Goods and Services Tax
Reversal of ITC if payment is not made to supplier within 180 days
RJA 28 Jan, 2022
Analysis of validity of section 16(2)(D): Reversal of Input tax credit if payment is not made to supplier within 180 days VALIDITY OF SECTION 16(2)(D) IN THE EVENT OF NON-PAYMENT OF CONSIDERATION WITHIN 180 DAYS WHEN SUPPLY IS FROM ONE GSTIN TO ANOTHER GSTIN OF THE SAME LEGAL ENTITY/PAN ...
Goods and Services Tax
Whether Liable to GST on Discount Received for early payments?
RJA 27 Jan, 2022
GST not applicable on incentive, schemes or cash discount offered by supplier, Rules AAR - M.P. This order is taxpayer favorable order in the matter of M/S RAJESH KUMAR GUPTA OF M/S MAHVEER PRASAD MOHANLAL, GANDHI GANJ, JABALPUR, 482002(MP) AUTHORITY FOR ADVANCE RULING-MADHYA PRADESH Because the cash ...
GST Consultancy
ITC now only for amounts reflected in GSTR 2B:
RJA 25 Jan, 2022
ITC now only for amounts reflected in GSTR 2B We are aware of the change in Input Tax Credit Availment Rules of the entitlement eligibility from GSTR 2B w.e.f. January 1, 2022, Almost each business is concerned about having to implement a new system of Input Tax Credit reconciliation as ...
INCOME TAX
Quick Steps to ensure processing time income tax refund
RJA 23 Jan, 2022
What is Eligibility Conditions of Income Tax Refund The Income Tax taxpayer’s applying for the income tax refund required to make sure that Dept have updated at tax return & validated their bank accounts with the Tax Dept where they would like to obtain their tax refund ...
INCOME TAX
How can we save Income Tax in India?
RJA 23 Jan, 2022
How can we reduce income tax in india You can Reduce your Tax Liability by save money/investment for your future 1. Deductions Upto 80C We can use up to deduction under chapter VI Rs 1.5 lakh ceiling u/s 80C. Income Tax Deductions or investments are all this subjected to ...
GST Filling
Latest New feature in GSTR 3B - under the GST Portal
RJA 22 Jan, 2022
New feature in GSTR 3B - GST Portal The GST Network, which functions as the technology backbone for the indirect tax system, will soon include interest calculator capabilities to the monthly tax payment form GSTR-3B, which will aid taxpayers in computing interest for late payments. In an advisory, GSTN ...
Goods and Services Tax
Supply of Restaurant Services via E-Commerce Operator liability to pay GST w.e.f. 01.01.2022
RJA 21 Jan, 2022
Supply of Restaurant Services via E-Commerce Operator liability to pay GST w.e.f. 01.01.2022 E-Commerce Operators will be responsible to pay Goods and Services Tax on any restaurant service supplied via them, including by an unregistered person. Because there is no exemption for the supply of restaurant services by unregistered ...
NGO
NGOs Receipt of foreign grants & its Utilizations Provisions
RJA 20 Jan, 2022
NGO’s accepts foreign grants & its Utilisation Provisions under Income Tax & FCRA Act Legality of foreign donations/Grants and its Utilisation of the for charitable purpose Provisions under Income Tax & FCRA Act. We hereby giving some applicable provisions of Income Tax Act 1961 and FCR Act 2010,for ...
AUDIT
Compliance of CARO order deferred by one Year: MCA
RJA 14 Jan, 2022
Compliance of CARO order deferred by 1YR: MCA MCA defers the applicability of CARO 2020 to FY 2021-22: MCA Order dated 17.12.2020 changed the date of operation of the Order of the Companies (Auditor's Report) 2020 to the financial years starting on or after 1 April 2021. As a result, the Companies (Auditor&...
NGO
How to register under section 12A online
RJA 13 Jan, 2022
How to register under section 12A online Section 12A Registration As per section 12A of Income Tax Act, 1961, all the NGOs, being registered as a Trust, or Section 8 Company, or a Society, can obtain registration under this section, in order to avail exemption from payment of income tax. Thus, the ...
NGO
All about the Registration of a section 8 company in India
RJA 13 Jan, 2022
All about the Registration of a section 8 company in India Section 8 Company Registration: NGO can be registered via Section 8 company, which is incorporated under Companies Act, 2013. Such companies work towards charity, religion, trade etc. Benefits of Registration section 8 Company In india No minimum capital requirement in ...
NGO
All About Non-Governmental Organization
RJA 13 Jan, 2022
All About Non-Governmental Organization Brief Introduction Non Governmental Organizations, commonly known as NGO’s, work for the benefit of society. These organizations fight for and against the evils of the society and strive to work for creation of a better world and hence help in protecting the rights of ...
NGO
All about the Trust Registration and Society Registration
RJA 13 Jan, 2022
All about the Trust Registration and Society Registration Trust Registration: Trust can be one of the form of Non-Governmental Organization that can be registered in India. These NGO’s work towards the eradication of poverty, and also provide help in the form of education and medical relief. Such ...
