Blocked Credit- Section 17(5)

Blocked Credit – Supply of goods and services ineligible for ITC Though definition of input tax is broad, input tax credit shall not be available in respect of activities and transactions specified in section 17(5) of CGST Act [termed as ‘blocked credit’] The specific exclusions means that but for such exclusion by blocking credit, the … Read more Blocked Credit- Section 17(5)

GST Refund – All you need to know about the GST Refund.

1. Who can apply for the claim? Sub-section (1) of Section 54 of the CGST Act states that “any person” who has paid any tax and interest, if any, paid on such tax or any other amount can apply for the claim of such tax, interest (if any) or other amounts so paid. The term … Read more GST Refund – All you need to know about the GST Refund.

Claim Foreign Tax Credit under Employee Stock Option Scheme (ESOS) – Avoid Double Taxation of Income

Since the ITR filing due dates are not far, we all have started working on our ITR filings. We all should keep this important aspect in mind while filing our returns if we are getting the benefit of stock options as a part of our CTC in our annually generated Form 16. Many of us … Read more Claim Foreign Tax Credit under Employee Stock Option Scheme (ESOS) – Avoid Double Taxation of Income

Income tax TCS provisions applicable from 1st October 2020

Quick view on the New income tax provisions applicable from 1st October 2020. As all aware of the Amendment  made in the  section 206C in the budget 2020 by inserting subsections. 1. insertion of subsection – 206(1G) 2. insertion of subsection – 206(1H) Insertion of subsection – 206(1G)  Section read as follows  (I) after sub-section (1F), … Read more Income tax TCS provisions applicable from 1st October 2020

Assessment In GST

Meaning of “Assessment”   Assessment means determining the tax liability. “Assess” in a taxing statute means the computation of the income of assesse, the determination of tax payable by him, and the procedure for collecting or recovering the tax. The word ‘assessment’ can comprehend the whole procedure for ascertaining and imposing liability upon the taxpayer. “Assessment” … Read more Assessment In GST

TDS – How to deposit TDS challan online? Step-wise Images

In this blog, we have explained detailed procedure to deposit TDS online. The tax liability of a person chargeable to tax is determined according to the provisions of the Income Tax Act. Such tax is determined on the total income of a person on an annual basis. Further, the person can discharge his tax liability … Read more TDS – How to deposit TDS challan online? Step-wise Images

What is the impact of GST on CSR Expenditure? Explained!

In India, CSR has established its base from the theory of ‘Trusteeship’ coined by The Father of Nation, Mahatma Gandhi, whereby business houses are looked upon as trustees of the resources they draw from society and thus are required to return them back. It looks over the holistic growth & development of India.CSR basically forms … Read more What is the impact of GST on CSR Expenditure? Explained!

How to treat GST component on Mobilization Advance? Read this.

1. Background: Normally, mobilization advance payment is made to a contractor for initial expenditure in respect of site mobilization, laborers, and other initial expenses. Mobilization advance is linked to the contract price in percentage terms, as decided mutually by the contracting parties. The amount of mobilization advance is adjusted against the invoices, raised by a … Read more How to treat GST component on Mobilization Advance? Read this.

TDS levy on cash withdrawal of over Rs 20 lakh from bank account if you haven’t done this

As per the amended law, if an individual withdraws cash exceeding Rs 20 lakh in an FY from his/her bank account and has not filed ITR during the last three financial years then TDS will be leviable at the rate of 2 percent on the amount of cash withdrawn. If an individual has not filed … Read more TDS levy on cash withdrawal of over Rs 20 lakh from bank account if you haven’t done this

What relief provided to assessee from double taxation? Read here in detail.

Double taxation means taxing the same income twice in the hands of an assessee. A particular income may be taxed in India in the hands of a person based on his/its residence. However, the same income may be taxed in his/its hands in the Source country also, as per the domestic laws of tax country. … Read more What relief provided to assessee from double taxation? Read here in detail.