Rationalisation of the provision relating to processing of returned income and issuance of notice under sub-section (2) of section 143 of the Act The existing provisions of clause (a) of sub-section (1) of section 143 of the Act provides that at the time of processing of return of income made under section 139, or in… Read More »
Taxmann’s GST Audit & Annual Return | Explanation is in complete sync with the current features available at GST Common Portal | 8th Edition | 2021 | F.Y 2019-20 Paperback – 31 January 2021 by Aditya Singhania(Author) Price Rs 1670 Click here to buy online Taxmann’s GST Audit and Annual Return – F.Y. 2019-20’ caters to handle… Read More »
New Tax Deduction on Purchase of Goods I Section 194Q I Income Tax I CA Satbir Singh
CBIC Clarified on GST Audit Applicability I CA Satbir singh
Tax Deduction at Source (TDS) on purchase of goods Chapter XVIIB of the Act relates to deduction of tax at source. The provisions of this chapter provide for TDS on various payments at rates contained therein. It is proposed to provide for TDS by person responsible for paying any sum to any resident for purchase… Read More »
TDS/TCS on non filer at higher rates Section 206AA of the Act provides for higher rate of TDS for non-furnishing of PAN. Similarly section 206CC of the Act provides for higher rate of TCS for non-furnishing of PAN. It is seen that while these provisions have served their purpose in ensuring obtaining and furnishing of… Read More »
Rationalisation of provisions relating to tax audit in certain cases Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on… Read More »
Taxability of Interest on various funds where income is exempt Clause (11) of section 10 of the Act provides for exemption with respect to any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies or from any other provident fund set up by the Central Government and notified… Read More »
Budget 2021 I No Need for GST Audit I CA Satbir Singh
Reducing time to file belated return and to revise original return Sub-sections (4) and (5) of section 139 of the Act contain provisions relating to the filing of belated and revised returns of income respectively. The belated or revised returns under sub-sections (4) and (5) respectively of the said section at present could be filed… Read More »