Goods and Services Tax
Goods and Services Tax Collection Hits Record High in April 2024
RJA 10 May, 2024
Goods and Services Tax Collection Hits Record High in April 2024 India's Goods and Services Tax (GST) collection for April 2024 has broken records, which is undoubtedly a positive indicator for the economy. Goods and Services Tax Collection Hits Record High in April 2024 Here's a summary of the key points: ...
INCOME TAX
CBDT Guidelines compulsory selection of ITR for Scrutiny for the FY 2024-25
RJA 07 May, 2024
CBDT Guidelines compulsory selection of ITR for Scrutiny for the FY 2024-25 The Government of India has been given the Guidelines via CBDT for mandatory selection of Income tax returns for complete scrutiny during FY 2024-25. These Guidelines via CBDT guidelines, outlined in a document dated May 3, 2024, are designed to ...
GST Consultancy
For Changing or Amendment in the Goods and Services Tax registration
RJA 15 Apr, 2024
For Changing or Amendment in the Goods and Services Tax registration Nature of your Business -New Partners’ Details - For Changing Nature of Business: You would need to provide a detailed description of the new nature of your business. you'll typically need to provide various documents to ensure ...
INCOME TAX
Ten transactions that may trigger tax authorities' income tax scrutiny
RJA 03 Apr, 2024
Ten transactions that may trigger tax authorities' income tax scrutiny In today’s world, taxpayers should ensure that the money they declare accurately reflects their actual financial activity. Transparency regarding finances is important. The Income Tax Department is employing increasingly sophisticated techniques to investigate potential discrepancies between taxpayers' reported ...
INCOME TAX
All about the Equity Linked Savings Scheme & its Returns
RJA 20 Mar, 2024
5 Golden Tips to Maximise ELSS Fund Returns ELSS or Equity Linked Savings Scheme is a type of diversified equity-oriented scheme which comes with a lock-in period of 3 years. By investing in this type of scheme, one will get tax exemptions u/s 80C of the IT Act 1961. A key interesting ...
GST Filling
New Functionality of the interest calculator in GSTR-3B
RJA 16 Mar, 2024
New Functionality of the interest calculator in GSTR-3B on GST Portal: The New GST functionality of interest calculator in GSTR-3B is now live on the Goods and Services Tax Portal. This Goods and Services Tax functionality will facilitate and assist the taxpayers in doing self-assessment. This GST functionality ...
INCOME TAX
How to respond notices for AIS (Annual Information Statement) mismatch?
RJA 09 Mar, 2024
How to respond notices for AIS (Annual Information Statement) mismatch? AIS (Annual Information Statement) mismatch means there is a discrepancy between the information provided in your tax return and the information reported by third parties, such as banks, financial institutions, or employers, to the tax authorities through the Annual ...
INCOME TAX
Payment of TDS via using Form 26QB on sale of property
RJA 03 Mar, 2024
Payment of TDS via using Form 26QB on sale of property transaction The following are some essential key points about Form 26QB: 1. Objective of Form 26QB : It assures that income tax is withheld at the moment of the property transaction and is specifically designed for Tax Deducted at Source on ...
RBI
RBI intends to tokenisation assets, bonds as part of the wholesale CBDC pilot.
RJA 26 Feb, 2024
RBI intends to tokenisation assets, bonds as part of the wholesale CBDC pilot. T Rabi Sankar, Deputy Governor Reserve Bank of India, said that The Reserve Bank of India (RBI) is planning to introduce tokenisation of assets and government bonds and such under the wholesale CBDC (Central Bank Digital Currency ...
INCOME TAX
NITI Aayog suggest for mandatory savings plans for elderly & tax reforms
RJA 23 Feb, 2024
NITI Aayog recommends for mandatory savings plans for elderly & tax reforms The apex public policy think tank of the Government of India NITI Aayog has pitched for Income tax & GST tax reforms, mandatory saving plan, & housing plan for elderly in India, as the recent data shows that ...
Goods and Services Tax
Changes in ISD Concept & Definition: Union budget 2024
RJA 05 Feb, 2024
Changes in Input Service Distributer (ISD) Concept & Definition: Union budget 2024 Registration as input service distributer (ISD) & Distribution of Input Tax Credit is proposed that to to necessary every person receives GST invoices for or on behalf of other branches having separate Goods and Services Tax Identification Number. It ...
INCOME TAX
Outstanding Small Income Tax Demands Not required pay off: Budget 2024
RJA 05 Feb, 2024
Outstanding Small Income Tax Demands Not required pay off : Budget 2024 The Indian Government has extended an olive branch to Income tax taxpayer those who are still handling with Petty small Income tax Demands related to previous year. Tax Dept to waive off small Income tax demands autonomously clear pending petty ...
