APPEALS TO COMMISSIONER (APPEALS) [SECTIONS 246A TO 249] Appealable orders for filing Appeals to CIT(Appeals) section 246A (1) Any assessee or any deductor or any collector aggrieved by any of the following orders (whether made before or after the appointed day) may appeal to the Commissioner (Appeals) against— (a) an order passed by a Joint Commissioner under clause… Read More »
If either the loss brought forward or unabsorbed depreciation is nil, then the assessee is not allowable any deduction under this clause for computing the book profit under section 115JB. IN THE ITAT PANAJI BENCH Indian Furniture Products Ltd. v. Assistant Commissioner of Income-tax, Circle-2, Goa N.S. SAINI, ACCOUNTANT MEMBER AND GEORGE MATHAN, JUDICIAL MEMBER… Read More »
Instruction for filling Application for New Registration. Form GST REG 01 (Application for Registration under Section 19(1) of Goods and Services Tax Act, 20–) has been prescribed for filling Application for New Registration under GST of India List of documents to be uploaded as evidence for filling Application for New Registration under GST (GST REG 01 ) Photographs (wherever… Read More »
GST Impact on Exports Provision in GST for Export GST should be paid in the first place by exporters but those exporters who are entitled to exemptions could take refunds. GST Impact on Export Substantial amount of working capital would be locked in the process of paying duties and then taking refunds. Form GST RFD 01 has… Read More »
Audit under GST Meaning of Audit under GST [ section 2(14)] “Audit” means detailed examination of records, returns and other documents maintained or furnished by the taxable person under this Act or rules made thereunder or under any other law for the time being in force to verify, inter alia, the correctness of turnover declared, taxes paid, refund… Read More »
RECTIFICATION OF MISTAKES [SECTION 154 of Income Tax Act ] What mistakes can be rectified Any mistake apparent from the record Who can rectify mistakes The following income-tax authorities can rectify mistakes: (a) the CBDT (b) Principal Directors-General/Principal Chief Commissioners/Directors- General/Chief Commissioners (c) … Read More »
The senior officials of the central excise department have prepared a report on some major loopholes in the Goods and Services Tax (GST) as sought by the Union government to fine tune and improve the law. The report would be submitted to the concerned ministry in a week. “We have raised some key points and… Read More »
COLLECTION OF TAX AT SOURCE [SECTION 206C] Applicability of section 206C [Tax Collected at Source] For applicability of section 206C following conditions should be satisfied, namely :— The assessee is a ‘buyer’ of ‘specific goods’ in any sale, by way of auction, tender or any other mode; or, he is a lessee or licensee in relation… Read More »
AUTHORITIES PRESCRIBED UNDER INCOME-TAX RULES Buy Latest Income Tax Ready Reckoner Rule Relevant section of the Income-tax Act Prescribed authority 2C(1) 10(23C)(iv)/(v) Chief Commissioner or Director General 2CA 10(23C)(vi)/(via) Chief Commissioner or Director General or Central Board of Direct Taxes 2D(1) 10(23F) Director of Income-tax (Exemptions) 2DA(1) 10(23FA) Central Government 2E 10(23G)[Omitted with effect from… Read More »
Due Date chart of Income Tax Oct 2016 to Dec 2016 Friday, October 7, 2016 Due date for deposit of tax deducted/collected for the month of September, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is… Read More »