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2020

Details of Aadhaar Authentication Process for GST Registration

The GST Council in its 39th meeting held on March 14, 2020 approved operationalization of Aadhaar authentication for new taxpayers. The implementation of the same was postponed keeping the lockdown on account of COVID pandemic in view.

As per the notification of the Central Board of Indirect Taxes and Customs (CBIC) Aadhaar authentication for GST registration has become operational with effect from August 21, 2020. Aadhaar authentication for new registration is expected to substantially enhance ease of doing businesses for genuine businesses. A person opting for Aadhaar authentication for New GST registration would get it within three working days, if no notice is issued and would not need to wait for physical verification.

Archive


2020

Brief Overview of TDS Certificates under Income Tax Act 1961

Under Section 203 of the Income Tax Act, 1961 mandates that the employer has to deduct TDS. After deducting the TDS, the employer has to issue certificates. These certificates are Form 16 and Form 16A that are issued to the deductees as a proof of the same.

Tax Deducted at Source (TDS) is a type of tax deducted from the income as per the specified percentage (%).TDS is deducted by the employer.

The TDS return process will be considered as incomplete until the Valid TDS certificate has been issued by the deductor. If we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorization to issue valid TDS certificate.

2020

Transparent Taxation Honoring the Honest

Prime Minister Narendra Modi on August 13 launched the ‘Transparent Taxation, Honoring the Honest’ platform to further its initiative to reform direct taxes in India.

Launching the Transparent Taxation platform, PM Narendra Modi said the ongoing structural reforms have "reached new heights today" and that the 'Transparent Taxation - Honoring the Honest' platform will "have faceless assessments, faceless appeal and taxpayer charter". The motive behind the new policy are: Policy-driven governance, belief in people’s honesty, use of advanced technology, efficiency in bureaucracy.

2020

GST Implications for Import of Software

As per the IGST law, import of services under GST applies when the trade occurs in inter-state. It also applies when the consumer receives the services from a person residing outside India. Those importing services on a regular basis shall enhance the impact of GST on their business, as GST applies to imported services. However, in this article we will focus on issues like import of software and whether software is considered as service or goods and tax implications of import of software.

2020

Treatment and Taxability of Slump Sale under GST

What is Slump Sale?

  • Slump sale is a sale of an undertaking as a going concern. As per section 2(42C) of Income-tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.
  • The main elements of a slump sale are:
    1. Sale of undertaking;
    2. As a going concern;
    3. For a lump sum condensation; and
    4. No separate value is assigned to individual assets and liabilities.

2020

Common mistakes while filing Income Tax Returns

While filing your tax return, you should do it with utmost care. If you make a mistake you could end up with a tax notice from the department asking you to explain the discrepancy and pay tax, if any. Incorrect filing of tax returns will lead to many troubles. It’s better to file return correctly as well as on time to ensure mental peace.

Today we will discuss some common mistakes tax payers make while filing their income tax returns.

Financial Management