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Understanding the Appeal Process under GST
Under Goods and Services Tax (GST), taxpayers have the right to file an appeal if they are dissatisfied with a decision or order issued by the tax authorities. The appeal process allows taxpayers to seek a review of such decisions and present their case before higher authorities. Appeal process under GST: 1. Appellate Authority: The first leve...
RELIEF FROM DOUBLE TAXATION
Double taxation refers to the imposition of taxes on the same income or assets by two or more jurisdictions. It occurs when two different taxing authorities, such as the government of two countries or two states within a country, claim the right to tax the same income, profits, or assets of an individual or a company. There are two primary types o...
Refund of Excess Tax paid by Taxpayer under Income Tax Act
Introduction Income tax is an unavoidable part of life for most people. It is a tax levied on income earned by individuals and businesses. This tax is collected by the government to finance its activities and services. Every year, taxpayers are required to file their income tax returns in order to declare their income and calculate the amount of t...
How to File Income Tax Return(ITR): Detailed Procedure
Introduction Filing your income tax return can be a daunting and time-consuming task. It is important to understand the process and to ensure that your return is accurate and complete. This guide will provide a step-by-step explanation of how to file your income tax return. It will also provide information on the documents and information you need ...
Documentation of GST Registration Process in India
Introduction Goods and Service Tax (GST) is an indirect tax applicable on the supply of goods and services in India. GST was introduced in India on 1st July 2017, replacing the cascading system of taxation. The GST registration process is the process by which businesses can register themselves with the Goods and Services Tax Network (GSTN). This re...
Taxation on Income Earned From Selling Shares
Income earned from selling shares is liable to taxation in India. The taxation depends on the nature of shares and the duration of their holding. Shares bought with the intention of trading and held for a short period of time are known as speculative shares. Shares held as an investment and held for a longer period are known as capital gains. Incom...
Analysis of the current budget with regards to GST and the Indian Economy
The Goods and Services Tax (GST) was implemented in India on July 1, 2017, following the passage of the Goods and Services Tax Act by Parliament on March 29, 2017. The budget 2023 proposes several amendments to the GST Law in the Finance Bill, 2023. Some of the most significant changes are as follows: * Composition scheme for supply through e-...
Residential Status for Individuals under Income Tax Act
An individual's tax liability in India is calculated based on his residential status during the financial year in which the income accrues or arises or is received by him. The financial year is defined as the 12-month period starting on April 1st. Residential status, as determined by the Income Tax Act, may vary from year to year and should not be ...
What is PAN?
Transactions for which furnishing PAN is mandatory The Permanent Account Number (PAN) is a unique 10-digit alphanumeric identification number issued by the Income Tax Department. It is issued in the form of a laminated plastic card, commonly known as a PAN card. The PAN card serves both as a personal identification card and proof of age. The ca...
Introduction to Tax Evasion
Tax evasion is the act of avoiding paying taxes through deceitful means. This can include providing false information to tax authorities, under-reporting income or profits, overstating deductions, bribing tax officials, and concealing assets. This not only harms the country's economic and social development, but also contributes to the creation of ...
Tax Implication on profit earned by playing Online Games
The online gaming industry has experienced tremendous growth in recent years due to a younger population, higher disposable income, low-cost internet data, the introduction of new gaming genres, and an increasing number of smartphone users. According to global audit firm KPMG, the Indian mobile gaming industry is expected to be worth around Rs 29,0...
TERMS AND CONDITIONS FOR BUSINESS
Define Terms and Conditions? Terms and conditions are the provisions of the legal agreement that governs your commercial relationship and the selling of goods or services by you to your customer. They are the terms under which you consent to conduct business with another person. Other titles for them are terms of business, terms of sale, terms of ...
Individual Taxation Planning FY 2022-23
Most of us wait until the last minute to plan for our income taxes. However, it is usually preferable to begin tax planning at the beginning of the year. Here is a list of various tax provisions that can be used to plan taxes for the current fiscal year. The following list of sections from the Income-tax Act of 1961 that would be relevant to an ...
Important FAQs on GST changes for Goods Transport Agencies
1. What is the ambit of Goods Transport Agencies and who all are covered within their ambit? Notification No. 11/2017-Central Tax (Rate) defines Goods Transport Agencies( Herein referred to as GTA) as “ any person who provides service in relation to transport of goods by road and issues a consignment note, by whatever name called.” Elabo...
All you need to know about E-way bill
INTRODUCTION: This bill is also known as an electronic way bill. It is a document which is required under the new GST regime when the products valued more than Rs 50,000 are moved or shipped within or across states. It is a kind of bill number which is specific for one specific consignment involving the transportation of goods. The e-way bills ...
S.271 of Income Tax Act | Punishment Under S.271 | How To Calculate Penalty | Provisions of S.271 |
INCOME TAX (SECTION 271) The regulation of profits tax in India includes certain provisions to penalise defaulting taxpayers. In this article, we speak of Section 271 of the Income Tax Act, which offers consequences for the concealment of details of profits or furnishing of faulty details of profits. The penalty can be imposed only if there is "vi...
Goods & Service Tax | Need Of GST | How To Register | Documents Required
DESCRIBE GST: The term "goods and services tax," or GST, is short for that. India began implementing it on June 1st, 2016. Indirect taxes like the service tax and excise tax have been eliminated. It has three parts: CGST, SGST, and IGST. The advantage of this tax system is that it has decreased the tax on goods by instituting an input tax credit....
Understanding Share Capitals
SHARE CAPITAL There are numerous definitions of the word "capital." An economist, an accountant, a businessman, or a lawyer may all interpret it differently. A layperson defines capital as the funds that a business has acquired through the issuance of its shares. It uses this money to buy stock in trade and commercial real estate, which are referr...
GST APPLICABILITY ON LIQUIDATED DAMAGES| COMPENSATION|ETC
Introduction: Regarding the tax liability of an activity or transaction as the supply of service of consenting to the requirement to refrain from an act, tolerating an act or a condition, or doing an act, concerns have been raised in certain cases/instances. The scope of the entry at para 5 (e) of Schedule II of the Central Goods and Services Tax...
Taxation on Transfer Pricing
WHAT IS TRANSFER PRICING? The value given to the commodities or services moved between related parties is known as transfer pricing. In other words, transfer pricing is the cost of transferring goods or services from one unit of an organization to its other units, which are located in various nations (with exceptions). WHAT ARE THE PURPOSES ...
Taxation on Capital Gains
INTRODUCTION TO CAPITAL GAIN: Capital Gains are any kind of profit or gain that arises from the sale of a “capital asset”, which is considered as an income of a person and hence this income becomes taxable in the same year in which the transfer of capital asset took place. Capital Assets are the properties i.e. movable or immovable, tangible or...
E-invoicing under GST
CO-AUTHORED BY AASHNA CHOPRA WHAT IS E-INVOICING UNDER GST? All B2B invoices are electronically uploaded and authorized by the designated site under the "Electronic invoicing" or "e-Invoice" system. After successful authentication, IRP generates a distinct Invoice Reference Number (IRN) for each invoice. Each invoice has an IRN, a QR code, and...
Changes in GST in the year 2022
CHANGED TIME FRAME FOR REFUND APPLICATIONS ITC refund claims for inbound supplies must be submitted no later than two years after the last day of the quarter in which the supply was received. Before, the appropriate date was back by two years. INPUT TAX CREDIT PROVISIONS HAVE CHANGED 1. No ITC that was incorrectly claimed but not used under...
GST issues in Logistics | Lawyered's take
Introduction: Logistics is a major contributor to India’s economic growth. It contributes in creating a backbone of manufacturing and trading activities in the economy. Logistics play a critical role in developing countries like India where there is high consumption and the demand is growing. Activities in the Logistics Industry involve loading...
TAX HAVENS
WHAT ARE TAX HAVENS? * They are countries where the tax rates are very low, such that companies from other countries invest in their markets to reduce their tax liability. * Tax havens enable giants to avoid tax payment, legally. For example- say, country X is a large economy while country Y is a small and growing country with almost zero ...
What is GST E-Way Bill? E-Way Bill Registration, Generation, Login Process
The GST E-way bill, also known as an electronic way bill, is a document required under the GST regime before moving or shipping products valued more than Rs 50,000 within or across states. It's generally a one-of-a-kind bill number assigned to a specific consignment involving the transportation of goods. Bills can be issued for the supply, sale, t...
