EXCESS CREDIT TAKEN OF ITC IN GSTR-3B

How do I rectify if excess Input Tax Credit taken in GSTR 3B?

Excess Input Tax Credit has been availed while filing GSTR 3B in previous year, now found the mistake and want to correct . How can this mistake be corrected.

Clarification in respect of residency under section 6 of the Income-tax Act, 1961.

Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to determination of residency of a person. The status of an individual, as to whether he is resident in India or a non-resident or not ordinarily resident, is dependent, inter-alia, on the period for which the person is in India during a previous year or years preceding the previous year.

New procedure for registration, approval, etc. of certain entities deferred to 1st October, 2020

In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would be required to file intimation within three months from 1st October, 2020, i.e, by 31st December, 2020. Further, the amended procedure for approval/ registration/ notification of new entities shall also apply from 1st  October, 2020.

Deferment of Reporting under clause 30C and clause 44 of Tax Audit Report

The Central Board of Direct Txe has vide Circular No.10 /2020 dated 24th April, 2020 stated that in view of the prevailing situation due to COVID-19 pandemic across the country, the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31 st March, 2021.

Section 44AB of the Income-tax Act, 1961 (‘the Act’) read with Rule 6G of the Income-Tax Rules, 1962 (‘the Rules’) requires specified persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD. The existing Form No. 3CD was amended vide notification no. GSR 666(E) dated 20th July, 2018 with effect from 20th August, 2018. 

Let us understand the Clause 30C and Clause 44 of the Tax Audit Report.

Coercive Recovery of taxes etc during Corona Virus crisis

UOI vs. P. D. Sunny (Supreme Court)

Coercive Recovery of taxes etc during Corona Virus crisis: The orders of the Allahabad & Kerala High Courts directing the authorities to defer coercive recovery of taxes is stayed in view of the stand of the Government that the Government is fully conscious of the prevailing situation and would itself evolve a proper mechanism to assuage concerns and hardships of every one 

There shall be ex-parte ad-interim stay of the impugned judgment and order(s) passed in the aforesaid writ petitions and of further proceedings before the High Court(s), in view of the stand taken by the Government of India through learned Solicitor General, before us, that the Government is fully conscious of the prevailing situation and would itself evolve a proper mechanism to assuage concerns and hardships of every one 

Implementation of blocking facility of ITC by the GST authorities

CIRCULAR F. NO. 587/CE/167/POL/2019/11219-11269 DATED 13-1-2020

Attention is drawn to the provisions of Rule 86A(1)(a) of the Central Goods and Services Tax Rules, 2017 which empowers the CGST officers to block input tax credit (ITC) under certain circumstances.

Labourer gets Income Tax demand notice of Rs 1.05 crore! Do this if you also get

labourer in Maharashtra recently got a shock of his life when the Income Tax department sent him a notice to pay Rs 1.05 crore as income tax for the assessment year 2017-18 to the government. News agency ANI reported that daily wage labourer Bhausaheb Ahire had received an income tax notice, asking him to pay Rs 1,05,83,564 as income tax for assessment year 2017-18. The notice said that Ahire had an undisclosed amount of Rs 21,00,000 and Rs 56,81,000 as other deposits in his bank account. Shocked with the notice, Ahire told the news agency, “Ï am a labourer who gets work only once or twice a week. I earn my livelihood that way. I have not seen even Rs 1 lakh in my life, how can I pay Rs 1.95 crore? This is fraudulence. Action should be taken.”
https://www.financialexpress.com/money/income-tax/how-to-respond-to-wrong-income-tax-demand-notice-step-by-step-guide-labourer-rs-1-05-crore/1827294/lite/

Is GST liable on hiring charge of vehicle from one GTA to another GTA

The applicant being a Goods Transport Agency (GTA) wants to be registered under GST. It has sought an advance ruling to determine whether it can provide vehicles used for transportation of goods on hire basis to another GTA?

Be ready to face GST Audit- Department has started issuing GST audit notices to Taxpayers

It's almost close to three years since the roll-out of the biggest indirect tax reform, the Goods and Services Tax (GST). The government has now launched a massive enforcement drive, pan-India with a motive to check tax evasion and re-confirm fake credits. The taxman has started issuing GST audit notices to taxpayers for the first year of the roll-out, i.e. GST FY17-18.

Recommendation of the 38 Meetings of the GST Council

The 38 Meetings of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance. The GST Council recommended the following: