Who is responsible to deduct tax under section 194LBA? An individual who makes payment of income according to the section 115UA which is payable by a business trust to their unit holder is needed to deduct tax at source. This kind of unit holder can be a non-resident or resident (but not a company). When… Read More »Section 194LBA | TDS on Certain Income from Units of a Business Trust

The Income Tax Act- section 54 endows exemption for ‘Long Term Capital Gain’ arising on sale of residential property. Let’s understand the basis of ‘Capital Assets’ & ‘Capital Gain’ The term ‘capital asset’ is defined under the Income Tax Act, 1961- section 2 (14) which includes any kind of property (movable or immovable property, tangible… Read More »Capital Gain Exemption Under Section 54 of Income Tax Act, 1961

To lower the burden of tax compliance on MSME entities, Government has introduced QRMPs with effect from 01 Jan, 2021. QRMP is the new scheme launched by government, many GST registered entities are still have confusion about which scheme to opt in or opt out, as QRMP is optional scheme which can be opted by… Read More »Option to choose between QRMP scheme and Monthly GSTR 3B

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… Read More »Section 43B- Deductions Allowable On Payment

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… Read More »GST Circular – SOP on GST registration Cancellation for Anomalies in GSTR-3B

A vested right counted as an absolute right over any asset which cannot be taken over without the consent of its owner. Nature of ITC under GST Law The CGST Act, 2017- Section 16 contains detailed provisions regarding eligibility & conditions for taking input tax credit. Section 16(1) is the elementary provision in the GST… Read More »Input Tax Credit under GST Law- Is it a Vested Right?

The purpose of this Article is for the advice Standard Process of GST Rule, When GST Registration got Suspension. It cannot be denied that troubles come uninformed. That is exactly what can happen if GSTR-3B shows significant differences with GSTR 1 or GSTR 2A / GSTR 2B. Wondering how bad it can get? Well, as… Read More »Standard Procedure of GST Rule, When GST Registration get Suspension

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… Read More »Procedure of TCS in GST Rule & Its Standard Compliance

As we know that the union budget comes into effect recently, Union budget of 2021-22 highlights that senior citizen above the age of 75 now need not file their Income Tax Return. In the Union Budget 2021-22, senior citizens who are the age above 75 are exempted from filing income tax return of income subject… Read More »ITR Filing Exemption To Senior Citizen Above Age Of 75

Few Days before the government has come up with a significant change with regards to the e-way bill generation facility on the web portal of e-way bill. E-way bill generation is blocked for taxpayers who have not filed their returns for the previous 02 consecutive months/quarters. Therefore, if a taxpayer has not filed GSTR-3B for… Read More »Online Unblocking Of E-Way Bill