Sec 271A – Penalty for failure to keep or retain books of accounts, documents Applicability of penalty u/s 271A Penalty us/ 271A is applicable only to certain specified persons for [Read More…]
Detailed Analysis of GSTR 2B What is GSTR 2B? GSTR 2B is an auto-drafted static statement that will reflect the summary of the input tax credit which will be bifurcated [Read More…]
Interest on GST to be levied on net tax liability from 1st September 2020 ⊗ As per the CGST notification no. 63 dated 25th August 2020 Section 100 of the [Read More…]
Inward Supplies in GSTR 4 Is it mandatory to furnish inward details in GSTR 4(Annual Return)? YES, it is mandatory to furnish the inward details in GSTR 4 (Annual Return). Let’s [Read More…]
Why composition taxpayers are ignored? Composition taxpayers constitute a large chunk of taxpayers in India under the GST regime. Considering the hardships faced by the Novel Coronavirus pandemic, CBIC has [Read More…]
Deduction under section 80TTB Deduction under section 80TTB in respect of interest income on deposits from a savings bank account for senior citizens was introduced in the Finance Bill, 2018 [Read More…]
Deduction under section 80TTA Deduction under section 80TTA in respect of interest income on deposits from a savings bank account was introduced in the Finance Bill, 2013. This section provides [Read More…]
Taxation of Cooperative Societies A co-operative society is a society registered under the Co-operative Societies Act, 1912, or any other law in the State which requires the registration of co-operative [Read More…]
Aadhaar-based instant PAN Applicable only for Individuals Permanent Account Number (PAN) PAN (Permanent Account Number) is a ten-digit alphanumeric unique number. It is issued by the Income-tax department based on [Read More…]
PM Modi to launch a platform for honoring the honest taxpayers Prime Minister Shri Narendra Modi will be launching a new platform for “Transparent Taxation – Honoring the Honest” through [Read More…]
GSTR 4(Annual Return) due date Overview of GSTR 4(Annual Return) Composition taxpayers were notified to file a yearly return in Form GSTR-4 (Annual Return) from the financial year 2019-2020 vide [Read More…]
GSTR 4 the Quarterly Return Note this is applicable for FY 17-18 & FY 18-19 (when GSTR 4 was a quarterly return) Now GSTR 4 (Annual Return) is a yearly [Read More…]
NIL GSTR 4 Overview of GSTR 4 Composition taxpayers were notified to file a yearly return in Form GSTR-4 (Annual Return) from the financial year 2019-2020 vide a CGST Notification [Read More…]
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