Finance Bill 2025 Impact on Blocked Credit & Credit Note, ISD The Finance Bill 2025 introduces key amendments under the GST framework, significantly impacting input service distributors, blocked credits, and credit notes. The amendments streamline tax credit distribution, remove ambiguities in blocked credit and credit note adjustments, and settle the taxation of vouchers. These changes …
GST Registration Process Updates via GSTN advisory : Rule 8 This update strengthens GST registration procedures by integrating Aadhaar authentication and biometric verification, enhancing security and minimizing fraudulent registrations. Risk-Based Physical Verification may lead to increased scrutiny of high-risk applicants. It may Stronger Compliance Measures reduce fake registrations, benefiting tax authorities. It is also Potential …
Overview on Capital Gains Taxation under Section 54F ITAT Chandigarh Ruling: Deduction u/s 54F allowed on flat constructed on land owned by mother Key Takeaways from ITAT Chandigarh Ruling on Section 54F Deduction in the matter of: Sher Singh Vs ITO (ITAT Chandigarh) – ITA No. 647/CHD/2023 Facts of the Case: The Commissioner of Income …
Can employees be made liable in case TDS is deducted but not paid by employer? Section 199 states that tax deducted at source deducted by the payer and paid to the government is treated as tax paid on behalf of the payee. CBDT is authorized to issue rules for crediting tax deducted at source to …
MCA imposed Penalty on Directors’ Report non-disclosure of company’s web address MCA imposed Penalty on non-compliance Directors’ Report non-disclosure of company’s web address with Sec 134(3)(a) and This penalty imposed by the MCA highlights the importance of compliance with statutory requirements under the Companies Act, 2013. This is an adjudication order regarding non-compliance with Section …
How long does it take to receive a PAN card after applying? A PAN card is a vital document for Indian citizens, as it links all the financial transactions made by an individual or an entity. By doing so, it curbs tax evasion as every transaction made is linked and recorded. PAN stands for Permanent …
GST refund eligible on freelancers & businesses exporting digital services : HC Under (Afortune Trading Research LLP v. Additional Commissioner (Appeals I),[W.P. No. 2849 of 2021, Madras High Court (2024)] decided on 16.02.2024, the ruling by the Madras High Court is a major relief for freelancers and digital service exporters using PayPal or similar intermediaries. …
GST Refund Mechanism for Export of Services under GST The blog outlines the GST refund mechanism for export of services, explaining the legal provisions, eligibility criteria, and refund process. Below is a structured summary: Definition of Export of Services (Sec 2(6) IGST Act) A transaction qualifies as an export of services if: Supplier is in …
GST refund process for exports with payment of IGST GST refund process for exports with payment of IGST under the present return filing system. Key Steps in the GST Refund Process for Exports with IGST Payment (a) Filing of Shipping Bill on ICEGATE The shipping bill serves as a key document for processing refunds. Export-related …
Key Announcements Union Budget 2025 presented by FM Nirmala Sitharaman The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduces a series of initiatives aimed at fostering inclusive development, bolstering economic growth, and enhancing the welfare of various societal segments. Key Announcements Union Budget 2025 Agriculture and Rural Development: Launch of the Dhan Dhanya …