Reading Time: 3 minutes LLP Amnesty Scheme 2023, LLP Amnesty Scheme is provided for Form 3, 4 & 11 of Small and Non Small LLPs, Under this LLP Amnesty scheme Form 3 & 4 can be filled without additional fees for events from 1.1.2021 onwards & for Forms prior to 1.1.2021 can be filled with 2 times & 4
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Reading Time: 4 minutes Govt. Has notified the Integrated Goods and Services Tax (Amendment) Act, 2023. Content of amended are as follow. Ji THE INTEGRATED GOODS AND SERVICES TAX (AMENDMENT) ACT, 2023   No. 31 OF 2023 [18th August, 2023.]   An Act further to amend the Integrated Goods and Services Tax Act, 2017. Be it enacted by Parliament
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Reading Time: < 1 minute Income tax challan correction ,New Functionality for “Challan Correction” launched by income tax department Using this Functionality you can Change Assesment Year, Major Head and Minor Head for Advance Tax, Self-Assessment Tax and Demand Payment as Regular Assessment Tax for Challan pertaining to A.Y. 2020-21 onwards within 7 days of tax payment. Challan Correction request
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Reading Time: 2 minutes Rule 11UACA, New Rule 11UACA is notified by Income Tax India for Computation of income chargeable to tax under Section 56(2)(xiii) for amount Received under life Insurance policy “11UACA Computation of income chargeable to tax under clause (xiii) of sub-section (2) of section 56.- For the purpose of clause (xiii) of sub-section (2) of section
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Reading Time: 3 minutes According to Section 39 of the partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm. That means the Act recognizes the difference in the breaking of relationship between all the Dissolution of Partnership Firm and between some of the partners; and it is
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Reading Time: 2 minutes General disciplines related to penalty, According to the provisions of section 126 of CGST Act 2017 regarding general disciplines related to penalty The above said section explains the principles for levy of penalty and general disciplines are to be observed by the tax authorities while levying penalty. The general guidelines to be followed while imposing
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Reading Time: 3 minutes Rule 138F , According to the CGST Rule 138F, Information to be furnished in case of intra-State movement of gold, precious stones, etc. and generation of e-way bills thereof.- (1) Where- (a) a Commissioner of State tax or Union territory tax mandates furnishing of information regarding intra-State movement of goods specified against serial numbers 4
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Reading Time: 2 minutes difference in ITC , according to Notification No. 38/2023 – Central Tax dated 4th August, 2023 , CGST Rule 88D provides the manner of dealing with difference in input tax credit available in autogenerated statement(GSTR-2B) containing the details of input tax credit and that availed in return (GSTR-3B). (1) Where the amount of input tax
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Reading Time: < 1 minute Deduction of payment of interest and principal – House Property under Section 24(b) of IT Act : Maximum limit of interest on loan taken for house property is 2,00,000/- if all of the following conditions are fulfilled- →The house property is self-occupied or vaccant, →The loan must be taken for the purchase and/or construction: →The
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Reading Time: 9 minutes The Equalisation Levy was introduced by the Finance Act, 2016 on online advertisement services, provision for digital advertising space, or any other facility or service for the purpose of online advertisement only. The Finance Act, 2020, has extended the scope of this levy to e-commerce supply and services made/provided/facilitated on or after 01-04-2020. The Equalisation
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