Form ITR-2 can be used by an individual and Hindu Undivided Family who is not eligible to fileITR-1 Sahaj and not having income from “profit and gains of business or profession” and also not having income from “Profits and gains of business or profession” in the nature of interest, salary, bonus, commission or remuneration, by […]
Posted inGST
Time Of Supply Of Goods When Tax is To Be Paid On RCM Basis Under GST
Time Of Supply Of Goods When Tax is To Be Paid On RCM Basis Under GST It will be earliest of the following dates: Date of receipt of goods Date on which payment is entered in the books of accounts of the recipient or the date on which the payment is debited in his bank […]
Posted inGST
Time Of Issue Of Invoice For Supply Under GST
As per section 31 of the CGST Act, 2017 an invoice for supply of goods needs to be issued before or at the time of removal of goods for supply to the recipient where the supply involves movement of goods. However, in other cases, invoice needs to be issued before or at the time of […]
Posted inGST
Composite/ Mixed Supply Under GST
A composite supply means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply. For instance, a travel […]
Posted inGST
Taxable Supply And Supply in Taxable Territory Under GST
Taxable Supply Under GST For a supply to attract GST the supply must be taxable. Taxable supply has been broadly defined and means any supply of goods or services or both which is leviable to tax under the Act. Exemptions may be provided to the specified goods or services or to a specified category of […]
Posted inGST
Supply By A Taxable Person Under GST
Supply by a Taxable Person Under GST A supply to attract GST should be made by a taxable person. Hence a supply between two non-taxable persons does not constitute supply under GST. A “taxable person” is a person who is registered or liable to be registered under section 22 or section 24. Hence even an […]
Posted inINCOME TAX
Cost Inflation Index (CII) For FY 2022-23 Notified
The Ministry of Finance has notified Cost Inflation Index (CII) for the FY 2022-23 as 331. This will come into force from 1st April 2023.
Posted inINCOME TAX
Who Can Not Use ITR-1 (Sahaj)?
Return Form ITR-1 (SAHAJ) cannot be used by an individual: Who is a Non-resident or Not Ordinarily Resident Who is a Director of a company Whose total income exceeds Rs. 50 lakhs Who has income from more than 1 house property Who has held unlisted equity shares at any time during the previous year Who […]
Posted inINCOME TAX
Who Can Use ITR-1 (Sahaj)?
Return Form ITR – 1 (SAHAJ) can be used by an individual whose total income includes: (1) Income from salary/ pension; or (2) Income from one house property (excluding cases where loss is brought forward from previous years); or (3) Income from other sources (excluding winnings from lottery and income from race horses, income taxable under section 115BBDA or […]
Posted inGST
Inter State/ Intra State Supply Under GST
The location of the supplier and the place of supply determines whether a supply is treated as an Intra State supply or an Inter State supply. Determination of the nature of supply is essential to ascertain whether integrated tax is to be paid or Central plus State tax are to be paid. Inter-State supply of […]
Posted inGST
Supply in The Course Or Furtherance Of Business Under GST
GST is essentially tax only on commercial transactions. Hence only those supplies that are in the course or furtherance of business qualify as Supply under GST. Hence any supplies made by an individual in his personal capacity do not come under the ambit of GST unless they fall within the definition of business as defined […]
Posted inJUDGEMENT
The Onus is On Assessee To Establish Justification For Clubbing The Transactions: ITAT Bangalore
In the case of Kaypee Electronics & Associates Pvt. Ltd vs. DCIT, ITAT Bangalore has held that: The only issue that arises for consideration before us is whether the TPO was justified in making the ALP adjustment in respect of royalty payment made to M/s. Falco Limited in the given facts of the present case. […]
Posted inGST
Revocation Of Cancelled GST Registration
In case where registration is cancelled suo-motu by the proper officer, the taxable person can apply within 30 days of service of cancellation order, requesting the officer for revoking the cancellation ordered by him. However, before so applying, the person has to make good the defaults (by filing all pending returns, making payment of all […]
Posted inINCOME TAX
What is Difference Between E-filing And E-payment Under Income Tax?
E-payment under Income Tax E-payment is the process of electronic payment of tax (i.e., by net banking or SBI’s debit/credit card). E-filing under Income Tax E-filing is the process of electronically furnishing of return of income. Using the e-payment and e-filing facility, the taxpayer can discharge his obligations of payment of tax and furnishing of […]
Posted inINCOME TAX
What Are Different Modes Of Filing ITR?
The Return Form can be filed with the Income-tax Department in any of the following ways, – (i) by furnishing the return in a paper form; (ii) by furnishing the return electronically under digital signature; (iii) by transmitting the data in the return electronically under electronic verification code; (iv) by transmitting the data in the […]
Posted inINCOME TAX
What To Do If Discrepancies Appear in Actual TDS And TDS Credit As Per Form 26AS?