Goods and Services Tax
Excess RCM claimed: ITC Claimed Twice against the RCM paid
RJA 18 Jan, 2024
Interest on ITC Credit Claimed Twice against the RCM paid : Excess RCM claimed Relevant provisions under GST Act. : Interest on ITC wrongly availed and utilised. As per substituted subsection 50 (3) of the act, interest is applicable only where ITC is wrongly availed and utilized. In order to attract interest u/...
Goods and Services Tax
Compulsory e-Invoice Details & New HSN Code Requirements
RJA 17 Jan, 2024
Compulsory e-Invoice Details & New Harmonized System of Nomenclature (HSN) Code Requirements: Here are main basic points related to 2 update related to e-Way bills- New requirement of Changes in e-Waybill Generation/ issuing in GST HSN code is Compulsory in GSTR 1 for B2B exempt supply, depending on the AATO of ...
TDS
Payment made for official Sponsor/Promotion objective is not consider royalty
RJA 31 Dec, 2023
Payment made for official sponsor / promotion objective is not consider royalty: ITAT Assessee had been taken an appointed as the official sponsor of ICC Events, after that said assessee submit an application to remit professional sponsorship amounts to Global Cricket Corporation PTE Ltd. – Singapore (GCC) without deduction of TDS ...
Goods and Services Tax
GST Taxpayers will be permitted to submit Revised GST Returns w.e.f April 2025
RJA 30 Dec, 2023
GST Taxpayers May be permitted to submit Revised GST Returns with effect from Apr 2025 At present, there is no provision for filing revised goods and Services Tax Returns under GST, barring minor corrections in GST Invoice details & information uploaded on goods and Services Tax portal. Indian Industry has been ...
IBC
IBC Code Section 29A disqualification applies in the present time.
RJA 24 Dec, 2023
Principles enshrined in relation to IBC Code Section 29A disqualification applies in the present time. National Company Law Appellate Tribunal give the judgments that Non-Executive Director who wasn’t involved in Mgt of company affairs couldn’t be disqualified u/s 29A, Managing Director of a Successful Resolution ...
IBC
Complete Explanation on IBC Section 29A Eligibility Check
RJA 23 Dec, 2023
Complete Explanation on IBC Section 29A Eligibility Check IBC Section-29A clearly states that “A person shall not be eligible to file a Vibal resolution plan, In case that person, or any other person acting jointly or in concert with a such person— As above expression ...
INCOME TAX
Income Tax refund claimed in ITR for AY 2018-19 to 2020-21 to Jan 31, 2024
RJA 13 Dec, 2023
Income Tax refund claimed in ITR for AY 2018-19 to 2020-21 to Jan 31, 2024 Central Board of Direct Taxes via Order F. No. 225/132/2023-ITA-II, issued on October 16, 2023 extends Timeline for process income Tax refund claimed Income Tax return for Assessment Year 2018-19 to Assessment Year 2020-21 to January 31, 2024 The Central Board ...
COMPANY LAW
Statutory & Tax Compliance Calendar for December 2023
RJA 01 Dec, 2023
Statutory & Tax Compliance Calendar for December 2023 S. No. Statue Purpose Compliance Period Due Date Compliance Details 1. Goods and Services Tax GSTR-7- Tax Deducted at Source Return under Goods and Services Tax Nov-23 10-Dec-23 GSTR 7 is a return to be filed by the persons who is required to deduct ...
INCOME TAX
CBDT: 11.5 Cr PAN cards were deactivated for failing to be linked with Aadhaar cards
RJA 21 Nov, 2023
CBDT: 11.5 Cr PAN cards were deactivated for failing to be linked with Aadhaar cards Link PAN and Aadhaar card: Failure to link PAN and Aadhaar card by 30 June will result in a fine of Rs. 1,000 and PAN deactivation. PAN will become inoprative from 1 July 2023, therafter you needed Reactivating the ...
IBC
Supreme Court upholds validity of Personal Guarantors’ IP of IBC Code
RJA 07 Nov, 2023
Supreme Court upholds validity of main provisions of Personal Guarantors’ Insolvency Resolution of IBC Code, Supreme Court on Nov 2023 upheld few IBC Provisions of the IBC which were challenged on grounds of being violative of fundamental rights like the right to equality of those against whom insolvency proceedings are ...
GST Filling
GST apply to corporate guarantees between Subsidiaries, Parent & parties
RJA 28 Oct, 2023
18% GST apply to corporate guarantees between Subsidiaries, Parent & Related parties GST on service supplied by State or Central Govt. to their undertakings or Public sector undertaking’s by way of guaranteeing loans taken by them -The Central Board of Indirect Taxes and Customs issue explanation that guaranteeing of ...
INCOME TAX
Basic Conditions of Condonation in filing of Income Tax Form 10-IC
RJA 24 Oct, 2023
Conditions of Condonation in filing of Income Tax Form 10-IC 1. Representations had been received by The Central Board of Direct Taxes stating that Income Tax Form No. 10-IC could not be submitted for A.Y. 2021-22 within the Timeline date or extended Timeline date, as the case may be. ...