CHILDREN’S TUITION FEE – PRINCIPAL REPAYMENT OF HOME LOAN – INVESTMENT IN SUKANYA SAMRIDHI ACCOUNT – ULIPS …
New Monetary Limits for Condonation of Delayed Filing of Refund Claims & C/F Losses Central Board of Direct Taxes has issued new monetary limits in respect of condonation of delay in filing refund claim and claim of carry forward of losses u/s 119(2)(b) of the Income-tax Act, 1961. Now Lower Income tax authorities empowered to …
OVERVIEW OF TYPES OR KIND OF GST REFUND TYPES OF GST REFUND Refund of unutilized input decrease(ITC) on account of exports without payment of tax A. The amount of refund shall be the smallest amount of: Zero Rated Turnover/Adjusted Total Turnover * Net of ITC Balance-standing in the Electronic Credit Ledger at the time of refund …
NRI : Filing of Tax deduction at source & tax returns Whether tds u/s 194IA required to be deducted as property is owned by co-owners but stamp duty value is 51lac ? TDS (Tax Deducted at Source) under Section 194IA is required to be deducted if the value of the property transferred (as per stamp …
GST Registration may not be cancelled by merely describing it as “Bogus”. The word “bogus” has not been used by the law: High Court GST Registration could be cancelled only if one of the 5 statutory conditions of Section 29(2) is fulfilled. Complete Section 29(2) of GST Act (2) The proper officer may cancel the registration …
Big relief for charitable institutions or religious trusts : CBDT Circular 6 of 2023 The Central Board of Direct Taxes Extension of Timeline date of submission of Filing of Form 10AB & Form 10A extended to 30.09.2023. Income Tax section 115TD not applicable on applications made till 30.09.2023 All pending applications in Income tax Form 10AB …
New TCS Rate Change w.f.t. 1 July 2023 TDS Rate Overview of Tax Deducted at Source (TDS) Forms TDS Certificate Form Sr. No Form Number Description 1. FORM- 16 TDS Certificate of Salary 2. FORM- 16 A TDS Certificate for Income other than Salary 3. FORM- 24Q Quarterly statement of deduction of tax under sub-section(3) …
In case Want to update your address, business’s name, other details in the GST Registration Modification in GST Registration information: Businesses that offer goods with a sales of more than INR 40 lakh & Services with a Sale of more than INR 20 lakh must register for GST. After registration with the 15-digit GSTIN & …
GST Dept discovered 5k (Appx)Cr. of fake billing scandal. Investigators have discovered that at least 25% of the estimated Rs 20,000 crore of bogus billing took place in Gujarat, in a key breakthrough in the Bhavnagar fake billing scandal, which entailed altering with the Aadhaar data of unsuspecting people to fraudulently get GST registrations in …