Who is auditor under GST? Requirements as to audit under GST: By provisions of Section 35(5) read with Section 44(2) and other related provision, it indicates that appointments of auditors are subject to conditions and limitations that are specified / [Read More]
Detailed analysis of credit notes and debit notes under GST Meaning of terms Financial credit notes: A taxable person may issue a credit note reducing the value of original supply without tax attributable to the reduction claimed. Such credit notes [Read More]
Auidt under GST: person covered and annual return to be furnished Meaning of Audit in GST: The definition of Audit given in Section 2(13) of Central Goods and Services Tax Act, 2017(CGST Act) as “audit means the examination of records, [Read More]
Exemptions for charitable trust : GST Exemptions available to charitable trust: Exemption from Section / NN Summary of exemption Income Tax Section 11 and Section 13 Complete exemption of income from tax net GST NN 12/2017 Central Tax (Rate) NN [Read More]
International Tourist under GST Tourist meaning under IGST act – As per section 8 of IGST act – Subject to the provisions of section 10, supply of goods where the location of the supplier and the place of supply of [Read More]
Whether Intermediary Services can be exported under GST Meaning of intermediary services Section – [Section 2(13) of IGST act]: Intermediary means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of [Read More]
Due dates for the Month of October 2018 7th Income Tax – TDS Payment for September 10th GST – Details of outward supplies of taxable goods and/or services effected – GSTR 1 for September – Return for authorities deducting tax [Read More]
Tax implication of forfeiture of advance Meaning of forfeiture: According to the dictionary meaning of the word ‘forfeiture’, the loss or the deprivation of goods has got to be in consequence of a crime, offence or breach of engagement or [Read More]
Taxability of gifts under income tax act Meaning of gifts: The gifts were taxable earlier till 1st October, 1998 under the Gift Tax Act, 1958. The provisions regarding receipts without consideration have been introduced w.e.f. 1st September, 2004. Since most [Read More]
Who and what is required to be audit in form 3CD (Tax Audit) Notification no 33/2018: With the season of tax audit compilation in at your door step the income tax department thrown a major reform in tax audit forms [Read More]