CA VK Agrawal

Why Revised Return Concept Under Income Tax Law

Under Income tax law the concept of Revised Return is dealt in section 139(5). Now the question is what is Revised Return and why there is concept called revised return exist? In the simple word, revised return can be termed as return which is filed for error correction or mistake correction i.e. correct return. While filing income tax return whether original return i.e. return filing for the first time for… Read More »Why Revised Return Concept Under Income Tax Law

Section 43B- Deductions Allowable On Payment

As a taxpayer, you might be claiming different expenses & exemptions to lesser your income tax liability, but do you know that there are some deductions that you cannot claim unless you have actually paid for them. Let’s discuss the income tax provisions laid out under Section 43B of the Income Tax Act. Section 43B prescribes that specific statutory expenses could be claimed only in the year of actual payment.… Read More »Section 43B- Deductions Allowable On Payment

GST Circular – SOP on GST registration Cancellation for Anomalies in GSTR-3B

As per the Notification No 94/2020 – the amendment in Rule 21A of GST Rules, 2017 came to effect, which states that the GST officers can now suspend a GST Registration immediately if they found significant anomalies in GSTR3B Returns. A detailed Standard Operating Procedure (SOP) in this regard was issued by CBIC on 11th Feb 2021, vide Circular No: 145/01/2021-GST on 11th Feb 2021. As per the above Circular,… Read More »GST Circular – SOP on GST registration Cancellation for Anomalies in GSTR-3B

Procedure of TCS in GST Rule & Its Standard Compliance

The Union Budget 2021 has given an easy route to comply the TCS under GST Rule. TCS also known as Tax Collection at Source has similarities with TDS and also have distinctive features. TDS refers to tax deducted when recipient of goods/services makes some payments under a contract etc. TCS refers to tax which is collected by the e-commerce operator when a supplier supplies some goods or services through their… Read More »Procedure of TCS in GST Rule & Its Standard Compliance

All About FRRO REGISTRATION

Registration under Foreigners Regional Registration Officer (FRRO) is essential requirement by the Government of India under which all foreign nationals (excluding overseas citizens of India) visiting India on a long-term visa which are more than 180 days are needed to register themselves with a Registration Officer within 14 days of arriving in India. Pakistani nationals who are visiting India are required to register within 24 hours. TO WHOM FRRO REGISTRATION… Read More »All About FRRO REGISTRATION

How Many Certificates Needs To Be Filed Quarterly With UP RERA For Withdraw The Funds From Escrow Accounts

The prime concern of RERA act is to maintain transparency in Real Estate sector and cutoff the trend of Diversion of funds to different projects or buying new land, so that the money of buyers should not be mutualized by the builders in Industry. The Real Estate (Regulation and Development) Act, 2016 (the Act) came into effect on 1st May 2017. This act provides for the promotion and development of… Read More »How Many Certificates Needs To Be Filed Quarterly With UP RERA For Withdraw The Funds From Escrow Accounts

E-Proceeding of Income Tax – Easy Guide

Income tax return filing is a scheduled procedure of every taxpayer and has to be filed every year. The income tax return filing is also an essential process to be followed for various reasons including financial and record maintenance while beneficial for the future loan perspective. What is an ‘e-Proceeding’? It is an electronic platform made by the Income Tax department. The main purpose of this platform is to conduct… Read More »E-Proceeding of Income Tax – Easy Guide

Can We File Application in Consumer Forum & UP RERA Together?

In a significant judgment, the Supreme Court state that despite the enactment of a special 2016 law, Real Estate (Regulation and Development) Act, to deal with real estate firms, homebuyers can still approach the consumer forum for seeking remedies including refund & compensation from such companies for delay in handing over possession of their dream homes. Even though homebuyers have a specific platform to file their complaints addressed after the… Read More »Can We File Application in Consumer Forum & UP RERA Together?

Alternate Tax Regime for Individuals u/s 115BAC from AY 2021-22

This article is only meant for salaried class employees and not meant for individuals who are having business Income. As there are few differences in the scheme for the salaried class of persons and non-salaried class of persons. The Budget 2020 introduces a new system under section 115BAC giving an option to individuals and HUF taxpayers to pay income tax at lower rates. The new system is applicable for income… Read More »Alternate Tax Regime for Individuals u/s 115BAC from AY 2021-22

How To File A Complaint With UP RERA

For any violation or contravention of the provisions of the RERA Act, a buyer can file a complaint with the UP-RERA Authority by a builder, developer, promoter, or real estate agent. According to the Section 31 of the RERA Act, anyone can file a complaint if they possess the knowledge to draft an accurate statement, including the relief sought from RERA. The RERA Act, 2016, has allowed different states to… Read More »How To File A Complaint With UP RERA