CA CMA Syam sundar

Central Board of Direct Taxes  [CBDT] has received Various Representations from various stakeholders involved in the business to issue Guidelines under sub-section (4) of section 194-O, sub section (3) of  section 194Q  and sub-section (1-I) of  section 206C  of the Income Tax Act, 1961  in order to remove difficulties. In continuation of the above, to further remove the difficulties, the Board, with the approval of the Central Government, hereby issues the following guidelines under sub-section (4) of section 194-0, subsection (3) of  section 194Q  and sub-section (I-I) of  section 206C  of the Act.   Adjustment of various state levies and taxes other than GST In Para 4.3.2 of circular no. 13 of 202 1 dated 30.06.202 1, it has been provided that in case the GST component has been indicated separately in the invoice and tax is deducted at the time of credit of the amount in the account of the seller, then the tax is to be deducted...

The Central Board of Indirect Taxes and Customs (CBIC) has notified the withdrawal of the 12% GST rate for government contracts and the applicable rate of GST will be 18% from January 1, 2022.  In exercise of the powers conferred by sub-section (1), sub-section (3), and sub-section (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15, sub-section (1) of section 16, and section 148 of the Central Goods and Services Tax Act. 2017 (12 of 2017), the Central Government, on being satisfied that it is necessary for the public interest so to do, on the recommendations of the Council, further amends the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No.11/2017- Central Tax (Rate), dated the 28th June 2017.  In the said notification, in the TABLE against serial number 3 in column (3), in the heading “Description of Service”, in items (1).(vik(ix) and (x), for the words “Union territory, a local authority, a Governmen...

 Annual Information Statement (AIS) categories: The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the taxpayer for a particular year.  The broad categories of Information in AIS summary view are as under: 1. Salary 2. Rent received 3. Dividend 4. Interest from savings bank 5. Interest from deposit 6. Interest from others 7. Interest from income tax refund 8. Rent on plant & machinery 9. Winnings from lottery or crossword puzzle u/s 115BB 10. Winnings from horse race u/s 115BB 11. Receipt of accumulated balance of PF from employer u/s 111 12. Interest from infrastructure debt fund u/s 115A(1)(a)(iia) 13. Interest from specified company by a non-resident u/s 115A(1)(a)(iiaa) 14. Interest on bonds and government securities 15. Income in respect of units of non-resident u/s 115A(1)(a)(iiab) 16. Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b) 17. Income and long-term capital gain from foreign cu...