TDS on Salary (Section 192) and TDS on Provident Fund (Section 192A) are provisions under the Income Tax Act, 1961, that govern the deduction of tax at source (TDS) on salary payments and withdrawals from the Provident Fund (PF). Here’s a detailed explanation of both sections: TDS on Salary (Section 192): Section 192 deals with […]
TDS on Salary and Provident Fund [Section 192 and 192A] Read More »
The term “actual cost” in the context of asset acquisition plays a pivotal role in income tax computation, presenting nuances and exceptions that taxpayers and professionals must comprehend. Section 43(1) of the Income Tax Act,1961 delineates the intricacies of determining the actual cost. “Actual cost” means the actual cost of the assets to the assessee, reduced by
Interpreting Actual Cost in Asset Valuation for Computation of Income Tax Read More »
The introduction of Section 128A in the Central Goods and Services Tax (CGST) Act, 2017, by the Finance (No. 2) Act, 2024, aims to provide relief to taxpayers by waiving interest, penalty, or both for certain tax demands. This provision, effective from November 1, 2024, covers tax periods from July 1, 2017, to March 31, 2020, and is
Amnesty Scheme under Section 128A of the CGST Act, 2017: A Comprehensive Overview Read More »
The treatment of vouchers under GST has been a subject of debate due to their unique nature. This article provides an analytical study of GST applicability on vouchers, covering definitions, classifications, taxability, and judicial perspectives. Definition- As per section 2(118) of CGST Act, “voucher” means an instrument where there is an obligation to accept it as consideration or part
GST on Vouchers – Analytical Study Read More »
The Supreme Court of India’s decision in the case of Chief Commissioner of Central Goods and Services Tax & Ors. vs. Safari Retreats Private Ltd. & Ors. ([2024] (SC)) has addressed significant questions regarding the availability of Input Tax Credit (ITC) for constructions under the Central Goods and Services Tax (CGST) Act, 2017. The judgment analyzed the
GST Audit under Section 65 of the CGST Act, 2017 is conducted by the tax authorities to verify the correctness of the turnover, taxes paid, refunds claimed, input tax credit (ITC) availed, and other compliance-related aspects of a registered taxpayer. This audit is initiated by the Commissioner or an authorized officer and is distinct from
GST Audit U/s 65 of the CGST Act, 2017- Procedure and Precautions Read More »
The Goods and Services Tax framework has undergone significant transformations since its implementation in 2017. Recent amendments and judicial pronouncements have further shaped the dynamics of GST registration. Latest Changes in GST registration process 1) Aadhaar Authentication for registered persons: Rule 10B of CGST Rules had been inserted by Noti. No. 38/2021-Central Tax dated 21.12.2021. Aadhaar authentication
GST Registration- Latest Changes and Issues involved with Case Laws Read More »
The Government of India has introduced a new Amnesty Scheme under GST, notified via Notification No. 17/2024 – Central Tax. The Indian Government periodically announces amnesty schemes under the Goods and Services Tax (GST) to help taxpayers resolve non-compliance issues, reduce the burden of penalties, and encourage voluntary compliance. In 2024, the New Amnesty Scheme aims to address certain
New Amnesty Scheme under GST- How to take maximum benefit of the Scheme Read More »
This article delves into the legal framework surrounding cash seizure, the grounds on which authorities exercise these powers, and the remedies available to taxpayers in such cases. The primary question that arises for consideration is whether the expression “things” contained in Section 67(2) of the CGST Act includes cash / currency seized during search and seizure. Before adverting
Seizure of Cash during GST search – Legal Aspect Read More »
Suo Moto Cancellation of registration may be initiated by the Tax Official for various situations as mentioned in the provisions of GST law like: – Any Taxpayer other than composition taxpayer has not filed returns for a continuous period of six months. Supplies any goods and / or services without issue of any invoice, inviolation of
