TDS compliance process for metal scrap dealers under GST New GST updates for the Iron & Steel Industry regarding the sale of metal scraps, based on Notification No. 06/2024-Central Tax (Rate) and Notification No. 25/2024-Central Tax: The recent amendment to Notification No. 4/2017-Central Tax (Rate), u/s 9(3) of the CGST Act, 2017, addresses metal scrap …
CBDT New Form 12BAA allows employees to inform their employers of taxes already paid on other income sources. The Central Board of Direct Taxes has introduced Form 12BAA following Budget 2024’s announcement to facilitate employees in reporting tax deductions collected from sources other than their salary. This form allows employees to inform their employers about …
Introduction of Form DRC-03A for Voluntary Payment Adjustments- Adjust Tax Demand Amount Goods and Services Tax Network introduction of Form DRC-03A on the GST portal is a significant update, enabling taxpayers to efficiently manage voluntary payment adjustments. This update, brought in by Notification No. 12/2024, is part of ongoing efforts to improve the GST compliance …
What is DRC 03 under the Goods and Services Tax system? It acknowledges the voluntary payment of tax dues by the taxpayer. This form is issued by the GST officer after verifying that the payment made by the taxpayer matches the dues claimed by the department. When a taxpayer makes a voluntary payment using Form …
Investment Advisors collected fee “almost equal” to client’s annual income, 4x another client’s investable amount; fined Rs 40 lakh The recent Securities and Exchange Board of India order against Capital Vraddhi Financial Services highlights serious violations of Securities and Exchange Board of India’s regulations governing Investment Advisors , with significant penalties imposed due to multiple …
Parents Can Claim Tax Collected at Source Credits for Foreign Education of Children: New Income Tax Rule: The recent changes by the Central Board of Direct Taxes provide a much-needed update to the process of claiming Tax Collected at Source credits, particularly beneficial for families with children studying abroad. These changes are intended to ease …
All about Optional vs Mandatory Table of GSTR 9 & GSTR 9C GSTR-9 & GSTR-9A — Every Accountant Must Know This! GSTR-9 : GSTR-9 is the Annual GST Return filed by regular GST Taxpayers. It gives a complete yearly summary of your Sales, Purchases, Input Tax Credit (ITC), Taxes paid. (Everything reported in GSTR-1 & GSTR-3B) …
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 …