Reserve Bank of India (RBI) has proactively announced several policy measures to address the stress in the Financial System as an impact of the Corona Virus (COVID19) including:- (i) expanding liquidity in the system sizeably to ensure that financial markets and institutions are able to function normally in the face of COVID-related dislocations; (ii) reinforcing …
Equalisation Levy was introduced in the Finance Act, 2016, to charge/ levy tax, on consideration received or receivable on certain specified services like online advertising and marketing service, provided by non-resident service providers to a resident in india or non-resident having a permanent establishment in india. The liability for payment of Equalisation Levy was on …
EQUALISATION LEVY ON E-COMMERCE OPERATORS – FINANCE ACT, 2020 Read More »
Income Tax Act, 1961, has separate provisions for taxation of income of a Minor Child in india and clubbing of his income in the income of parents. We are discussing below the FAQs for easy understanding of the provisions of Law:- FAQ 1 : Who is a Minor? Reply : A child who has not …
TAX LIABILITY ON INCOME OF A MINOR CHILD IN INDIA Read More »
The Central Board of Indirect Taxes and Customs (CBIC) have issued standard guidelines for the field formations of Goods and Services Tax, for dealing with cases where the Dealers or Registered Persons are not filling their GST Returns vide Circular No. 129/48/2019-GST dated 24-12-2019. (The verbatim of the Circular is reproduced below for ready reference) To, The Pr. Chief …
NOT FILLING GST RETURNS – WHAT ACTION DEPARTMENT WILL TAKE? Read More »
This is a very common problem faced by many taxpayers, that they have not received their Income Tax Refund. There may be number of reasons for refund not issued or refund failure including (but not limited to) providing a wrong bank account details in the Income Tax Return. The Income Tax Department has issued a …
NOT RECEIVED INCOME TAX REFUND : STEP-BY-STEP PROCESS FOR REFUND RE-ISSUE REQUEST Read More »
An Assessee is required to make payment of Service Tax under the GST Regime for multiple reasons like Pre-Deposit of Duty u/s 35F of CEA for Appeal against the Order of Adjudication Authority before the Commissioner (Appeals) or CESTAT or payment of Service Tax on regular Demand on Assessment or Audit of Service Tax etc. …
HOW TO DEPOSIT SERVICE TAX CHALLAN IN GST REGIME Read More »
The Government of India has decided to give a major boost to the Economy and revive the Economy from an impending Slow Down with an emphasis for promoting Make In India, manufacturing activities, boost to investor confidence in Equity Market and relief on Buy Back of Shares by the Company. The government is firm in …
TAX INCENTIVES FOR ACCELERATING ECONOMIC GROWTH : 20-09-2019 Read More »
Q 1. Who is eligible to file declaration under the SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019? Ans. Any person falling under the following categories is eligible, subject to other conditions under the Scheme, to file a declaration:- (a) Who has a show cause notice for duty or one or more appeals arising out of …
FAQs on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 Read More »
The Central Board of Direct Taxes (CBDT) has extended the due date for Filling Income Tax Return for the F.Y. 2018-19 (A.Y. 2019-20) from 31-07-2019 to 31-08-2019
The Government has issued detailed clarification for streamlining the procedure for taking goods out of india for the purpose of Exports and Consignment on Approval basis for Export Promotion. 1. The matter has been examined and in view of the difficulties being faced by the trade and industry and to ensure uniformity in the …
NO GST ON EXPORT OF GOODS FOR EXHIBITIONS & APPROVAL BASED CONSIGNMENT : CLARIFICATION Read More »