Caution: Non-filers of GSTR 3B may be barred from filing GSTR 1 Table of Contents What is GSTR 1 What is GSTR 3B Blocking and Unblocking of the E way Bill as per Rule 138E Notification No. 1/2021 Conclusion What is GSTR 1 GSTR 1 is the statement which contains the details of outward supplies…
Automatic vacation of stay order after expiry of the Period mentioned in Section ? Case: DCIT v. Pepsi Foods Ltd(2021) 433 ITR 295 (SC) As per section 254 of the Income Tax Act, 1961, Appellate Tribunal after considering the merits of the application made by the assessee, may pass an order of stay in any proceedings…
Manner of computation of taxable perquisite u/s 17(2)(viia) [Notification no. 11/2021] As per section 17(2)(vii) if the total amount of contribution made by the employer to the account of the employee in recognized provident fund, national pension scheme of Central Government and in an approved superannuation fund in excess of Rs 7,50,000 will be treated as…
Place of Effective Management – Complete Guide Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015, provided that a company is said to be resident in India in any previous year, if it is an Indian company or if during that year, the control and management…
Faceless Assessment under Income Tax Act Faceless Assessment is introduced under section 144B w.e.f 1st of April, 2021 (added by Taxabtiom and Other Laws (Relaxation and Amendment of certain Provisions). Faceless Assessment means conducting the assessment proceedings electronically in ‘e-Proceeding’ facility through the registered account in the designated portal. Faceless Assessment was introduced to boost…
E-way Bill – Complete Guide Introduction E-way bill is a document which is required to be carried by a person in charge of the conveyance carrying consignment of goods of value(total invoice vale inclusive of tax) exceeding fifty thousand rupees as mandated under section 68 of the Goods and Services Tax Act read with Rule…
Revision of Tax Audit Report And changes in Form 3CD (Notification 28/2021) Introduction: As per section 44AB there are certain person who are required to get their books of accounts audited. The audit conducted by the Chartered Accountant under 44AB is called Tax Audit. Tax audit is to be furnished in the prescribed form which…
Does receipt of bonus share taxable under Income Tax Act? Ref: PCIT v. Dr. Ranjan Pai (2021) 431 ITR 250(Kar) This article will provide you the answer to the above-raised question. But before that, we must understand the meaning of bonus shares and Section 56(2)(x) of the Income Tax Act. What are bonus shares? Bonus…
Papad is a papad irrespective of its shape and size: GST Case Law Re: Global Gruh Udyog [Advance Ruling No. GUJ/GAAR/R/21/2021 decided on July 8, 2021] With the advancement of technology, we have witness a drastic change in how things were made earlier vs how things are made now. The increase in number of factories…
Penalty not justified where E way bill was generated against Invoice Number instead of Bill of Entry Is penalty justified where E way bill was generated against Invoice Number instead of Bill of Entry? E-way bill is a document which is required to be carried by a person in charge of the conveyance carrying consignment…