Category: Direct Tax Laws

Where the variation between the arm’s length price and the price at which the transaction has been undertaken is less that one percent of the latter in respect of wholesale trading and three percent of …

Read More "Clarification on calculation of Arm’s length price of international transaction or specified domestic transaction for assessment year 2020-2021"

The government has extended the date for input tax credit verification till 31st December 2020.

The Ministry of Corporate Affairs on news update dated 09.10.2020 has notified to the stakeholders that SPICe+ applications approved for the State of Karnataka w.e.f 08th October 2020 shall mandatorily provide Profession Tax Registration also

E-Registration helps taxpayers to register online using JCRF, Casual Dealer Registration, CST Registration, JPT 01 and TDS Enrollment.

The Amendment is brought under rule 3 which deals with the grant of certificate of registration and enrolment in which very assessee ( other than government servant employer) having a place of work within the …

Read More "The Jharkhand Tax on Professions, Traders, Calling and Employment (Amendment) Rules, 2020."

New form 10-IE has been inserted which pertains to application for exercise/withdrawal of option under clause (i) of sub-section (5) of Section 115BAC of the Income-tax Act, 1961.

GST INV-01 must be uploaded into the portal so as to generate the Invoice Reference Number (IRN), which is an alternative to the conventional system of invoicing wherein an original invoice is maintained by the …

Read More "IRN to be obtained for Tax Invoices by uploading GST INV-01."

The Guidelines clarify that the TDS and TCS provisions will not apply to transactions involving securities and commodities that are traded through recognised stock exchanges (SEs) or cleared and settled through recognised clearing corporations (CCs), …

Read More "CBDT issues Guidelines for TDS/ TCS by E-Commerce Operators and Sellers of Goods valued at more than INR 50 lakh"

The Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has been published on the 29th September, 2020 and shall be deemed to have come into force on the 31st day of …

Read More "The Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020"

The CBDT will set up a National Faceless Appeal Centers, Regional Faceless Appeal Centers and Appellate Authority to facilitate the conduct of e-proceedings in a centralized manner.