Deduction for the sum payable to micro and small enterprise to be allowed on a payment basis [section 43B(h)]  The Finance Act, 2023 adds one more item to the list in section 43B, the deduction of which shall be allowed on a payment basis. It provides that any sum payable to a micro or small […]

Advance tax, a vital aspect of income tax compliance, ensures that taxpayers stay on track with their tax liabilities throughout the financial year. Here, we delve into the intricacies of advance tax, including who needs to pay it, how to calculate it, and the consequences of non-compliance. What is Advance Tax? Advance tax refers to […]

Are you a business owner operating in India? If so, you’re likely familiar with the complicated structure of the Goods and Services Tax (GST) system. However, there’s a critical aspect of Tax Deducted at Source or TDS under GST that you can’t afford to ignore. Understanding TDS under GST is not just an option; it’s […]

What is GSTR 9? It is an annual return to be filed by all registered taxpayers under GST irrespective of the turnover of an entity. The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer. All registered taxpayers are required to file GSTR-9 except: [...]

The GST composition scheme is an easy scheme that’s designed to simplify the GST process for taxpayers. Certain taxpayers (covered later) can opt for the composition scheme and eliminate unnecessary GST formalities. Moreover, this scheme also enables taxpayers to pay GST at a fixed rate of turnover. Who can opt for the GST composition scheme? […]

What is e-invoicing? Businesses already registered for GST must generate e-invoices for B2B transactions. The e-invoice turnover limit is Rs. 10 Cr. which came into effect on 1st October 2022 according to irisgst.com. At first, e-Invoicing was only for large enterprises but later on, small and mid-sized businesses are also included. E-invoices can be recognized […]

Before diving into GST Refund: A Brief on Zero-Rated Supply An export supply under GST law is alternatively termed as zero-rate supply. because the tax rate on export supplies is to effectively nullify to a zero amount. Exports and supplies to Special Economic Zones (SEZ) are zero rated i.e. input tax credit will be available […]

Many of you may be aware that investments can help you save tax in the form of income tax deductions, but what you may not be aware of is that the Income Tax Department gives tax benefits for incurring some personal expenses as well (like health check-up, paying stamp duty for home and many more). […]

In a previous blog, we went over the basics of GST registration. If you want to understand the preliminary process of registering under GST, we suggest you take a look at that blog first and then circle back to this one. Today, we are discussing about the special cases for GST registration, including exemptions for […]

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services. It is a tax imposed in stages and was introduced to replace multiple indirect taxes like VAT, excise duty, service tax etc. GST introduced a consolidated tax regime that has helped simplify indirect taxation and made it more […]

The Income tax department has gifted taxpayers with the Annual Information Statement (AIS) and ‘Taxpayer Information Summary (TIS)’. From initial assessments of these new statements, it seems AIS and TIS will bring better understanding and simplicity to the process of paying taxes. We believe it is a step towards emphasizing knowledge over ignorance while submitting income […]

We all are thoroughly conscious of the significance of filing GST returns of September for any Financial Year. This is the last opportunity to make corrections in GST returns filed for FY 2020-21. As we’re stepping into September, some important points to be considered before filing GST returns of September are summarized below. Amending/Adding Outward […]

Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases : a) a registered person shall not be allowed to furnish FORM GSTR-1, if he has not furnished the return in FORM GSTR-3Bfor preceding two months; b) a registered person, required to […]

On considering the difficulties reported by the taxpayers in filing Income Tax Returns and Audit Reports for the Financial Year 2020-21 under the Income Tax Act, 1961, the Central Board of Direct Taxation has declared an additional due date extension appended to the previous extension. Source: Circular No.17/2021, dated 09.09.2021. Following are the revised due [...]

CBDT announces Covid-19 tax exemptions. These exemptions are for expenditure on Covid-19 treatment and ex-gratia received on death due to Covid-19. Covid-19 Tax Exemptions on the amount received for medical treatment: 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 […]

The Government has extended the following due dates to provide certain relaxation to the taxpayers: The TDS return for FY 2020-21 Q4, as extended to 30th June 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July 2021. The application under12AB, 80G and other sections for registration/ provisional registration/ intimation/ approval/ […]

Waiver of interest and late fee for normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers   Government has granted waiver from payment of interest and/or late fee to normal (Monthly / Qtrly) & composition taxpayers for the tax periods of March, April & May, 2021, vide Notn. Nos. 18/2021 & 19/2021, both dtd. 1st […]

The Ministry of Finance (Department of revenue) of India has released several notifications on 1st of May 2021 due to the spread of COVID-19 across the country to give due date extensions to taxpayers for filling various GST returns and forms for March-21 and April-21. Apart from extensions of due dates CBIC also waiver the [...]