How to get a GST Registration certificate & GSTIN online?
Building a startup is not just marketing. The legal responsibilities weigh the heaviest. How to get ISO certification mandatory for all startups? How to get the renewal of the ISO certificate after every year? “One Nation One Tax”- with this slogan, GST was introduced. The introduction of GST has eliminated some indirect taxes and grouped all of ...
"Changes in GST" By Shaubhik Gupta
This update covers key recommendations of the 43rd GST Council Meeting, GST amendments granting various relaxations and extensions in compliance timelines recently notified on 01.06.2021. * Access the library of Agreements & Contracts most needed by any startup or a business - CLICK here [https://www.lawyered.in/legal-disrupt/articles/startup...
"Changes in GST Compliance - May, 2021" By Shaubhik Gupta
The finance ministry announced nine amendments to the Goods and Services Tax (GST) enforcement conditions on May 1 in an effort to provide relief to COVID-19-affected businesses. For the months of March and April 2021, this includes an extension of the deadline for filing GST returns, a reduced late fee amount, and even a late fee waiver in some ca...
How to respond to tax show cause notice #MentorHours by Adv. Ramana Reddy
Taxation is an area dreaded by most, but there is no escaping from it either. The most common experience is of a tax show cause notice. What is it? How does it affect an individual or a company? How must one proceed forward? These are the most frequently asked questions from the domain. It is better to be empowered than to feel unsafe. Lawyered is ...
"2 Tips To Respond To A Show Cause Notice From The Tax Department" By Ramana Reddy
Every year, thousands of businesses like you receive show cause notices from the tax department. You might even be surprised how many businessmen in your industry have gone through exactly what you are dealing with right now. As we focus on tax and are not “general practitioners”, we know the top 2 things that must be addressed when you receive a ...
"Budget 2021 Highlights" By Shaubhik Gupta
Central Goods and Services Tax Act, 2017 (CGST Act) 1. Amendment of Section 7- Scope of Supply (Section 99 of Finance Bill, 2021) Clause (aa) has been inserted into sub-section 1 of Section 7 of the CGST Act retrospectively from 01.07.2017, to cover the activities or transaction, by a person, other than an individual, to its member or co...
"Tax Issues In Media, Entertainment And Telecom" Industry By Jay Bhansali
The Indian Media & Telecom Industry has been at the forefront of tax controversies under the Income-tax Act, 1961 (hereinafter referred to as “the Act”). Through this article, it is my humble attempt to discuss some of the tax issues for ready reference. 1. Whether TDS applicable on Channel Placement Fees under section 194J or 194C of Income-tax ...
Recent Changes in GST Return Filings by Mr. Kulraj Ashpnani, Director - Nitya Tax Associates.
Lawyered [https://www.lawyered.in/] and NITYA Tax Associates [https://www.lawyered.in/lawyer-profile/puneet-bansal-5078/] are pleased to share short video by Mr. Kulraj Ashpnani, Director - NITYA Tax Associates in which he has discussed newly announced compliances and way forward for taxpayers. Lawyered [https://lawyered.in/] - On a mission to h...
"Section 35 Under Income Tax Act" - By Lawyered
INTRODUCTION Tabulation of expenditure incurred on scientific research under section 35 of Income Tax Act 1961- Paid to investigate affiliation having the question of beneath taking logical inquire about or college, college or other establishments to be utilized for logical inquire about, Paid to inquire about affiliation having protest of beneath...
Not Heard About CESTAT??
Co-Author - By Anjana Sridharan Introduction: The Customs Excise and Service Tax Appellate Tribunal (CESTAT) formerly known as Customs, Excise & Gold (Control) Appellate Tribunal was constituted on 11th October 1982. The Appellate Tribunal was constituted under Article 323(B) of the Constitution of India by way of provisions in the Customs Act 196...
Minimum Alternate Tax
By Sonali Sinha Introduction The Income Tax Act makes it mandatory for the corporations or individuals to pay tax on the completion of a financial year failing which they are subjected to certain stringent penalties. The Minimum Alternate Tax (MAT) was initiated by the Finance Act, 1996 mainly for corporations making huge profits. This concept w...
Planning Management- Direct Taxes
Income tax or any other direct tax is a bitter fact that everyone has to accept. We as citizens have the duty to pay these taxes on time for the proper functioning of our government and for the economic growth of our country. One cannot avoid tax but can save or limit his tax liability through proper tax planning and management. Tax Planning: Tax...
Audit Committee By Dolly Chauhan
Section 177 of the Companies Act, 2013 and Rule 6 and 7 of Companies (Meetings of Board and its Powers) Rules, 2014 deals with the formation of Audit Committee. The Audit Committee shall consist of a minimum of 3 directors with independent directors forming a majority. The primary purpose of the audit committee is to provide the oversight of the fi...
Ten Rules You Must Follow While Filing Your Tax Returns By Dolly Chouhan
1. You should file taxes even if your income exceeds the basic limit. The gross income is calculated after taking into account exemptions such as house rent, conveyance and other allowances, but before the deductions. People believe that if tax has been deducted at source, their tax compliance is taken care of. The rules say that an...
10 Taxation Laws That You Should Know About Before Filing Your Taxes In India
By Sonali Sinha Taxes must be paid by everyone as it is a source of revenue for the government. The citizens are duty-bound to pay taxes. They cannot evade from their liability or else they would have to suffer extreme penalties and charges. To avoid such heavy penalties or charges, one must comply with some of the basic 10 taxation laws that one...
#MentorHours by Lawyered on 'Elements of GST – Law & Compliances'
Lawyered [https://www.lawyered.in] presents the next edition of #MentorHours [https://www.youtube.com/results?search_query=%23MentorHours] on 'Elements of GST – Law & Compliances'. The webinar was conducted by Ms. Raina Khera and Ms. Parul Gupta representatives of NITYA Tax Associates [https://www.lawyered.in/lawyer-profile/puneet-bansal-5078/] ...
Legal Acts Knowledge Dossier by LexComply (30June 20)
Central Goods and Service Tax Act 2017 19-06-2020 * Notification No. 48-2020-Central Tax, G.S.R. 394(E)- Central Goods and Services Tax (Sixth Amendment) Rules 2020 [https://lexcomply.com/pdfview3.php?file=8437] 24-06-2020 * Notification No. 49-2020-Central Tax, G.S.R. 402(E)- Provisions of section 118, 125, 129 and 130 of Finance...
How can I pay income tax if I am a freelancer in India by CA Kartik Jain #AMALawyered
Lawyered [../../../../../] presents CA Kartik Jain, Vriddhi Advisors [awyered.in/lawyer-profile/anuj-kakkar-1403/], in Ask-Me-Anything #AMALawyered [https://www.youtube.com/results?search_query=%23AMALawyered] series by Lawyered. Situation: How can I pay income tax if I am a freelancer in India? Lawyered [https://lawyered.in/] - On a mission t...
Missed copy of Form 16 from previous employer. How to recover it by CA Kartik Jain #AMALawyered
Lawyered [../../../../../] presents CA Kartik Jain, Vriddhi Advisors [awyered.in/lawyer-profile/anuj-kakkar-1403/], in Ask-Me-Anything #AMALawyered [https://www.youtube.com/results?search_query=%23AMALawyered] series by Lawyered. Situation: I missed taking a copy of my Form 16 from my previous employer. Is it possible to recover the same from a t...
Changes made in “Direct Tax Vivad se Vishwas Act” by Advocate Antariksh Aggarwal #AMALawyered
Lawyered [../../../../../] presents Advocate Antariksh Aggarwal [../../../../../lawyer-profile/antarikshaggarwal-1486/], Partner - Antariksh Aggarwal Law Office, in Ask-Me-Anything #AMALawyered [https://www.youtube.com/results?search_query=%23AMALawyered] series by Lawyered. Situation: What are the changes made in the “Direct Tax Vivad se Vishwas...
Tax- planning strategy and protect the client financials during Covid 19 #AMALawyered
Lawyered [../../../../../] presents Advocate Antariksh Aggarwal [../../../../../lawyer-profile/antarikshaggarwal-1486/], Partner - Antariksh Aggarwal Law Office, in Ask-Me-Anything #AMALawyered [https://www.youtube.com/results?search_query=%23AMALawyered] series by Lawyered. Situation: How to create the tax- planning strategy and how to protect t...
