GST Rate applicable on construction of residential apartments GST Rate on Flat Purchase:- With effect from 01st April, 2019, effective GST Rate applicable on construction of residential apartments by promoters in a real estate project are as under: Description Effective GST rate (after deduction of value of land) Construction of affordable residential apartments 1% without […]
Scope of assessment under section 143(1) Income Tax Assessment under section 143(1) of IT Act is like preliminary checking of the Income Tax Return. At this stage no detailed scrutiny of the Income tax return is carried out. At this stage, the total income (profit) or loss is computed after making the following adjustments (if […]
Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for […]
Article on Tax audit Tax audit Meaning The dictionary meaning of the term “audit” is check, review, inspection, examination etc. There are various types of audits prescribed under different laws like company act requires a company audit, cost accounting law requires a cost audit, GST act required a GST audit etc. The Income tax law […]
Meaning of Contempt of court Contempt of court- Contempt of court is the offence of being disobedient to or disrespectful towards a court of law. These acts might include failure to comply with requests, witness tampering, withholding evidence, interruption of proceedings, or defying a court order. These wrongful acts may be committed by attorneys, officers […]
498A Indian Penal Code:- Husband or relative of husband of a woman subjecting her to cruelty Husband or relative of the husband of a woman subjecting her to cruelty.—Whoever, being the husband or the relative of the husband of a woman, subjects such woman to cruelty shall be punished with imprisonment for a term which […]
What is limited scrutiny in Income Tax? In case of Income Tax assessment two types of cases have been selected for scrutiny ‘Limited Scrutiny‘ ‘Complete Scrutiny’. The Income tax assess concerned have duly been intimated about their cases falling either in Limited Scrutiny’ or Complete Scrutiny’ through notices issued by department under section 143 (2) of […]
Case of Govind Enterprises Vs State of UP reported in 2019-TIOL-1170-HCALL-GST Facts: Petitioner seeks quashing of first information report (FIR) dated 30.11.2018 lodged by Assistant Commissioner, Commercial Tax at police station Kosi Kalan, District Mathura, Uttar Pradesh under Sections 420, 467, 468, 471, 34, 120-B IPC. Thrust of the allegations made in the impugned FIR […]
Important details are required for file the GSTR-9:- Form GSTR-9 is the GST Annual return that has to be filed under the GST laws every year. the flowing important details are required for file the GSTR-9:- Check- Comparison of Liability declared and ITC Claimed (Comparison of liability declared and ITC (Input Tax Credit) claimed” tile, […]
Ineligible ITC under GST Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18, input tax credit shall not be available in respect of the following, namely:— 1. Motor vehicles and other conveyances :- Input tax credit is not available for motor vehicles used to transport persons, having a seating […]
