According to the notification dated 16.08.2024, the Delhi Excise Department during the inspection has reported several cases of non-compliance with the Working Hours and conditions of Sale of Liquor in the state. Following this, the Department cautioned all liquor license holders to operate within the timing and rules enumerated in Rule 55 (1) of the Delhi […]
Read More →Section 35D of the Income Tax Act, 1961, provides for the amortization of certain preliminary expenses incurred by a business or profession. These expenses are incurred before the commencement of the business or profession and include expenses such as legal fees, registration fees, and incorporation fees for claiming deduction assessee has to submit the form 3AF. […]
Read More →In Case of Suncraft Energy Private Limited, Calcutta High Court had held that the reason for denying the input tax credit is on the ground that the detail of the supplier is not reflecting in GSTR 1 of the supplier. The Appellant are in possession of a valid tax invoice and payment details to the […]
Read More →CBDT has introduced another compliance for Corporates wherein they have to deduct TDS at higher rate if a person does not have her Aadhaar-PAN linked by 31st March 2023. Initially the CBDT had prescribed the date for linking Pan and Aadhaar as 30th June, 2022 but have extended this date till 31st March, 2023. Consequences […]
Read More →Section 203. (1) Every person deducting tax in accordance with the foregoing provisions of this Chapter shall, within such period as may be prescribed from the time of credit or payment of the sum, or, as the case may be, from the time of issue of a cheque or warrant for payment of any dividend to […]
Read More →When the GST came into existence i.e 01.07.2017, Government has allowed the assessee whether registered or not under old tax regime to claim the credit for already paid tax. For claiming the tax credit GST Registered people has to file the details in form TRANS 1 and TRANS 2. TRAN 1 is used by GST Registered […]
Read More →The Ministry of Finance, Department of Revenue vide Circular No. 178/10/2022-GST dated August 03, 2022 has inter-alia observed and clarified that- the service of agreeing to the obligation to refrain from an act or to tolerate an act or a situation, or to do an act is nothing but a contractual agreement; a contract to do […]
Read More →Notification No. 10/2022:- Exemption to taxpayers having AATO upto Rs. 2 crores from the requirement of furnishing annual return for FY 2021-22 In exercise of the powers conferred by the First proviso to Section 44 of CGST Act 2017. The Commissioner on the recommendation of the council hereby exempts the registered taxpayers, having aggregate turnover […]
Read More →In exercise of the powers conferred by sub-section (6) and (7) of section 39 of the Central Goods and Services Tax Act, 2017, the Central Board of Indirect Taxes & Customs (CBIC) vide Notification No. 05/2022 and Notification 06-2022, dated 17th May 2022 extended the due date for filing of Form GSTR-3 Band GST PMT […]
Read More →Periodicity for filing of GSTR-ITC-04 pertaining to the goods dispatched to a job worker or received from a job worker or sent is revised vide notification No. 35/2021–Central Tax G.S.R. 659(E), dated 24th September, 2021 (Copy of Notification – Click) . Brief note on the same is as under:- Turnover upto Rupees 5 Crore : […]
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