Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.
nspection, Search or Seizure can only be carried out when an officer, of the rank of Joint Commissioner or above, has reasons to believe the existence of any exceptional circumstances. In such cases the Joint Commissioner may authorise, in writing, any other officer to cause inspection, search and seizure. However, in case of arrests the same can be carried out only where the person is accused of offences specified for this purpose and the tax amount involved is more than specified limit. Further, the arrests under GST Act can be made only under authorisation from the Commissioner.
These compliances details comprises of due dates of Income tax, GST, EPF & PF for June 2021. Having stating this, these Compliances can help the assessee in planning his schedule. …
43rd GST Council Meeting heading by Finance Minister Smt. Nirmala Sitharaman was held through video conferencing at New Delhi on May 28, 2021.
Article 366 of the Indian Constitution defines “goods and services tax” as any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human consumption. The Central and State governments have simultaneous powers to levy GST on Intra-state supply. However, the Parliament alone have exclusive power to make laws with respect to levy of goods and services tax on Inter-state supply.
GST is applicable at the time of supply of goods or services. The origin of goods or services is of no relevance for the purpose of liability to pay tax under GST. Supply is considered to be the main taxable event for charging of tax.
In lieu of pandemic, Government has reduced the GST rates on COVID-19 related items. It also announced certain extensions in GST Compliances due dates. Having stated that, the whole world …
Goods and Services Tax or GST is an indirect tax which is levied on manufacture, sale and consumption of goods and/or services. Goods and services tax laws came into force …
The month of March is the last month of the financial year. To give taxpayers one last time opportunity, various departments have also extended the due dates and the last …
Important Due Dates for Various Compliances in March, 2021 Read More »
In India, the government is authorized to collect taxes from persons through process authorized by law. If the person has paid the taxes that were above the amount that was …