Input Tax Credit in a nutshell dictates how, at the time of paying taxes on output, you can pay a lesser amount if you have already paid some taxes on input. Where we talk about input and output, concepts of supply and delivery come into the discussion. By definition, supply encompasses all forms of supply [...]

GST is applicable not just to Individuals and Corporations but also to housing societies. Society is collective body of persons who stay in a residential society. As a collective body of persons, they would be supplying certain services to its members, be it collecting statutory dues from its members and remitting to statutory authorities, maintenance […]

In Budget 2020, our Finance minister surprised everyone by introducing a new tax regime under section 115BAC. This new tax regime has lower tax rates but took away exemptions and deductions available to taxpayers. With this new tax regime came the announcement that taxpayers can themselves choose between new or old tax regime. So now […]

This is a topic that is being heatedly debated in recent past ever since the CBIC started recovery of interest liability from taxpayers on delayed payment of  tax liability. Section 50(1) of the CGST Act states about interest on delayed payment of tax liability or wrongful availment of Input tax credit (ITC). Let us understand […]

For those existing taxpayers who don’t yet have Aadhar available, functionality has now been introduced for Aadhar Authentication and e-KYC. This facility has been deployed on the GST Common Portal w.e.f. 6th January, 2021. All taxpayers registered as Regular Taxpayers (including Casual Taxable person, SEZ Units/Developers), ISD, and Composition taxpayers can do their authenticate their […]

What is classified as Job Work under GST? Section 2(68) of the CGST Act 2017 defines job work. The definition is as follows: “Any treatment or process undertaken by a person on goods belonging to another registered person.” As such, a job worker is any person (registered / unregistered) who treats or processes the goods […]

Introduction CBIC has recently introduced new facility to shift wrongly paid tax, interest and late fees using form PMT-09. In today’ blog we are going to discuss about intricacies of PMT-09 in the electronic cash ledger.  But first we will have brief understanding about electronic cash ledger. Electronic Cash Ledger Electronic cash ledger is a […]

In this article, we have enumerated the impact of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (hereinafter referred to as ‘Ordinance 2020’) and Notification No. 35 /2020, dated 24-06-2020 on various due dates of compliances under the Income-tax Act, 1961 in the below tables. I. Due Dates Relating to Income-Tax Returns […]

Updated extended GST Due Date Chart Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings and provided releif to tax payers which includes Relief in late fee to Taxpayers filing Form GSTR-3B, Relief in late fee to Taxpayers filing Form GSTR-1, Relief in payment of interest to Taxpayers […]

“Atmanirbhar Bharat Abhiyaan”, the COVID-19 relief package puts bold reforms at the heart of Hon. PM Modi’s stated plan to make India self-reliant. It is forward thinking in its essence, in that it plans to handle the current pandemic, without knowing when it might end. The stimulus package was declared in tranches by the Hon […]

1. Introduction to Section 194J 1.1. Section 194J of Income Tax Act 1961 (“the Act”) provides for tax deduction at source (TDS) on any sum payable to a resident by way of- i. fees for professional services or ii.  fees for technical services or iii. any sum payable as royalty or iv. any sum referred […]

In most transactions, the supplier of goods or services is liable to pay tax to the Government. However, there are certain cases where the tax chargeability rests with the recipient. This mechanism is known as Reverse Charge Mechanism (commonly called as RCM) and is enforced in certain conditions which are explained later in the blog. […]

Due date to file GST Annual Return for FY 18-19 extended to 30th September 2020 E-way bill generated on or before the 24th March 2020 and its validity expires during the period 20th day of  March 2020 to the 15th day of April 2020, the validity period of such e-way bill shall be defined  to [...]

Respected Sir/Madam, Warm greetings from MKRK & Co!!!! We hope you are staying healthy and safe. As you are aware that we are under lockdown considering Novel Corona Virus (COVID-19) outbreak. Considering lockdown, government has extended due dates for various GST compliances. We have summarized significant changes for your better understanding. 1.Extension in due date [...]