Complete Overview Analysis of its scope, applicability, & Importance of Section 50Dย 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 …
TDS Rate Chart SummaryโFY 2025โ26 (AY 2026โ27) Effective from 1 April 2025, theย chart shows revised higher TDS thresholds, meaning no TDS will be deducted until the income crosses these new limits. Interest Income โ Section 194Aย Senior Citizens (60+) : No TDS up to INR 1,00,000/year (Earlier limit: โน50,000) Others : No TDS up to …
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 …
