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Collection of taxes due is the most important part of the Revenue departments.Every department is governed by the parent act under which it operates as regard recovery of taxes.In this post we will cover the recovery of taxes by the Income tax department . Taxes may arise due to any of the following: (The list
Sec 143(1)(a) is about making adjustment for certain amounts in the Income declared by an assessee while filing its return of income .Following adjustments are to be made (i) any arithmetical error in the return (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return (iii) disallowance of
It has been a common case where the taxpayer stores its goods with the transporter place as a matter of practice or by virtue of necessity then what will be the provision related to eway bill .In this reference department has issued clarification setting at rest all the difficulties and has also provided a detailed
Since TDS and TCS has become effective from 01/10/2018 which has been explained in our earlier post here still there were some points to be clarified which have been explained as follows for ready reference: REGARDING TCS Foreign e-commerce operator is involved: Where registered supplier is supplying goods or services through a foreign e-commerce operator to
TDS/TCS implemented After a lot of hue and cry finally the provisions of TDS /TCS have been effective from today viz 01/10/2018 .These provisions have been in vogue in erstwhile acts yet in GST due to one nation tax the implementation means a lot as in earlier laws the effect were limited to states only
Applicability The form is a reconciliation statement between the figures as reported in GST returns and the figures as appearing in Audited books of accounts Who is liable to submit form GSTR 9C: all the assessees whose books are required to be audited under GST .Currently the Assessee whose turnover exceeds 2.00 Cr are under
Tax Audit We have covered Tax Audit in our previous posts.In this post we will explain the remaining aspects of Tax Audit u/s 44AB Types of Tax Audit: Though Tax Audit is always covered u/s 44AB but the requirements are initiated due to coverage of various conditions under different sections which are explained as follows:
Tax Audit Tax Audit is covered under sec 44AB of Income tax Act and broadly speaking it is meant for those Assessee having specific turnover beyond which their books are to be Audited by a Chartered Accountant and the report is to be uploaded with the Income tax return . Audit is very important because
Now since the Annual Return of GST is out and the date of Tax audit under Income tax is approaching we will present our final post regarding finalisation of accounts in GST Era.We had already explained in detail the intricacies of finalisation of books in Post GST era that would be the first 9
Finally the format for GSTR 9 and 9A has been released vide notification no 39/2018 dtd 04/09/2018 by the GST department In this post we will try to explain each and every column required to be filed in the form. The form 9 has been divided into 6 parts starting from Part I to Part