How Many Times Can I Revise the IT Return how many times revised return can be filed: If a person (Taxpayer) after furnishing the Income tax return finds any mistake, omission or any wrong statement (defective return), then return should be revised within prescribed time limit.A return can be revised before the end of the […]
Section 80EEA of Income tax Act, Deduction in respect of interest on loan taken for certain house property. In computing the total income of an assessee, being an individual not eligible to claim deduction under section 80EE of income tax act, there shall be deducted, in accordance with and subject to the provisions of this […]
What is limited scrutiny in Income Tax? In case of Income Tax assessment two types of cases have been selected for scrutiny ‘Limited Scrutiny‘ ‘Complete Scrutiny’. The Income tax assess concerned have duly been intimated about their cases falling either in Limited Scrutiny’ or Complete Scrutiny’ through notices issued by department under section 143 (2) of […]
Important details are required for file the GSTR-9:- Form GSTR-9 is the GST Annual return that has to be filed under the GST laws every year. the flowing important details are required for file the GSTR-9:- Check- Comparison of Liability declared and ITC Claimed (Comparison of liability declared and ITC (Input Tax Credit) claimed” tile, […]
Taxability of life insurance maturity amount As per section 10(10D) of income tax act, any amount received under a life insurance policy, including bonus is exempt from tax. However, following receipts would be subject to tax: Any sum received under sub-section (3) of section 80DD of income tax act; or Any sum received under Key […]
Third Amendment, 2019 to the CGST Rules In exercise of the powers conferred by section 148 of the CGST Act, 2017, the Central Government, on the recommendations of the GST Council, hereby notifies the registered persons paying tax under the provisions of section 10 of the CGST Act or by availing the benefit of notification […]
Ineligible ITC under GST Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18, input tax credit shall not be available in respect of the following, namely:— 1. Motor vehicles and other conveyances :- Input tax credit is not available for motor vehicles used to transport persons, having a seating […]
Marine Insurance Insurance law is a popular word for the general public. Insurance law is regulation of the business of insurance, insurance policies, claim handling and especially with regard to consumer policies. Marine insurance is a type of insurance. It is the basic law relating to Marine insurance. it was used for all purposes related […]
Provision for GST registration.-Section 25 of CGST Act Every person/trader who is liable to be registered under section 22 or section 24 of CGST Act shall apply for GST registration in every such State or Union territory in which he is so liable within Persons/Trader not liable for registration. Compulsory GST registration in certain cases. […]
CGST Act-2017 Notification No. 16/2017 – Central Tax Dated 07.07.2017 Submit of Letter of Undertaking in place of a bond Export without payment of IGST, for furnishing a Letter of Undertaking in place of a Bond. For more information read the following notifications. Click here to Notification Notification Number- 16/2017-Central Tax dated-07.07.2017(in English) Notification Number- […]
