Which NPOs/ Trusts needs to file their Income Tax Returns:-
Definition:
Transactions taking place before filing of bill of entry are termed as “high sea sale” transactions under common trade practice where the original importer sells the goods to a third person before the goods are entered for customs clearance.
The above definition implies that “h…
Credit of eligible duties and taxes in respect of inputs or input services during transit
THE LAW:
140(5) - Credit of eligible duties and taxes in respect of inputs or input services during transit
A registered person shall be entitled to take, in his electronic credit ledger, credit of e…
Credit of eligible duties and taxes in respect of inputs held in stock allowed incertain situations
THE LAW:
140(4) - Credit of eligible duties and taxes in respect of inputs held in stock allowed in certain situations.
A registered person, who was engaged in the manufacture of taxable as w…
Credit of eligible duties in respect of inputs held in stock allowed in certain Situations
THE LAW:
140(3) - Credit of eligible duties in respect of inputs held in stock allowed in certain situations.
A registered person, who was not liable to be registered under the existing law, or who w…
An entrepreneur planning a start-up usually have a common question : which is better for a start-up? LLP, Private Limited Company or partnership firm? So here’s a comparison chart to make it easier for you to decide the same for yourself.
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Particular |
Limited Liabil… |
There can be two instances for supply of labour under GST
Scientific Consultancy Services to a Central Govt. company
Our valuable client had raised the following query on scientific consultancy services provided to a Central Govt. company.
Question - I am doing scientific consultancy in Delhi, my registration is in Kolkata but I am working for …
What is LLP?
A Limited Liability Partnership (LLP) is a contract or agreement made between the partners of a LLP to establish a fair relationship between them and to protect their investment for carrying on any such business. A Limited Liability Partnership (LLP) is like a body corporate, wit…
Credit of unavailed CENVAT credit in respect of capital goods
THE LAW:
140(2)- Credit of unavailed CENVAT credit in respect of capital goods, not carried forward in a return, shall be allowed.
Section 140(2) states, a registered person, other than a person opting to pay tax under section 1…
Carry forward of tax credit claimed in the tax returns
THE LAW:
140(1)-Amount of CENVAT credit carried forward in the return allowed as input tax credit.
Section 140(1) states, a registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his ele…
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Sl No |
Details / Return |
Tax Period |
Revised due date |
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GSTR-1 |
July, 2017 |
10-OCT-17 |
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For registered persons with aggregate turnover of more than Rs… | |||
The following recommendations were made by the GST Council at its 21st meeting held in Hyderabad on 9th September, 2017.
GST Returns
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Sl No |
Details / Return |
Tax Period | … |
Change in name of the Company involves alteration of Clause I of the Memorandum of Association of the Company. Section 13 of the Companies Act, 2013 regulates the process of alteration of Memorandum of Association of companies. Section 13 of the Companies Act, 2013 says that name of a company may be…
REDEVELOPMENT OF PROJECTS UNDER GST
The Goods and Services Tax (GST), the ultimate tax reform since independence, aims to eliminate the complex and ambiguous tax structure plaguing the country currently. GST is expected to be a sentiment booster for the real estate industry and will seek to reviv…
Under GST regime, export of goods and services has been treated as a “zero rated supply”. This implies that no tax would be payable on such supplies and the exporter will be able to claim the corresponding input tax credits.
Indian Government has specified the following procedures for export …
There are 5 heads of income under which the whole income of an assessee have to be reported under the Income Tax Act, 1961. The disclosure and computation of income under various heads of income, and in particular, under the head “Profits and Gains of Business or Profession” was the subject to numer…
This Friday, i.e. 1st September, 2017 CBEC has issued a circular and clarified that the errors made by tax payers in GSTR-3B can be rectified while filing regular returns in GSTR-1 & GSTR-2 respectively.
Previously, there was no provision to revise GSTR-3B even in case there was an inadvertent mi…
About: After the introduction of section 44AD of the Income Tax Act, section 44ADA was introduced from Financial Year 2016-17 to give relief to small professionals as well. Under this section, an assessee is neither required to main books of accounts U/S 44AA nor the audit of accounts U/S 44AB o…