Specific reliefs in payment of indirect taxes during COVID-19 in India #AMALawyered
Lawyered [../../../../../] presents Advocate Antariksh Aggarwal [../../../../../lawyer-profile/antarikshaggarwal-1486/], Partner - Antariksh Aggarwal Law Office, in Ask-Me-Anything #AMALawyered [https://www.youtube.com/results?search_query=%23AMALawyered] series by Lawyered. Situation: What are the specific reliefs in respect to the payment of In...
Taxing Compliances under GST and Consequences, if ignored
Author - Santosh Maurya GST is an indirect tax reforms in India. This is the biggest indirect tax in the form of Goods and Services Tax (GST). GST was introduced in India from 1 July 2017. It is a comprehensive multistage, destination based tax. It is comprehensive because it has subsumed almost all the indirect taxes, except few multi-staged as ...
High Tax On Merged Entities In India
Author -Ankur Tyagi INTRODUCTION The Financial Budget 2018 has withdrawn tax exemption provided under Section 10 (38) of Income Tax Act, 1961 (herein after the ”Act”) in which long term capital gain (herein after LTCG) arising from the sale of listed equity securities were exempted. Now Section 112A has been inserted which seeks to levy tax on ...
How To Do Your Taxes?
Author - Advocate SB Jain BRIEF INTRODUCTION The term “Tax” comes to mind instantly if the person is a citizen of India and has a source of income. What is this “Tax”? Tax is the main source of revenue to the Government of India, controlled and governed within the Income Tax Act, 1961 (I-T Act). It is a mandatory financial levy imposed by the Go...
Should India Start Taxing The Religious Institutions
Author - Achin Kumar Bansal and Associate Shereen Abdin Regardless of having qualities of being indisputable, prejudiced and vigorously biased, religions have assumed an unquestionable quality of moulding the historical backdrop of humanity. The confidence and dread of people in an abstract divine maker have helped religious institutions procure a...
GST: An Overview And Analysis
Author - Associate Aliza Abdin WHAT IS GST? GST, short for the Goods and Services Tax, is a recently launch value-added tax passed by the government of India on 29th March 2017. It came into effect on 1st July 2017, and since then it has replaced all indirect smaller taxes in the country. It applies to goods and services used domestically. GST i...
Central Goods And Services Bill Explained
Author : Associate Megha Motwani Goods and Service Tax (GST) Bill was made intending to remove the lacuna in the administrative structure of indirect taxes. There are several types of indirect taxes collected in India such as service tax charged on services, excise duties on manufacturing of goods, customs duty on imported goods, etc. to avoid fur...
10 Taxation Laws That You Should Know About Before Filing Your Taxes
Author - Advoate Achin Kumar and Associate Megha Motwani 1. ITR Form1 An individual having total income of up to ₹50 lakh from sources such as salary, one house property, other sources (interest income) and agricultural income up to ₹5,000 can file the return in ITR-1. But, the ITR form 1 is no more applicable on : a. The directors of compa...
GST : Will Economy Grow Faster With Reduced Rates of Goods and Services Tax? by Advocate Bharath Madakari
Author - Advocate Bharath Madakari and Associate Debasmita Patra Goods and Services Tax (‘GST’) was established in India in July 2017, which replaced several indirect taxes that were previously levied on the citizens of the country. This is one of the most significant reforms in India’s tax structure in decades. The primary objective behind incorp...
Recent Amendments in GST
Author - Associate Nupur Mehrotra GST ( GOODS AND SERVICE TAX) can be defined as a type of indirect tax that is levied on goods and services provided and this has replaced many indirect taxes which was charges in India. This concept was introduced in the parliament on 29th March 2017 and came to effect from 1st July 2017. So GST is a single indire...
What Taxation Laws Should All Employees Be Aware Of?
Author - Associate Runa Jasia An income tax [../../../../../../legal-disrupt/articles/how-file-your-taxes-salaried-individuals-freelancers/] can be defined as a tax imposed on a different person (may vary) for different people. It depends on the amount of income or profits that one receives. Amount of tax to be paid depends upon the amount of sala...
