What if not file Statement of TDS within Prescribed Time Charge of TDS recovered Section 200 (1) of the income Tax Act, 1961 (‘Act’ for short) provides that any person deducting any sum in accordance with the foregoing provisions of bankruptcy XVII shall pay in the prescribed time, the sum so deducted to the credit of […]
Tax deduction at source under GST Clause 37 of GST Model Law, 2016 make provisions for GST TDS. GST TDS provisions can apply where total value of such supply, under a contract, exceeds rupees ten lakh.
Registration under GST Transitional provisions for existing taxable persons Existing taxable persons will be given provisional registration certificate. It will be valid for six months. They will submit required details. Then final registration certificate under GST will be issued – clause 142 of GST Model Law, 2016.
REVERSE CHARGE UNDER GST Meaning of reverse charge GST is payable by ‘taxable person’ who is supplying goods/services. This is provided in clause 7(2) of GST Model Law, 2016 and clause 4(2) of IGST Model Law, 2016
Penalty Provisions under the Income-Tax Act, 1961 Penalties for default in payment of Self Assessment Tax/ Payment of Tax/failure to comply with notice issued under section 142(1) or 143(2) or direction for audit under section 142(2A)/ under reporting and misreporting of income/ Failure in maintain information and document of international transaction or specified domestic transaction/ […]