Month: May 2020

CBDT notifies Income Tax Return (ITR) Forms for A.Y.-2020-21

Post Views: 480 In India taxable person has to file his//its Return of Income on yearly basis in the form prescribed by CBDT. CBDT notifies ITR form every year with few modifications. This year also CBDT has notified ITR forms on 29th May, 2020 wide notification No.-31/2020. In this article we shall discuss who is […]

Transfer of ITC between two separate GSTIN in a State/UT

Post Views: 612 In this article we shall discuss about transfer of Input Tax Credit (ITC) between two or more registered entity having separate GSTIN but owned by one person (Single PAN), in a single State or Union Territory. Rule-41A of Goods and Services Tax Act, 2017 allows a registered person who has separate registration […]

CBDT notifies Form-26AS (Annual Information Statement)

Post Views: 566 CBDT notifies new Form-26AS “Annual Information Statement” by inserting new Rule 114-I which will be effective from 1st June,2020. In addition to the TDS/TCS details, revised Form-26AS will now comprise information relating to assessee’s specified financial transaction, payment of taxes, pending/ completed proceedings etc. In exercising the powers under Section-285BB read with […]

Statement of Financial Transaction (SFT)

Post Views: 552 Removal of black money transaction and tax evasion are the major problems the government India is facing from decades. The government of India had taken numerous measures to overtake such problems by way of getting sensitive and high value transaction details from indirect source. Such measures are Tax Deducted at Source (TDS), […]

Complete guide on MAT and AMT provisions under Income Tax Act, 1961

Post Views: 258 MAT vs AMT Title MAT AMT Full Form of MAT and AMT MAT stands for Minimum Alternate Tax AMT stands for Alternate Minimum Tax Applicable MAT is applicable for Company Assessee. AMT is applicable to all assessee other than Company Assessee having Adjusted Total Income more than 20,00,000. Section Section-115JB of Income […]

Export through Merchant Exporter under GST Regime

Post Views: 253      ·      Merchant Export:- Merchant Export is a method of Trading Export which is equally important to the Manufacturer Exporter. The person who is engaged in the merchant export is called as ‘Merchant Exporter’.      ·      Merchant Exporter:- Merchant Exporter means a person engaged in trading activity for exporting or […]

Combined overview of Section-269SS and Section-269T with Section-68 and Section-69

Post Views: 308 →  The purpose of introducing section-269SS and section-269T is to decrease skirting of tax as much as possible and to curb the black money. People are entering into number of transactions that are resulting into tax evasion, to control these transactions section-269SS and section-269T is introduced. Earlier, tax payer would escape by saying […]

Detailed analysis of Section-269ST of Income Tax Act, 1961

Post Views: 375 This Section-269ST was inserted by the Finance Act, 2017. Vision of the Government behind insertion of this section was to control source of black money and to promote digital economy. The government has tried to target & penalize receiver rather than payer. This section does not differentiate whether recipient is a seller […]

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