Deployment of Interest Calculator in GSTR-3B
The new functionality of interest calculator in GSTR-3B is now live on the GST Poral. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive…
ITC can not be disallowed merely on the assumption that supplier seems to be fake
Payment to the supplier along with the tax should be verified before disallowing ITC: Calcutta HC LGW Industries Ltd. Vs Union of India [2022] The Hon'ble Calcutta High Court has…
MSME Registration
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. When these industries grow, the economy of the country…
Claim of TDS Credit Deducted by the Employer but not Paid by it to the Government
I. Issue Mr. A, an employee working in XYZ Ltd., received a demand notice from the Income-tax Dept. asking him to pay tax on salaried income. The demand notice was issued…
Interest Calculator in GSTR-3B – Upcoming functionality
As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. This functionality will…
MCA amends Companies (Registration Offices and Fees) Rules, 2014; tightens norms relating to additional fee and higher-additional fee
The Ministry of Corporate Affairs (MCA) comes out with a Notification on 11th January 2021 for amendment in “Companies (Registration Offices and Fees) Rules, 2014”. These rules may be called…
ITC of GST paid on procurement of air conditioning cooling system and ventilation system is not allowed : AAR
In the AR Application by Wago (P.) Ltd. before Gujrat AAR The applicant was in the process of establishing its new factory in Gujrat and would be procuring various assets…
Extension of Due Date for filing of Tax Audit Report and ITR for AY 2021-22
Due date for filing of audit reports & ITRs extended to February 15, 2022 & March 15, 2022 respectively: CBDTCircular no. 1/2022, dated 11-01-2022On consideration of difficulties reported by the…
FAQ on Section 194Q TDS on purchase of goods
The number is proposed to be increased to 38 by the Finance Bill, 2021. If all these provisions are projected in a table, they may look like a Periodic Table…
RBI hikes threshold for deposits made by non-financial small businesses by 50% to Rs 7.5 cr for maintenance of LCR
Circular no. RBI/2021-22/151 DOR.No.PRD.LRG.79/21.04.098/2021-22, Dated: 06.01.2022 With an objective to align guidelines with the Basel Committee on Banking Supervision (BCBS) standard, the RBI has decided to increase the threshold limit…