Tax Deducted at Source is the first way of collecting taxes. Section 195 of the Income Tax Act is a section that covers the TDS on Non-resident payments. This section identifies the tax rates and deductions on business transaction with a non-resident from a day –to-day basis. Under Section 195, the income is chargeable under Income Tax Act. Any sum is charged and the certificate for remittance is mandatory. Any …Read More
GST
GST
GST
Items Not Eligible for Input Tax Credit under GST
GST input tax credit mechanism allows persons registered under GST to set-off their GST tax liability. Since GST is a consumption based tax, the input tax credit mechanism ensures that the ultimate GST liability is passed on to the consumer. Though input tax credit can be claimed by a person registered under GST for most inputs, some types of goods and services are not eligible for input tax credit claim. In …Read More
Payment of Interest in GST
Section 50 of CGST Act Interest on delayed payment of tax Two Situations when interest is payable When Tax Payable, not paid (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules, but fails to pay the tax or any part thereof to the Govt. within the period prescribed, shall for the period for which the tax or any part thereof remains …Read More
How to fill Form-e- CODS 2018: Condonation of Delay Scheme, 2018
Part I – Law(s) Governing the eForm FORM-e- CODS 2018 [Pursuant to Condonation of Delay Scheme, 2018] Application for Condonation of Delay Scheme, 2018 (CODS, 2018) Procedure to be followed for the purposes of the scheme:- (1) In the case of defaulting companies whose names have not been removed from register of companies,- i) The DINs of the disqualified directors de-activated at present shall be temporarily activated during the validity of the scheme to …Read More
GSTN has enabled online filing of letter of Undertaking LOU
Instructions for filing LUT online on GST Portal are given below:- 1. Go to User Services and Select the Tab “Furnishing Letter of Undertaking” 2. Select the Financial Year for which you want to furnish the LUT 3. If you have already furnished LUT Offline, for previous period, please attach the same here and continue to file your application 4. If you’re filing LUT, please read and select all the …Read More
Settle IGST refund due to invoice mismatch on Priority basis: CBEC Chief
Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs North Block, New Delhi – 110 001 Tel. : +91-11-23092849, Fax : +91-11-23092890 E-mail : [email protected] Vanaja N.Sarna Chairman DO.No.08/CH(EC)/2018 Dated 23rd February, 2018 Dear Colleagues, Chennai Customs Zone has taken up a Time Release Study (TRS) both for the Sea and Air cargo for the month of January 2018. This is perhaps the first combined TRS for …Read More
Govt Revises Application for 12A Registration of Religious or Charitable Trusts
The Central Government, recently revised Rule 17A and Form 10A seeking more details from religious or charitable trust applying for registration under section 12A of the Income Tax Act, 1961. A notification issued by the Central Board of Direct Taxes (CBDT) prescribed the documents required for making an application under section 12A of the Act. They are, where the trust is created, or the institution is established, under an instrument, …Read More
