Goods and service tax more popularly known as GST is knocking on the
door. Merits & demerits of GST would
be evaluated in due course of time however we need to get ready before its
entry in our system. Input tax credit system is the one of the core area of GST
where we can see major changes and benefits. Here just trying to brief the mechanism
of Input credit under GST.
Income Tax,Goods & Service Tax,Finance,Investment
Input Tax Credit under proposed GST Law
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Form C under central Sales Tax Act 1956
I made an effort to understand the concept of Inter-State Sale/purchase under Central sales Tax Act, 1956 (CST)in my last post.Now going to discuss Form C:-
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Circular explaining law relating satisfaction note under section 158BD/153C
The CBDT has circular in which CBDT has explained the law relating to recording of satisfaction note by the Assessing Officer.
Copy of circular is appended below:-
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Validate certificate under section-197
It is very common that deductor get certificate for lower deduction of TDS from the deductee. On the basis of such certificate, lower TDS is deducted and while filing TDS return, deductor mention the certificate number in return however demand of short deduction arises due to wrong quoting of 197 certificate number.
It happens because when the deductor accepts from deductee a manually issued lower deduction certificate by assessing officer & quotes the same in TDS statements. To resolve the issue CPC(TDS) has provided the facility of validating the 197 certificate to the deductors and that if the 197 certificate is not valid as per TRACES validation, the deductor should always insist upon an ITD system generated certificate having a unique 10 digit alpha numeric number. The entire procedure for this is explained in the advisory letter issued by CBDT.
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Electronic filing of first appeal before CIT(Appeals)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, 30th December, 2015
Subject: Electronic filing of first appeal before CIT(Appeals) – reg.
It is the endeavour of the Income tax Department to digitise various functions of the
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