Every person deducting tax at source has to furnish the details of tax deducted by him to the Income-tax Department. The details will cover the name of the deductee, Permanent Account Number of the deductee, amount of tax deducted, amount paid to the deductee, date of payment of TDS to the credit of Government, etc. […]
Posted inGST
Advantages Of Taking GST Regitration
Registration will confer the following advantages to a taxpayer: He is legally recognized as supplier of goods orservices. He is legally authorized to collect tax from hiscustomers and pass on the credit of the taxes paidon the goods or services supplied to the purchasers/recipients. He can claim input tax credit of taxes paid and canutilize […]
Posted inJUDGEMENT
There is Distinction Between “Lack Of Enquiry” And “Inadequate Enquiry”: ITAT Mumbai
In the case of Small Wonder Industries vs. CIT, ITAT Mumbai has held that: We are of the view, that there is a distinction between “lack of enquiry” and “inadequate enquiry”. In the present case the Assessing Officer collected necessary details, examined the same and then framed the assessment u/s. 143(3) of the Act. Therefore, […]
Posted inGST
Reasons For Which GST Officer Can Cancel Your GST Registration
The GST registration can be cancelled for the following reasons: a) A person registered under any of the existing laws, but who is not liable to be registered under the GST Act; b) The business has been discontinued, transferred fully for any reason including death of the proprietor, amalgamated with other legal entity, demerged or […]
Posted inINCOME TAX
What Precautions Should Be Taken While Filing ITR?
The followings are the important steps/ points/ precautions to be kept in mind while filing the return of income: 1) The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing […]
Posted inINCOME TAX
Do You Need To File ITR Even When You Have Paid All The Taxes in Advance?
Filing of Income-tax return is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit. With effect from Assessment Year 2020-21, it is mandatory for every person, who is not required to furnish return of income under any other provision of section 139(1), to file return of income if […]
Posted inGST
Final Return Under GST (GSTR-10)
When the registration of a registered person other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the composition scheme or TDS/ TCS; has been cancelled, the person has to file a final return within three months of the date of cancellation or date of order of cancellation, […]
Posted inGST
Procedure For Cancellation Of GST Registration
i.) A person already registered under any of the existing laws (Central excise, Service tax, VAT etc.), but who now is not liable to be registered under the GST Act has to submit an application electronically by 31ST December 2017, in FORM GST REG-29 at the common portal for the cancellation of registration granted to […]
Posted inINCOME TAX
What is The Eligibility For Claiming Rebate u/s 87A Of Income Tax Act?
For AY 2022-23, following are the conditions for claiming rebate under section 87A: An assessee is a resident Individual Total Income does not exceed Rs. 5,00,000 Maximum rebate allowed is 100% of Income tax or Rs. 12,500 Rebate under section 87A is not available to a non-resident individual, resident or non-resident HUF/ AOP/ BOI and […]
Posted inINCOME TAX
Can Total Deductions Exceeds Gross Total Income (GTI) in Income Tax
Deductions provided under Chapter VIA of the Income tax Act, cannot exceed the Gross Total Income (GTI). Income here means all the income accumulated in the GTI and reduced by the incomes mentioned below: Long term Capital Gain (LTCG) under section 112 of the Act Long Term Capital Gain (LTCG) under section 112A of the […]
Posted inBUSINESS & ECONOMY
Breaking: PayTM Increases Burden On Customers
Digital payment service provider Paytm has increased the burden on its customers. Actually, now you will have to pay surcharge for recharging mobile through the app. Depending on the amount of recharge, this surcharge can be levied between Re. 1 to Rs. 6. According to the report, the surcharge will be applicable only on transactions […]
Posted inJUDGEMENT
“On Money” Received By Assessee For Sale Of Agricultural Land Has To Be Treated As “Agricultural Income” If Assessee Has No Other Source For Receipt: ITAT Cochin
In the case of ITO vs. Abraham Varghese Charuvil, ITAT Cochin has held that: The payment of on-money is an unfortunate practice in most part of our country, and none can deny this factual situation. It is the case of the assessee that the buyers were insisting on reducing the sale consideration to be disclosed […]
Posted inINCOME TAX
Step By Step Process Of Filing ITR Offline
Offline ITR Filing: Download the applicable ITR, fill the form offline, save the generated XML file and then upload it. To e-File the ITR using the upload XML method, the user must download either of the following ITR utility: Excel Utility Java Utility Perform the following steps to download the Java Utility or Excel Utility, […]
Posted inINCOME TAX
Is It Necessary To Attach Any Documents Along-with ITR?
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when […]
Posted inINCOME TAX
What Are Different Modes Of Filing ITR?
The Return Form can be filed with the Income-tax Department in any of the following ways, – (i) by furnishing the return in a paper form; (ii) by furnishing the return electronically under digital signature; (iii) by transmitting the data in the return electronically under electronic verification code; (iv) by transmitting the data in the […]