Revocation of GST Registration Cancellation: Rule 23 of CGST Rules 2017

revocation of cancellation

Introduction Revocation of GST Registration Cancellation: Any GST registration granted to a person can be cancelled for several reasons. A person registered under GST can apply for the cancellation of their GST registration. This may be done for various reasons, …

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Capital Gain Tax on Sale of Securities as per IT Act 1961- A Simplified Approach

capital gain tax

Introduction Capital Gain Tax on Sale of Securities: Capital gains tax is a crucial aspect of the investment world, one that demands careful attention and consideration from investors. As far as capital gain tax on sale of securities is concerned, …

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E-Invoicing Applicability under GST from 1st August 2023- A Comprehensive Guide

e-invoicing applicability

Introduction E-invoicing has become a crucial aspect of GST compliance in India, streamlining the way businesses generate and report invoices. With a recent notification, the new rule for E-invoicing threshold limit of 5 crore came into effect from August 1, …

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Demystifying Cryptocurrency Taxation in India 2023: A Comprehensive Guide

cryptocurrency taxation

Introduction Cryptocurrency Taxation in India: In the wake of the 2022 Union Budget, the Indian government made a significant shift in its stance on cryptocurrencies and virtual digital assets (VDAs). As a result, it has become imperative for individuals to …

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Appeal Before Commissioner of Income Tax (Appeals)- 1st Appeal detailed process

Appeal before Commissioner

Appeal before Commissioner of Income Tax: An Assessing Officer (AO) plays a pivotal role in the tax system, ensuring that taxpayers accurately declare their income and calculate their tax liabilities. Additionally, AOs have the authority to investigate potential cases of …

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Presumptive Taxation Scheme u/s. 44ADA & 44AE of Income Tax Act- Detailed

presumptive taxation scheme

Presumptive Taxation Scheme u/s. 44ADA & 44AE of Income Tax Act: The Income Tax Act has introduced provisions under sections 44ADA and 44AE to ease the compliance burden of small taxpayers in India. These sections offer a Presumptive Taxation Scheme, …

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Presumptive Income Under Section 44AD for Business Class: A Complete Synopsis

Presumptive Income under section 44ad

Presumptive Income under section 44AD: The Income Tax Act of 1961 mandates individuals engaged in business and professions to maintain books of accounts and undergo account audits. However, to ease the compliance burden on small taxpayers, the Act has introduced …

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GST on Works Contract 2013- A Comprehensive Guide

GST on Works Contract

GST on Works Contract- A Comprehensive Guide: As per section 2(119) of the CGST Act, 2017, “Works contract” means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any …

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