Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well.
Every supplier shall be liable to be registered under the GST Act in the State or UT, from where they make a supply of goods or services if their aggregate turnover in a FY exceeds the prescribed limits.
There are certain cases in which the assessee fails to opt for the provisions of presumptive taxation because they are not eligible, due to an increase in turnover or receipt of any commission.
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The objective of Section 37 is to claim business expenditure incurred by the assessee which is not covered under sections 30 to 36 as deductions. Thus, this section is as a general section for claiming deductions.
Government should expand the definition of MSME to include traders, accept self-declaration and make registration mandatory over a 24-36 month period to make transitions smooth and seamless.
GST on payment made through toll charges or annuity payment by NHAI to the concessioner are exempt from GST and the Input Tax paid by the private operators will be available to them as Input Tax Credit.
It is clear that any income from renting a property (which is a building and/or land attached to it) by the owner not utilized for its own business and profession will be considered as Income from House Property.
The Company is primarily engaged in the manufacturing of BioFuel which is an alternative source of energy and has the ability to replace a good substitute of traditional fossil fuels.
The Excel Utility for filing the Related Party Transactions Report in the prescribed Format in the XBRL mode has been made available in the XBRL section of the Listing Centre.
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