Blog

Transactions relating to the tax period April 2020 to March 2021 may be rectified while filing returns for September 2021 (Due date for filing GSTR 3B for September 2021 is 20th / 22nd / 24th October 2021). No additional claim of missing ITC may be made available post filing of September 21 returns. Taxpayer may lose the right to claim

Restriction in filing of GST-1 when 3B has not furnished for proceeding two month and Automatic restore facility (GSTR-1 filing) upon compliance (GST3B) has been done . Applicable w.e.f 01-09-2021. 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 :

Remission of Duties and Taxes on Exported Products Scheme (RoDTEP) S. No. Heading Relevant Provision 1 Notification Number and issuance Date Notification No. 19/2015-20 dated 17th August, 2021 2 Objective To replace the existing MEIS (Merchandise Exports from India Scheme) 3 Effective Date of commencement of Scheme 1st January, 2021 4 What is RoDTEP Scheme?

BY: CA MANU KATARE Meaning of Liquidated Damages: Liquidated Damages a nomenclature used very commonly in construction industry, engineering, procurement and commissioning (EPC) contracts to recovery losses or levy penalty for non- performance or deviation from the terms agreed in the supply agreement by vendor/supplier. The vendor may also recover Interest for delay in payment

BY: CA MANU KATARE New Income Tax Portal 2.0 has been a hot topic of discussion since it went live on 7th June, 2021. Taxpayers and tax professionals have been struggling with the new website to view their filed returns, importers are unable to file form 15CA & 15CB online for making foreign remittances and

FACELESS ASSESSMENT (INCOME TAX ACT,1961 SECTION 144B)

Overview Due to advent of e-commerce and IoT, the businesses have less of physical trace and therefore its easy for organisation of developed world which largely follows residency-based taxation to shift their headquarters to locations where the tax rates are favourable.Major economies are aiming to discourage multinationals companies (MNC’s) from shifting profits and tax revenues

TDS at a higher rate on non-filer of Income Tax return (Section 206AB of Income Tax Act, 1961) Background: Section 206AA of the Act provides for higher rate of TDS for non-furnishing of PAN. Similarly, section 206CC of the Act provides for higher rate of TCS for non-furnishing of PAN. Such provisions have served their