No required to pay interest & penalty on GST tax demand; conditional waiver from Nov 1, 2024 Central Board of Indirect Taxes and Customs has introduced Section 128A into the Central Goods and Services Tax Act, 2017 effective from November 1, 2024. This provision grants GST Taxpayers relief from interest and penalties on non-fraudulent Goods …
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 …
Extension of last date for payment of Membership/COP fee for the year 2024-25 to 31st December 2024 Council of ICAI has decided to extend the last date for payment of the Annual Membership/Certificate of Practice (COP) fee for the year 2024-25 from 30th September 2024 to 31st December 2024. This extension is granted due …
No ITC reversal is required when unsecured loans remain loans (not considered supplies). Under GST laws, Input Tax Credit reversal is mandated in cases where goods or services are used for non-business purposes or for making exempt supplies. Since unsecured loans are not considered as “supplies” under GST, the Input Tax Credit availed on inputs …
Whether digital gift cards are Virtual Digital Assets ? Meaning of Virtual Digital Asset : Definition of VDA: Section 2(47A) of the Income Tax Act defines a VDA as any digital item like data, code, numbers, or tokens (excluding Indian or foreign currency) created using cryptography or other methods. This includes non-fungible tokens and other …
FAQs related to Tax Residency Certificate: Do I need a Tax Residency Certificate to get tax treaty benefits, and can I be denied these benefits if I don’t have a TRC? Yes, a TRC is mandatory to claim tax treaty benefits under Section 90(4) / 90A(4) of the Income Tax Act. Without it, you may …
The Section 87A Story : The Section 87A Mystery The changes in the interpretation of Section 87A, particularly regarding the New Tax Regime after July 5th, 2024, have indeed caused confusion and tax demands for many taxpayers who filed their Income Tax Returns before the updated interpretation was implemented. This sudden change in the interpretation …
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, …
Changes are set to take effect from 1st September 2024 Starting in September 2024, taxpayers in India will need to adjust their GST return filing practices due to significant changes aimed at enhancing compliance and financial reporting, according to a Hindustan Times report. Chartered accountant RJA highlighted several updates, which align with Notification No. 12/2024 …
HSN(harmonized system of nomenclature) and SAC codes (Services Accounting Code) in Goods and Services Tax 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 …