Form DPT-3 (MCA)
Every company, except a government company, must file outstanding receipts of money or loans as specified in Form DPT-3, within 90 days.
Finsights
Section 194S TDS on Transfer of Crypto, Defi, NFTs & Virtual Estate
In this day and age, there are very few people who have not heard of the term digital investment. In the last decade, a new realm of digital investments has accelerated into investor portfolios. The world of digital investment is a part of our everyday lives. Until recently, dealings in such an investment had no … Read more
Understand the Difference between Section 194Q and Section 206(1H)
Section 194Q: Same as 206C(1H) or Different? Consider yourself a ‘Purchaser of Goods.’ In the normal course of your business, you have bulk orders to purchase. During the previous year, one of your purchases of goods exceeded Rs. 50 lakhs. Is TDS levied on such a transaction? Let us understand. As per section 194Q, any … Read more
How Does Revised Section 38 Impact on ITC Claims
In the Finance Bill 2022, a new section 38 emphasizing on “communication of details, inward supplies, and input tax credit” has been proposed to replace the incumbent section 38. This section is included primarily for two reasons. Noncompliance by taxpayers with the current section 38, which governs GSTR-2 ‘inward supplies. There has been an alarming … Read more
Latest GST updates along with e-invoice Wef 1 Oct 2022
Apart from E-invoicing Threshold, Some Key Changes That Will Take Effect from 1st October 2022 The Central Government hereby appoints October 1, 2022, as the date on which the provisions of sections 100 to 114 of the said Act, except clauses (c) of sections 110 and 111, shall enter into force. The following are the … Read more
What are the Consequences & Penalty of Non-Filing Returns?
The returns under GST are the final stage of compliance which squares off the monthly/quarterly GST transactions. Taxpayers are subject to consequences and penalties for failing to submit their returns, even if everything up to that point has gone smoothly. Sections 37 to 45 govern the various types of returns and ITC matching, reversal, and … Read more
How does The Revised CGST Section 38 affect ITC Reconciliation?
In the Finance Bill 2022, a new section 38 titled “communication of details, inward supplies, and input tax credit” has been proposed to replace the incumbent section 38. This section is included primarily for two reasons. Noncompliance by taxpayers with the current section 38, which governs GSTR-2 ‘inward supplies. There has been an alarming increase … Read more
CBDT’s Revised Guidelines on Compounding of Offences under Income Tax Act, 1961
Facilitating Ease of Doing Business and decriminalization of offenses, the CBDT has taken steps in this direction by issuing revised Guidelines for Compounding of Offenses under the Income-tax Act, 1961 (the ‘Act’) dated 16.09.2022 with reference to various offenses covered under the Act’s prosecution provisions. Among the major changes made for the benefit of taxpayers … Read more
GST Rates on Real Estate Transactions in Detail- Finsights
Who are you? (Stakeholder) LAND OWNER BUILDER CONTRACTOR IN LABOUR MANUFACTURER & TRADERS SERVICE PROVIDERS Which Transaction? A. Sale of Land According to Section 7(2) of the CGST Act of 2017, the sale of land is not considered a supply under GST, read with Schedule III. Because ‘supply’ is the taxable event that attracts GST, … Read more
ITC Reversal due to non payment Within 180 Days
ITC Reversal due to non payment Within 180 Days that results into liability added for the month in which the 180-day period expired
