GSTN: Advisory on Hard Locking of auto-populated values in GSTR-3B The Goods and Services Tax Network issued an Advisory on 17th October 2024 related to the hard locking of auto-populated values in GSTR-3B. The advisory highlights recent improvements in the Goods and Services Tax return filing process aimed at reducing human errors and enhancing accuracy …
Disallowance Section 40(a)(ii) of Indian / Domestic Taxes: What is Section 40(a)(ii) & its Disallowance? The provision you’re referring to, which deals with disallowance of expenses due to failure to deduct TDS, actually falls u/s 40(a)(ia) . It seems there might be a mix-up regarding the specific provision you’ve mentioned. Section 40(a)(ii) actually deals with …
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 …
Complete Overview Analysis of its scope, applicability, & Importance of Section 50D Section 50D of the Income Tax Act is a key provision that deals with the valuation of capital assets in situations where the consideration for the transfer is either not ascertainable or inadequate. Sec 50D of the Income Tax Act applies when the …
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 …
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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 registered person required to deduct tax at source under section 51 of the CGST Act. This waiver will come into effect from November 1, 2024.
GST Waiver Details:
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 …
Tax Deducted at Source rates chart proposed in Union Budget 2024 have been approved in the Finance Bill: Budget 2024 introduced several tax reforms & Income Tax amendments, which were ratified in the Finance Bill and became effective from Oct 1, 2024. Some of the key changes include revised TDS rates and adjustments to other …
