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Extension in ITR filing deadline does not mean relief from interest penalties

Extension in ITR filing deadline does not mean relief from interest penalties 1) The last date to file income tax return for the financial year 20-21 has been extended to September 30, 2021 to provide relief to the taxpayers amid the second wave of the COVID -19 pandemic. 2) But the extension is provided in …

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CBIC issued Clarification regarding applicability of IGST on repair cost, insurance and freight, on goods re-imported after being exported for repairs, on the recommendations of the GST Council made in its 43rd meeting vide Circular No. 16/2021-Customs dated 19th July, 2021

References have been received seeking clarification on the issues of the applicability of IGST on repair cost, insurance and freight, on goods re-imported after being exported abroad for repairs. Notification Nos. 45/2017-Customs and 46/2017-Customs, both dated 30th June, 2017, issued at the time of implementation of GST, prescribe certain concession from duty/taxes on reimport of …

CBIC issued Clarification regarding applicability of IGST on repair cost, insurance and freight, on goods re-imported after being exported for repairs, on the recommendations of the GST Council made in its 43rd meeting vide Circular No. 16/2021-Customs dated 19th July, 2021 Read More »

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CBDT issues Guidelines under section 194Q of Income-tax Act,1961

CBDT issues Circular No.13 of 2021 dated 30th June, 2021 detailing guidelines under section 194Q of Income-tax Act,1961(TDS on purchase of goods), effective from 01.07.2021.   Key points of CBDT issues guidelines u/s Section 194Q TDS under section 194Q on net of GST if charged separately. However for section 206C(1H) GST is to be included. Transactions …

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