On what can be said one of the most controversial cases between the Indian Govt and a foreign entity, the outcome is finally here, alas not much in the favour of the govt. UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, as soon as they get USD 1 billion refund resulting from the scrapping of a retrospective tax law.
Covid 19 has been a disaster for many and people from all walks of life have been impacted. At the same time, there have been enough support that has been provided to the people to recover from this pandemic, one such type is the support for medical treatments that was provided by several. In order to ensure that no income tax liability arises on this account, the tax authorities have decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer
Form GSTR 3B for the month of October 2020 for taxpayers having an aggregate turnover up to Rs 5 crores in the state of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi
E-Invoice is a new procedure which is applicable to all tax payers whose turnover of previous year is greater than Rs. 500 Crore. CBIC has designed a common portal where Tax payers can upload information about the invoice and Invoice Reference Number (IRN) as well as a Dynamic QR Code is generated. IRN and QR Code must be mentioned in the Invoice. All the information are needed to be uploaded on Form GST INV-01.
On the basis of GSTR 1 filed by the taxpayer a new system computed PDF will be available for filing of GSTR 3B (Table 3 for Liabilities). This system computed liabilities will be available along with break up of various heads under which we need to file in GSTR 3B. This facility is currently available to only Monthly filers of GSTR 1. Soon it will be made available for Quarterly filers.
Supreme Court on Tuesday gave a period of 10 years to Telecom Companies to pay the Adjusted Gross Revenue (AGR) Dues squashing off the demand of 20 years to repay. Telecom companies would have to make payments on or before 7 every year. The non-payment of dues in any year would lead to accrual of interest and invite contempt of court proceedings against such companies.
After the recent Notification No 63/2020-Central Tax dated 25th August 2020 which relates to interest on delayed payments of GST on Net Tax Liability which will be effective from 01st September 2020 , many social media users are commenting on it as during the 39th GST council meet they have said that the this amendment will having a retrospective effect but in the notification it gave a prospective effect from 1st September 2020.
The Central Board of Indirect Taxes and Customs (CBIC) on 25th August, 2020 via Notification No 63/2020 – Central Tax [1] notified that the interest on late GST payments will be applicable on net cash tax liability after the available input tax credits is utilized w.e.f. from 1st September 2020.
In an era of Pandemic, NRI and Foreigners visiting India had a sign of relief after the Central Board of Taxes issued Circular on Section 6 of Income Tax Act relating to Residential Status due to forced stay in India due to lockdown. Upon receipt of representations and as well as considering guidance of OECD model the circular was issued which is applicable for FY 2019-20.
Form 16 is issued annually, by an employer to an employee as a proof of salary paid and taxes deducted on it. It has two parts i.e., Part A and Part B. Tax returns of the salaried taxpayers for FY 2018-19 (AY 2019-20) can be filed in form ITR-1 or ITR-2.
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