BLOGS
D.Y. Beathel Enterprises Vs State Tax Officer (Data Cell) (Madras High Court) – No GST can be demanded from Buyer for the fault of Seller of non-payment of taxes to the Govt.
The Hon’ble Madras High Court in M/s. D. Y. Beathel Enterprises v. the State Tax Officer [W.P. (MD) Nos. 2127, 2117, 2121, 2152, 2159, 2160, 2168, 2177, 2500, 2530, 2532, 2534, 2538, 2539, 2540, 2503 & 2504 of 2021 & Ors., dated February 24, 2021] quashed the...
GST returns of Corporate Entities – GSTR 1, GSTR 3B verification through OTP allowed
The government has provided relief to GST taxpayers from a physical visit to tax office for verification of digital signature required on return forms. The Central Board of Indirect Taxes and Customs has allowed taxpayers to file return forms GSTR-1 and GSTR 3B...
ITC on CSR activities
company cannot claim Input Tax Credit (ITC) on CSR activities as CSR activity expenses are not allowable in Incometax. Hence ITC cannot be claimed.(Polycab wires pvt.ltd2019 24 GSTL 103 AAR KAR)
Dynamic QR Code on B2C Invoices
Attention GST Taxpayers whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs.500 crore! Generating Dynamic QR Code on B2C Invoices issued to unregistered person. Penalty waived for non-compliance subject to conditions provided
Requirement of HSN/Service Accounting Code
Requirement of HSN/Service Accounting Code for Goods and Services on B2B Tax Invoices is mandatory w.e.f 01/04/21 Turnover more than 5 crore in preceding FY - 6 Digits HSN Code Turnover upto 5 crore in preceding FY - 4 Digits HSN Code
Generating E-Invoice for B2B supply
Attention GST Taxpayers whose aggregate turnover exceeds Rs.50 crore in a Financial Year! Generating E-Invoice for B2B supply of Goods or Services or both is mandatory w.e.f April 01, 2021.
CBDT notifies all ITR Forms 1 to 7 for AY 2021-22
CBDT notifies all ITR Forms 1 to 7 for AY 2021-22 vide Notification no. 21/2021 in G.S.R 242(E) dated 31/03/2021. To facilitate taxpayers & to minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last...
Highlights of Union Budget 2021-22 – MCA, Companies Act, LLP Act
Easing Compliance requirements of Small Companies – Threshold increased to Share Capital upto Rs.2 crore and Turnover upto Rs.20 crore will be Small CompaniesAllow One Person Companies (OPC) to grow without any restriction in Share Capital or Turnover. NRIs will be...
Highlights of Union Budget 2021-22 – Direct and Indirect Tax
Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax...
Highlights of Union Budget 2021-22 – General Updates
First digital Budget in the history of IndiaVehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles64,180 crores allocated for New Health Schemes35,000...