Aadhaar-based instant PAN card only Applicable for Individuals Permanent Account Number (PAN) Permanent Account Number (PAN) is a 10-digit, one-of-a-kind of alphanumeric no. This is allotted by the income-tax department in accordance with the relevant income tax laws and regulations. PAN quotation is required for a number of banking transactions. Aadhaar-based instant PAN The I-T …
Penalty for not Linking PAN with Aadhaar: Section 234H The annual union budget of the year 2021, a particular provisions for non-compliance is mentioned u/s 139AA(2) was initiated. Introduction of New Section 234H the penalties regarding the linking of PAN & Aadhaar within deadline Furnishing Aadhaar made compulsory for I-T department. Under Section 139AA(1) of …
Now on pay GST @ 18% on rent (Impact & Practical aspects) Any person who makes supply of goods over INR 40,00,000/- & a supply of service over INR 20,00,000/- will be liable for compulsory required to be take the GST registration. New GST rules are all set to unsettle rentals, too. The Finance Ministry’s …
Brief about NBFC Compliances and Returns One of the well-known financial institutions which known as NBFC, NBFC are involved in the business of lending money, acquisition of equities, stocks etc issued by any authorities or government. Although NBFCs are not banks, they carry out lending operations on a level with banks. In a similar manner, …
Why B2C is Taxable but B2B is Exempted? – A Clever Step by Govt on GST levy? The pre-packaged and labelled food items (up to 25kg packing) were included in the scope of the GST, making some food items taxable when sold to B2C customers but remaining exempt when sold to B2B customers. ultimately increasing …
Option provided to GTA to opt either for 5% (without ITC) or 12% (with ITC) under Forward charge Previously, the Central Board of Excise and Customs vide Notification No. 13/2017- dated June 28, 2017 (“Services Reverse Charge Mechanism Notification”), to notify the kind of categories of services on which tax will be payable under the Reverse Charge …
Income tax return (ITR) filing via ITR-U What is means of Income tax return (ITR) filing via ITR-U? In addition to provide an updated return, the CBDT has announced a new Rule 12AC and Form ITR-U that must be filed for every year late Income tax return filing. With the new updated return idea introduced …
Why Belated ITR is different from Regular Income tax return? The best option way to file an income tax return is always before 31st July, we clarify further what comes after missing the deadline for filing an Income tax return. The due date for filing an income tax return is 31st July 2022 declared by …
New GST Rates are effective from 18th July- Let’s take a view of Updated Rates: While the GST council recommend to remove some tax exemptions and adjust some rate structures, many other exemptions were eliminated. Beginning from Monday, Customers will pay extra for variety of commodities, including furniture, lodging and banking services as new GST …
Tribunal allowed a refund of the Countervailing Duty, Cess & Special additional Duty: In case, we have to pay Basic Customs Duty (BCD), Cess Special Additional Duty (SAD), and Countervailing Duty (CVD) on our imports made before the implementation of GST in order to regularise a bona fide default under an advance authorization. After implementation of GST, GST Law restrictions …