Compulsory GST Registration in Certain Cases

As per sub-section (1) of section 22 of CGST Act, 2017, the following categories of persons shall be required to be registered under this Act–         ii. casual taxable persons making taxable supply;         iv. person[...]

Steps for Revival of a Struck Company (Sec.253(3) & 87A of NCLT Rules, 2017)

As per provisions of Section 252(3) of Companies Act, 2013, following persons can file application in NCLT for restoration of name of Company in the records of the ROC. CompanyAny memberWorkmenCreditor Following are the Steps for Revival of Struck Company:- Step-1: The pet[...]

Relief From Angel Tax to Startup Companies

C) Certification for claiming deduction under Section 80-IAC of the IT Act In order to obtain certification for the purposes of 80-IAC of the IT Act, an entity is required to fulfil the following conditions: It should have been engaged in innovation, development or improvem[...]

GST Audit

Meaning: Examination of records, returns  and other  documents maintained or furnished by registered person under this Act or rules made there under any law  for the time being in force  to verify the Correctness of turnover declared, taxes paid, refun[...]

Intimation under 143 (1) of Income Tax Act

1.       Initial processing of returns by CPC is completely automated. Therefore the Intimation U/S 143(1) is a computer generated. 3.       Comparison is generally made in the major topics like Gross Total Income, C[...]

Mismatch in GSTRs Assessee will be Liable for Penalty Us 125

PENALTY ON NON-DISCLOSURE/UNDER DISCLOSURE OF INTERSTATE SUPPLY TO UNREGISTERED DEALERS IN GST RETURNS As per CBIC circular 89/08/2019-GST dated 18-02-2019, Penalty will be levied if there is mismatch in the details of the Inter-state supply to unregistered person, in GSTR 3[...]

Setting off Inputs GST of Different Heads

a) IGST Credit is fully utilised. c) Balance after set-off of IGST liability can be used to set off CGST and SGST/UTGST liabilities but subject to Section 49(5) clauses (e) and (f) which prohibits cross utilisation of CGST and SGST Credits.[...]

What is Income Tax Clearance Certificate?

There are a few transactions where obtaining an Income-Tax Clearance Certificate is currently required under the Income-Tax Act. Earlier, many transactions required obtaining an Income-Tax Clearance Certificate. For instance, while filing a tender for government works, regis[...]

Check Top Tricks to Save Money

All of us are well aware of the fact that evading or avoiding taxes is a crime, and it can invite serious consequences. All of us are well aware of the fact that evading or avoiding taxes is a crime, and it can invite serious consequences. However, the first-time taxpayers w[...]

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