Reading Time: 14 minutesExemptions from Capital Gains tax, The Income-tax Act allows exemption from capital gains tax if the amount of capital gains or sale consideration, as the case may be, is further invested in specified new assets. These exemptions are provided as per the following sections: Exemption under Section 54  The exemption under section 54 is allowed
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Reading Time: 8 minutesLiability to pay in certain cases, the provisions for fixing the responsibility of payment of tax tax, interest or penalty in case of transfer of business, mergers and amalgamation, liquidation of companies, dissolution of firms, retirement of partners etc. In these situations, it was found that determination of the person responsible for payment of tax
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Reading Time: 2 minutesGST on advance received, the time of supply determines when the taxpayer is required to discharge tax on particular supply. Time of supply provisions are governed by Section 12 to 14 of the CGST Act, 2017. As per the said provisions, the time of supply is determined with reference to the time when the supplier
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Reading Time: 4 minutesPension Income is the fixed sum of money that a retired person receives at regular intervals after the retirement. Since it is essentially a source of income, therefor it is subject to tax as salaried income as per the Income Tax Act, 1961.altough, the taxability of pension may vary as per the type of pension
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Reading Time: 3 minutesOnline Money Gaming services, The Goods and Services Tax Network (“GSTN”) has issued an Advisory No. 609 dated October 17, 2023 on the Person supplying of Online Money Gaming services or Online Information Database Access and Retrieval (OIDAR) or Both– Form GST REG-10 and Form GSTR-5A. General: In terms of the recent amendments made in the
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Reading Time: 4 minutesCommon errors – e-Invoicing, E–invoicing errors can cause in the rejection of transactions. The table provide the resolution the common errors that occur during e–Invoicing … Error code E-invoicing Error message Reason for E-invoicing Error Resolution for the error 2150 Duplicate Invoice Reference Number Taxpayer uploading the same invoice which is already registered and IRN is generated. To avoid this
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Reading Time: 2 minutesGST invoice format, there is no format prescribed for an invoice in CGST Act 2017, however, Invoice rules makes it mandatory for an invoice to have following fields (only applicable field are to be filled): (a) Name, address and GSTIN of the supplier; (b) A consecutive serial number, in one or multiple series, containing alphabets
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Reading Time: 2 minutesDifference in GSTR-2A and GSTR 9, In the process of preparing and filing of GSTR 9 annual return for previous year, and observing the difference in input tax credit (ITC) as per consolidated GSTR-2A and table 8A of GSTR-9. Finding the difference and complete reconciliation of the difference we should aware of the reasons for
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Reading Time: 2 minutesGST Rate on Scrap , in the GST Laws, the term “Scrap” has not been defined, the waste and scrap does not have to pass the test of manufacture or mechanical process or marketability in order to be taxable in the GST regime, although It is considered as ‘supply’ in course of business. the manufacturing
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Reading Time: 2 minutesGST tribunal constitution, The Much-awaited step in GST regime has been taken, the Ministry of Finance, Department of Revenue, issued the notification on September 14, 2023, regarding the constitution of Benches of the Goods and Services Tax (GST) Appellate Tribunal in States. This notification, published in the Gazette of India, Extraordinary, Part II, Section 3,
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