Introduction of GSTR 2A GSTR 2A is a purchase-related tax return that is automatically generated for each business by the GST portal. When a seller files his GSTR-1, the information is captured in GSTR 2A.  GSTR 2A will be auto-populated from the following returns of the sellers/counterparty- Return  Filed by GSTR 1  Regular Registered Seller …

As you already know, returns filed through Form GSTR-3B is just an interim return and the regular returns in GSTR-1, GSTR-2 and GSTR-3 are required to be filed by the businesses. Now we will discuss: •              What is GSTR-2A? •             What is GSTR-2? •             What is the relevance of GSTR-2A with GSTR-2? What is GSTR-2A? …

Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, reassess, or re-compute income, turnover etc, which has escaped assessment.  Sec.147: Income escaping assessment. Sec.148: Issue of notice for Income Escaping Assessment. Sec.147: Income escaping assessment Income Escaping Assessment under section 147 of Income-tax Act is the …

MAT AND AMT MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. Objective of levying MAT At times it may happen that a taxpayer, being a …

The basic principles of Place of Supply of services when the location of supplier or the location of recipient is outside India, has been drawn largely from the Place of Provision of Services Rules, 2012 (POPS) under erstwhile service tax regime. It has also been mentioned that in order to prevent double taxation or non-taxation of …

Determining the Place of Supply of goods or services is very important as it determines the nature of the tax to be paid. In case, when the location of the supplier and place of supply are in the same state, CGST and SGST will be levied, whereas if the place of supply is in a …

What is Transfer of credit on sale, merger, amalgamation, lease under GST?  Provisions under Rule 41 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Transfer of Input Tax Credit (ITC) on Sale, Merger, Amalgamation, Lease or Transfer of a Business”, as notified/ amended by CBEC upto 23 Jan. 2018, are as under: A registered person shall, in …

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, registration of immovable properties, renewal of import/export licenses, renewal of post licenses, and renewal of shipping licenses. With liberalization, …

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 who find it hard to …

Income Tax return filing season is on. You are required to link your Aadhaar number with the PAN card. Users have the flexibility to do it both online and offline. Have you been nudged with a pop-up message from the Income Tax department, asking if you have linked Aadhaar with PAN? You are most likely …

While education loans from all banks can provide you the section 80E benefit, loans from NBFCs may or may not. As the cost of higher learning has risen, demand for education loans has gone up. According to a study by Crif High Mark, one of the four credit bureaus in India, the average ticket size …

While filing the ITR, the salaried people generally disclose their salary income only and forget to disclose other incomes In a hurry to file income tax returns, many a time individuals forget to disclose all income. This not only shows incorrect picture of your income but also changes the tax liability. To avoid such a …

Majority of the taxpayers think that Income tax filing is complete once the return is uploaded, but this is not so. After filing your income tax returns, you need to get your ITR-V (acknowledgement received on filing ITR) verified. Then the process is complete. Earlier, it was mandatory for taxpayers to send the physical copy …

The ITR that you file is only as good as the source from which you update the data. Ensuring that the source data is correct is essential before starting the e-filing process. This includes the tax credit statement form 26AS. What is Form 26AS? Form 26AS is basically a consolidated tax credit statement that has …

The tax returns season is underway. You must take all steps to ensure your return filing is error-free. For this, it is important to file your returns punctually by the July 31 deadline and to keep yourself updated about any changes in the tax filing norms. If you wait till the last minute to file …

Income tax filing deadline is near, and some people might get confused about which form they need to file as they are not aware of the changes in ITR forms. It is to be noted that if you fail to comply with the new requirements mentioned, you may get a notice from the Income Tax …

“The only thing that is constant is change” One must always be updated of the recent changes in their environment. The same holds true for the tax payers too. Income tax is like an ever-changing ocean of knowledge which one needs to maintain a constant watch on. Following 6 changes can be noted in the …

Recent Changes in GST – Registration and Composition Scheme The Goods and Services Tax (GST) council, at its 32nd meeting, held on 10th January 2019, announced several changes. GST Registration Limit: One of those changes is that GST registration limit has been increased from Rs.20 Lakhs to Rs.40 Lakhs. This has been hailed as a major …