All complainces related updates
The Central Board of Indirect Taxes and Customs (CBIC) has introduced new rule 86B vide notification number 94/2020 dated 22nd December, 2020. Rule 86B is made effective from 1st January 2021. How was ITC utilisation allowed before Rule 86B Input tax…
Equalization Levy (EL) is a tax leviable on consideration received by a non-resident for specified services. Specified Service means online advertising or provision of digital space for online advertisement or any other service for purpose of online advertising. Introduction Equalization…
The government requires people to mandatorily file income tax returns (ITRs) to get information about their income and to check if the tax on the income earned has been correctly paid. The last date for filing ITR for FY 2021-22…
What is Form 16 Issuance to Employees? Form 16 Issuance to Employees is a certificate that employers issue to their employees. It is a validation that the TDS has been deducted and deposited with the government authorities on behalf of…
INTRODUCTION Finance Act, 2020 had introduced provisions relating to TCS on sale of goods u/s 206(1H). Finance Act, 2021 introduced provisions relating to TDS on purchase of goods u/s 194Q to cover those transactions which were left uncovered by section…
What is input tax credit? The GST input tax credit is the central tax (CGST), state tax (SGST), integrated tax (IGST), or cess that is paid by a person and has a GST registration on the supply of goods or…
Annual Information Statement (AIS) is an extensive view of information for a taxpayer displayed in Form 26AS. It also accepts feedback from the taxpayers on the information displayed in AIS. AIS shows both reported value (value reported by the reporting…
What is GST? GST Registration is obtained under GST Act. GST is an indirect tax that has replaced many other indirect taxes in India, such as excise duty, VAT, and services tax. GST has been in force from 1st July, 2017…
Why is a income tax audit conducted? The main objective of the tax audit is to ensure the correctness of the books of accounts of an organisation. A qualified chartered accountant checks the financial records from time to time to…
