In this editorial, the author shall try to cover all such amendments along with the impact of the same on the Corporates.
As per Section 2(98) of the Act,"reverse charge" means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services
Article 270 of the Constitution of India states that the Parliament can levy cess for a specific purpose under a law made by it. The Central cess collections will therefore not be shared or allotted to any states under revenue devolution.
The Union Budget is an annual financial statement which encapsulates the estimated earnings from revenues and estimated expenditures of the government during a particular fiscal year.
The tourism sector hopes for revival and recovery strategies from the union budget 2021.
With the pandemic Covid-19 taking over the world and increasing awareness about the importance of healthcare, it wouldn’t be a surprise if there is an increase in the allocation of budget for healthcare.
The 5 most important points which can be expected by INDIVIDUALS in this budget has been analyzed in this article
The Commissioner is vested with the power to authorize, by an order, any Officer of the central tax to arrest a person, where he has reasons to believe that such person has committed the offences
The registration done with the GST Council can be cancelled by the department itself or it can also be cancelled by the individual having their own reasons.
A rectification request under section 154(1) of the Income Tax Act,1961 is allowed by the Income Tax Department for correcting mistakes when there is a mistake in your Income Tax Return.Rectification can be filled if any error of fact or an arithmetic mistake is made.
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