What is TDS and how does it work on Foreign Payments? by Advocate Pallavi Parmar
Author: Advocate Pallavi Parmar & Associate Debasmita Patra TDS or Tax Deducted at Source is the intermediary payment of income tax to the income tax department or government. “Tax evasion is a crime. Tax avoidance is not”. TDS is a useful tool introduced that the Income Tax department has introduced wherein a part of any specified payment like s...
What are some tax saving options for startups?
Author: Debasmita Patra Start where you are. Use what you have. Do what you can. For several business tycoons and conglomerates leaders, there had always been a rough start coupled with a lot of perseverance and practice to bring themselves onto the position that they currently enjoy. A startup is a company which is in its initial stage of ope...
Budget 2019 to Bring Rebate Changes for Income Tax Payers
Budget 2019 to Bring Rebate Changes for Income Tax Payers. This year’s interim budget was quite peculiar than last year’s and its bounties seems to have transformed the lives of income tax payers, especially the middle class families who are no longer required to pay income tax if their earnings are up to Rs 5 lakhs. This full tax rebate on annual...
The Transformative Impact of Interim Budget 2019
The Transformative Impact of Interim Budget 2019 “The interim budget [https://www.indiabudget.gov.in/] was a culmination of the ideas from the last five years”, said finance minister Piyush Goyal on 8th February 2019. This bold step towards bringing a dynamic change in the union budget of India has aided many working professionals to reap quantifi...
All You Need to Know About ANGEL TAX
The longstanding request of the angel investors to exempt them from the ambit of “Angel Tax’ provision has finally turned into a reality. This was a bane particularly for the startup ecosystem growth. The Central Board of Direct Taxes (CBDT) has issued a notification dated May 24, 2018 exempting angel investors from the ‘Angel Tax’ ambit subject t...
Here's What Will Happen If you Miss Today's Income Tax Return Filing Deadline
The finance ministry has said it won't extend the July 31 deadline for filing income tax returns this year. The panic is evident, considering the fact that the tax department's filing system has been running erratically since Saturday. The big question right now is what happens if you still miss filing your tax returns before July 31 midnight. He...
GST- CGST, SGST, IGST: Rates, Pros, Cons, Filing
GST- CGST, SGST, IGST: RATES, PROS, CONS, FILING | FREE LEGAL ADVICE Get 30 mins GST advice on-call [https://www.lawyered.in/talk-to-a-lawyer/] Deciphering Goods and Services Tax We all have heard about the ferment the Goods and Services Tax bill has been stirring but how many of us know what Goods and Services Tax (GST) is apart from what it st...
81% of Total 1,211 Items Attract Tax Below 18%: Complete GST Rate List Included
CLICK HERE TO CHECK THE COMPLETE CHAPTER WISE GST RATE LIST [https://s3-ap-southeast-1.amazonaws.com/testlawyered/static/chapter-wise-rate-wise-gst-schedule-18.05.2017-1.pdf]. The Centre and states agreed on Thursday to exempt most food items including wheat, rice and milk from the Goods and Services Tax (GST) as political consensus grew for a po...
6 Mandatory Tax & Regulatory Compliances For Businesses
Author - Vijay Tangri The startup ecosystem in India has been witnessing an exhilarating growth in India backed by increasing smartphone and internet penetration. With further increase in internet service providers and the launch of 3G and 4G services, at affordable prices – the e-commerce, m-commerce & service industries are set to record even h...
How to File Your Taxes? For Salaried Individuals & Freelancers
Does your filing of taxes, tax you? It does that to me too, but then I took up the challenge to get over it for myself and all out there. Being a salaried person filing your taxes is easy and convenient. The company which hires you, will be deducting your tax at source i.e. TDS and for the issuance of this certificate, it will seek all your possibl...
Service Charge Now Optional. Refuse To Pay If Not Satisfied.
Sick of having to pay the service charge despite unsatisfactory services at restaurants? Rejoice, for now you won’t have to pay the additional service charges if you don’t find the experience satisfactory. After witnessing people expressing displeasure at being made to pay service charges at hotels and restaurants despite unsatisfactory service, t...
Goods and Services Tax (GST): An overarching tax reform
The Goods and Services Tax (GST) is being called the biggest indirect tax reform since India’s independence. The Finance Minister has described it as the road to economic integration of the country. But…What is GST? How is it different from the present indirect tax regime? Let us break it and try to analyse it. GST intends to levy a uniform tax o...