KVAT: Settling the dust on the Input Tax issue The Value Added System of Taxation of Goods was introduced in order to address the issue of multiplicity of taxes and cascading effect of such taxes in the transaction chain. In the erstwhile single point taxation, goods which underwent any manufacture or processing where subject to […]
Legal Heir Registration on Income Tax e-filing website A legal Heir is An individual who receives an interest in, or ownership of, land, tenements, or hereditaments from an ancestor who has died intestate, through the laws of Descent and Distribution. At Common Law, an heir was the individual appointed by law to succeed to the […]
One Person Company (OPC) BASIC CONCEPT 1. The concept of an entity called a One Person Company (OPC) has been introduced by the Companies Act, 2013. Earlier, a company involved at least 2 persons to begin with.
New procedure to file TDS returns online w.ef. 01.05.16 REGISTRATION WITH E-FILING WEBSITE – FOR TDS RETURN 1. Log into ‘TRACES’ with the details of the assessee whose return is to be filed. 2. Click at ‘Register for E-filing’ option at the left corner of the ‘TRACES’ window page. 3. This will take us to […]
Goods imported / purchased inter-State used in Works contract, would be exempt from VAT We are sharing with you an important judgement of the Hon’ble Supreme Court of India in the case of Commissioner of Delhi Value Added Tax Vs. ABB Ltd [(2016) 68 taxmann.com 227 –SUPREME COURT OF INDIA] on the following issue: