Composite Supply and Mixed Supply: In the realm of GST regulations, distinct rates are assigned to various goods and services. However, complexities arise when dealing with bundled supplies that encompass a mix of individual goods and/or services. Determining the precise …
On consideration of difficulties reported by taxpayers and other stake holders, the CBDT has extended time limit in respect of the following compliances: 1. The due date of furnishing audit report in form 10B/10BB by a fund/trust/institution or any university/ …
Introduction In case you’ve already filed your Income Tax Return, there is always a possibility of getting an Income Tax notice for various reasons. It is essential not to stress, if you’ve accurately provided all the necessary details to the …
Introduction In line with section 2(68) of the CGST Act 2017, job work refers to the process or treatment of goods conducted by one individual on behalf of another registered taxable person. The person carrying out the treatment or processing …
Introduction The process of income tax return filing involves adhering to specific timelines set by the government. These deadlines are established to streamline the taxation system and ensure smooth operations. A taxpayer who misses these due dates may face penalties …
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, …
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, …
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, …
Introduction Capital gains refer to the profit earned from the sale of a capital asset, such as stocks, bonds, or real estate. In simple terms, if the selling price of the asset is higher than its purchase cost, the difference …
The term, “supply” has been clearly defined in the GST Act. As per Sec.7 of the CGST Act, Supply includes, “Taxable supply of goods or services or both, made by a taxable person, within taxable territory, in the course or …
Time of Supply Under GST: To calculate your tax liability under the Goods and Services Tax (GST) system, it’s crucial to know when the tax liability arises, which is referred to as the “Time of Supply” in GST law. GST …
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 …
Relief u/s.89 of IT Act: Section 89 of the Income Tax Act is a provision that helps individuals reduce the extra tax burden they may face due to receiving salary, pension, compensation, or gratuity in arrears or advance. Sometimes, an …
The Composition Scheme is an alternative and optional scheme within the Goods and Services Tax (GST) system for small businesses with turnover below a specified threshold. The primary goal of this scheme is to simplify tax procedures, reduce the compliance …
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 …
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, …
GST on Real Estate Sector: The real estate sector holds a pivotal position in any country’s economy, and India is no exception. In recent years, this sector has garnered significant attention. In this article, we will delve into the implications …
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 …
Transfer of Tax Liability under GST: In the realm of Goods and Services Tax (GST), there are circumstances where recovering tax liabilities from a taxpayer directly may prove to be impossible. To address such situations, Sections 85 to 94 of …
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 …