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Assessment under Goods and Service Tax (GST) Introduction: It is important to know that how person is assessed under various provision of GST, whether assessee has an option to opt for provisional assessment or not; in which cases GST authority will considered the case under best judgement assessment; or what are the provision relating to…
Exports and Deemed Export under GST Introduction: Under GST it is important to determine that what are the GST provision in relation to export and when a supply will be treated as deemed export. It is important to understand how assessee will be taxed when transaction is determined as deemed supply. Definition Export of Goods:…
Capital gain on sale of immovable property Introduction: It is important to determine that when it can be termed as capital gain on sale of immovable property and whether it will be classified as long term or short-term; further what will be the rate at which it will be taxable. Capital asset is defined to…
GSTR- 4 Annual Return by Composite Dealer. What is Form GSTR-4 Annual Return? GSTR- 4 is an annual return which is required to be filled by taxpayer for each financial year, who has opted for composition scheme and the said provision came in force from 1st April, 2019. Who are required to file Form GSTR-4 Annual…
Advisory report on format of business responsibility and sustainability reporting Introduction: Recently Security Exchange Board of India (SEBI) has issued Advisory report on format of business responsibility and sustainability reporting, before analyzing such it is necessary to determine that to whom this reporting is applicable, what are the various clauses relating to this reporting and…
Introduction : In the Finance Act, 2020; it has specified three new provisions in reference to Tax Collection at Source; in this article we will see, to whom provisions are applicable, whether there is any exemption, what will be rate of deduction, and what are the compliance that are required to be carried out by…
Introduction : Whenever any movable or immovable property is given in form of gift the first question arises in mind of receiver is taxability of such gift under Income Tax Act, 1961; There are certain exemption which are provided to assessee in respect of gift received by him and there is also specific monetary limit…
Interest on Late Payment of GST – Notification no 63/2020 It is well settled position of law by virtue of section 50 of CGST Act, 2017 that Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or…
Introduction:Auditmeans the examination of records maintained by the registered person. The audit aims to verify the correctness of information declared and to assess compliance with the provisions of the CGST Act. Types of Audit under GST:There are three types of Audit under the GST Act 2017. Details are as indicated below:- Sr. No. Statutory Provision…
Introduction:In current choice of investment avenue can make or break the realisation of financial dreams. It is because of the forces of inflation and taxes. These tend to reduce the purchasing power of your money and impede faster wealth accumulation. Along with percentage of return one needs to understand what will be the taxability of…