INCOME TAX
Industry wants clarity on Crypto Tax Laws in the Union Budget 2022-23
RJA 11 Jan, 2022
Industry wants clarity on Crypto Tax Laws in the Union Budget 2022-23 The Indian industry association Indiatech has written to the country's finance minister Mrs. N Sitharaman about Crpto Taxation. Coinswitch Kuber, Wazirx, and Coindcx are among the major cryptocurrency exchanges represented by the group. Business group requested clarification ...
Goods and Services Tax
FAQS ON INPUT SERVICE DISTRIBUTOR
RJA 11 Jan, 2022
FAQS ON INPUT SERVICE DISTRIBUTOR Q.: Who is an Input service distributor (ISD) under GST? Input Service Distributor is defined as follows – Input Service Distributor is an office of a business that receives tax invoices for input services and distributes available ITC to other branch offices of the identical ...
Goods and Services Tax
Input Service Distributor Mandatory Registered Under GST ACT
RJA 11 Jan, 2022
Input Service Distributor Mandatory Registered Section 24(Viii) CGST ACT 2017 Input Service Distributor stands for Input Service Distributor and has been defined u/s 2(61) of the CGST/SGST Act. It is basically an office meant to receive tax invoices towards receipt of input services & further distribute the credit to ...
Goods and Services Tax
Input Transaction are genuine & supported by valid documents then ITC can Not be denied
RJA 08 Jan, 2022
Input Transaction are genuine & supported by valid documents then ITC can Not be denied Payment along with tax actually paid to supplier or not is to be verified before disallowing ITC (LGW Industries Ltd. v. Union of India - [2022]) Petitioner was served with letters by the GST Dept, ...
INCOME TAX
Chartered Accountant’s Role in Tax Planning in India
RJA 07 Jan, 2022
What is a Chartered Accountants: CHARTERED ACCOUNTANT: A Internationally Recognized Profession. Chartered Accountants normally called as CA is a Internationally recognized profession related to finance and it’s management. Key roles that a chartered accountant plays is to manage budgets, auditing, formulating taxes and business strategies for clients ...
OTHERS
Extension of deadline Date for filling applications for scrip-based claims - FTP Schemes
RJA 03 Jan, 2022
Extension of deadline Date for filling applications for scrip-based claims - FTP Schemes Directorate General of Foreign Trade has extended the due date for filling applications for the below scrip-based claims from 31st Dec 2021 to 31st Jan 2022 : For Service Exports from India Scheme (SEIS): To encourage and maximize ...
COMPANY LAW
Tax & Statutory Compliance Calendar for January 2022
RJA 02 Jan, 2022
What are the Tax & Statutory Compliance Calendar for January 2022 S. No. Statue under Purpose Under the Compliance Period Due Date- Timeline Details of compliance 1 Goods and Services Tax GSTR-1 Dec-21 11-Jan-22 "1. GST Filing of returns by GST registered person with aggregate turnover exceeding Rs. 5 Crores during preceeding ...
Goods and Services Tax
Deferred decision to raise GST Rates in textiles from 5% to 12% w.e.f. 01.01.22
RJA 01 Jan, 2022
GSTN Deferred decision to raise textile GST Rates in textiles from 5% to 12% w.e.f. 01.01.2022 The 46th GST Council meeting will be chaired by Hon'ble Finance Minister Smt. Nirmala Sitharaman today at 11 a.m. in Delhi, according to the Ministry of Finance. MOS Shri. Pankaj Chaudhary and Dr. Bhagwat ...
INCOME TAX
Overview of Deductions under Chapter VI A of Income Tax Act
RJA 31 Dec, 2021
Q.1 What are the different deductions under Schedule VI of Income tax Act ? The following deductions have been provided under Schedule VI of Income Tax Act, 1961 – SECTIONS PARTICULARS ELIGIBLE PERSONS PRESCRIBED LIMIT OF DEDUCTION SECTION 80C INVESTMENT IN LIC, PPF, SUKANYA SAMRIDDHI ACCOUNT, MUTUAL FUNDS, FD ETC INDIVIDUAL AND ...
Goods and Services Tax
Aadhaar authentication is mandatary under GST w.e.f. 01.01.2022
RJA 27 Dec, 2021
Aadhaar authentication is mandatary under GST w.e.f. 01.01.2022 The GST Council approved recommendations at its 45th meeting, including making Aadhaar authentication of registration necessary for filing refund requests and applications for revocation or cancellation of registration under GST. As a consequence, the Central Board of Indirect Taxes and Customs ...
Goods and Services Tax
GST ITC available only when reflected in GSTR 2B/2A w.e.f. 01-01-2022
RJA 26 Dec, 2021
GST ITC available only when reflected in GSTR 2B/2A w.e.f. 01-01-2022 Central Board of Indirect Taxes and Customs through Notification No. 39/2021–Central Tax dated Dec 21, 2021 which specified following amendments made vide Section 109 of the Finance Act, 2021 w.e.f. January 01, 2022 Section -16(2) : Conditions and ...
