About: Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax, instead of the provider of the goods and services. According to the normal taxation system, the supplier collects the tax from the buyer and deposits the same on adjusting the output tax liability...
Continue readingGST refund
When the GST amount is paid more than the GST liability a situation arises of claiming of GST refund. The method of claiming a refund is to make a uniform to avoid confusion. When the refund can be claimed There are following Stéroïdes oraux cases where a refund can be claimed are as under:...
Continue readingInput Tax Credit, Eligibility and Conditions
Tax charged on the tax invoice by a registered person on his outward supply of goods or services or both is an Input Tax for the buyer of such goods or services or both. The tax charged by the supplier on the tax invoice could be either Central Tax and State Tax / Union...
Continue readingConcept of Missing Invoices under New GST Return
Now a question arises can recipient take credit of invoice that was not uploaded by the supplier in his GST return. As we all know that according to GST returns, suppliers are required to upload invoices of outward supplies, imports and inward supplies attracting reverse charge in Form GST Annex 1 up to 10th...
Continue readingTax Implication on mutual fund
Mutual Fund Taxation Mutual Fund is one option which has the potential to offer capital gains. The period over which investors invested in a mutual fund scheme is known as the holding period. The holding period plays a significant role in determining the tax implications of an investment. Types of Holding Periods Long-Term Holding...
Continue readingDemand and Recovery under GST
Levy of taxes is mandatory by law and its recovery is an important function of administration as per law. The verification, scrutiny, audit, review of returns, and records are well-recognized methods in tax administration. Some Legal provisions under GST for demand and recovery Chapter XV comprise of Sections 73 to 84 lay down the...
Continue readingUnexplained Cash Credit – Section 68 of Income Tax
Unexplained money is any money credited to a taxpayer for which the taxpayer cannot provide any explanation or information about the nature or source of the money from where he did earn. Under the IT Act, any unexplained Income to a taxpayer’s account can be held as income to the taxpayer and taxable under...
Continue readingFinancial disclosures of an LLP
Maintenance of books of account, other records, and audit Proper Books of account: The LLP shall maintain such proper books of account as may be prescribedrelating to its affairs for each year of its existenceon cash basis or accrual basis andaccording to double entry system of accounting andshall maintain the same at its registered...
Continue readingExport Promotion Capital Goods (EPCG) Scheme
This is a scheme relating to the import of capital goods at zero duty. The benefit of zero duty is subject to the fulfillment of export obligations and other conditions. The objective: To facilitate the import of capital goods for producing quality goods and services to enlarge India’s export competitiveness. Schemes: 1. Import capital...
Continue readingTYPES OF TAX PLANNING
The tax planning exercise ranges from devising a model for the specific transactions as well as for systematic corporate planning. These are: (a) Short-range and Long-range Tax Planning Short-range planning refers to year to year planning to achieve some specific or limited objective. For example, an individual assessee whose income is likely to register...
Continue reading