Frequently Asked Questions When refund application can be filed using reason as ‘Refund on tax paid on an Intra state supply which is subsequently held to be inter-state supply and vice versa’? Ans: Refund can be claimed using refund option as “Refund on tax paid on an Intra state supply which is subsequently held to…

Due to Covid-19 pandemic, all the due dates are revised and the compilation of all the revised due dates are as follows: Extended due dates Chart under the Income Tax Act – 1961 Particulars Original or Extended Due Date Belated Income Tax Return for the A.Y. 2019-20 30th November 2020 Revised Income Tax Return for the A.Y. 2019-20…

Contents Introduction of shipping business Disallowance of expense on account of Non- deduction of TDS Deemed Income of Shipping business Summary Assessment Introduction of shipping business India has a coastline spanning 7517 km with 13 major ports and about 200 small ports. According to the Ministry of Shipping, around 95 per cent of India’s trading…

Usually the question raises in minds of many home- loan borrowers after accumulating some cash that whether to prepay home loan or to deploy the surplus funds in some other investment products. The answer of the question depends on various factors and it cannot be a readymade. Let us discuss the criteria which you should…

The most popular types are business organizations include: Sole –proprietorship One Person Company Partnerships Limited Liability Partnership Private Limited company Public limited company Let us discuss these business structures in detail. Sole-Proprietorship– This is the simplest form to start business. In this type of business structure an individual is wholly responsible for all the debts…

In case of assessee who has to obtain and upload Audit report under section 44 AB of the Income Tax Act has to file Income Tax return for the same previous year. Since there are some information or data which are same in ITR and Tax audit report. So assessee has to take care about…

Content What do you mean by Motor Vehicle? Tax on Sale of Motor Vehicle Tax on Purchase of Motor Vehicle Measures Taken by Govt. to Promote Sale of Electric Motor Vehicle GST on Motor Vehicle What do you mean by Motor Vehicle? Motor Vehicle includes Cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks….

For availing the benefits of synergy, there is need for change in the organizational structure or business model of a business entity. Restructuring is considering an important step to expand the business. In this process, one thing which is more important i.e. unutilized Input Tax Credit (ITC), according to GST law, the unutilized Input Tax…

Content Normal audit under section 35(5) Audit by tax authorities under section 65 Special Audit under section 66 Normal Audit u/s 35(5) According to section 35(5) of CGST Act 2017, every registered person whose turnover during a financial year exceeds the prescribed limit i.e. 2cr. shall get his accounts audited by a chartered accountant or…

Table of Content Forgetting Filing of GST Returns in case of no business. Update contact information of taxpayers and not of tax professionals. Booking ITC (Input Tax Credit) without following rules properly. Non Payment of GST in Reverse Charge Mechanism. Non Filing of Final Return GSTR-10. Wrong understanding of LUT. Non- Updation of Additional Place…

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