CAclubindia Articles

Understanding Section 16 and Automating Form 16 Part B Preparation for 100 Employees in FY 2023-24

28 December 2023 3237 Views

Section 16- Standard Deduction, Entertainment Allowance, and Professional Tax: Unraveling the Tax Web with Automatic 100 Employees Form 16 Part B Preparation for the FY 2023-24

Penalty Levied For Violation of Section 122(1)(i) of CGST Act, 2017

Posted by CA Ruby Bansal 27 December 2023 8039 Views

The officers are conducting on-site visits to entities and shops to purchase products and inspect the issued invoices. If the invoices are fake or incorrect, they issue notices under section 122 (1) (i) of the CGST Act, 2017.

Minimum thirty days to be provided to reply to a GST SCN

Posted by Vivek Jalan 27 December 2023 2379 Views

Going to Tribunal under GST requires 30% pre-deposit. Moving to High Court in each case requires hefty charges which may be affordable in some cases but not in all cases.

Understanding TDS Under Section 195

Posted by CA Rakesh Ishi 27 December 2023 8568 Views

In the realm of cross-border transactions involving payments to non-residents, Tax Deducted at Source (TDS) plays a crucial role, especially under Section 195 of the Income Tax Act. A landmark case shedding light on the application of Section 195 is the Engineering Analysis Centre of Excellence (P) Ltd. vs. Commissioner of Income Tax & Anr.

Can a Category III AIF invest in Mutual Funds on a permanent basis as a part of their multi asset portfolio?

Posted by Affluence Advisory 27 December 2023 578 Views

A Category III Alternative Investment Fund (AIF) requested the Securities and Exchange Board of India (SEBI) for an Informal Guidance by way of the interpretative letter under the provisions of the SEBI (Informal Guidance) Scheme, 2003.

What is the process to file Form ITR 5?

Posted by Ishita Ramani 27 December 2023 2147 Views

In this article, we will learn what ITR form 5 is and how to file it.

Higher GST charged by the Vendor: ITC as well as refund available to the recipient

Posted by Vivek Jalan 27 December 2023 3491 Views

Consider the situation where the input product was chargeable only at the rate of 5% and assesses supplier mistakenly charged higher rate of 18% GST on input for final product, which is chargeable to lower rate of GST of 5%

Impact of Unnotified Form GSTR-2 on ITC Reversal: Analysis of Section 16(4) Time Limit for Belated ITC Claims

Posted by Ayush 26 December 2023 4637 Views

Let us take the case of Tvl.Kavin HP Gas Gramin Vitrak vide Order No. W.P.(MD).Nos.7173 and 7174 of 2023 and W.M.P.(MD)Nos.6764 and 6765 of 2023 dated 24.11.2023 to understand the impact of the unavailability of Form GSTR-2 on the Input Tax Credit (ITC) reversal and the analysis of Section 16(4) regarding the time limit for belated ITC claims.

Taxpayers Could Gain the Ability to File Revised GST Returns From 2025

Posted by Shivani 26 December 2023 3993 Views

The government is looking for a significant change in the Goods and Services Tax system by considering the introduction of the option for taxpayers to file updated or revised returns.