No.1 Income Tax Advisory Service by our company fibota

Preparing Client for Tax Audit

“Making client ready for tax audit” Introduction : It is of at most important that every client who is required to get his books of accounts audited, obtains audit report well within time. This will allow him to avoid penalty and other consequence that he may suffer due to non-obtaining of audit report in time.…

Section 269ST Final by Fibota legel services

Section 269ST Final

Section 269ST of Income Tax Act, 1961. Introduction: To reduce the circulation of cash and to curb black money government has come out with a section 269ST under Income Tax Act, 1961; which restrict the amount that an assessee can receive from another assessee. In this article we will discuss all the special cases that…

Filing of Appeal before Income Tax Authorities

Wavier of Late Fees

Relief in late fees to Taxpayers filing Form GSTR-4 or GSTR 10 What is GSTR-4? Who is required to file? GSTR-4 is return which is filed by composition dealer. Such composition dealer is required to furnish there return once in a year, i.e. at end of year. Due date for GSTR 4 is 30th April…

section 194n cbdt circular, Online GST Return filing Services

Section 194N CBDT Circular

Clarification by Government of India in relation to section 194N Introduction: Since its introduction section 194N is in the controversy and once again after the amendment by Government of India. On 20th July, 2020 government has again issued clarification in regard to various practical question raised by various stakeholders According to amendment following is the…

Online GST Return filing by fibota legel services

Investment linked deductions

Investment Linked Deduction under Section 35AD of Income Tax Act 1961 Introduction Under Section 35AD, government intends to give incentive to businesses to foray into certain industries which are critical for the economy as a whole. These are capital incentive industries i.e. there is high capital and high risk involved in setting up a business…

Ind AS 115, Online GSTR 3B and 1 filing

Ind AS 115

Simplified Version of Indian Accounting Standard 115, Revenue from contract with customer To which entity Ind-As is applicable? Important Points: Net Worth = Paid-up share Capital + all reserves out of profit & securities premium account –accumulated losses – deferred expenditure – miscellaneous expenditure not written off Reserves created out of revaluation of assets and…

advance ruling under gst

Advance Ruling under GST

Advance Authority under Goods and Service Tax Introduction :  In many case it is possible that assessee is not been able to determine whether the notification prescribed is applicable or not or whether the rate of tax applied by him is correct or not whether exemption provide by government is applicable or not and there…

Delinking of Credit Note Debit Note

Delinking of Credit Note-Debit Note

Delinking of Credit Note/Debit Note under GST What if assessee has received credit note in respect of various invoice? Whether he can receive single credit note? There are no restrictions on receiving single credit note against various invoice but under GST till now it was mandatory to prescribe original invoice number by the taxpayers while…

e invoice update, Online maintaining books of accounts

E-Invoice Update

Latest E-Invoice Update Introduction : Government has specified certain class of taxpayers which are required to generate e-invoice but recently there is change in applicability of provision of e-invoicing. Along with it there are also some important amendment which are worth noting. In this article we will discuss what are the changes in provision relating…

GST on Construction and Works Contract Services

GST on Construction and Works Contract Services

GST on Construction and Works Contract Services Introduction : As per Section 2(119) of the CGST Act, 2017 as ‘works contract’ means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property wherein transfer of property in goods (whether as goods or…