Accumulation of Input Tax Credit occurs when the tax paid on inputs exceeds the output tax liability. In such a case, the excess amount has to be carried forward to the next financial year, so it could be used to pay the output tax liability by the registered individual. The GST Law also permits refund ofunutilised ITC in certain cases.
Read MorePoint of taxation or the time of supply is the time when goods have been supplied and services have been provided or are deemed to be supplied and provided.
Read MoreEvery person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 per cent of the sale consideration exceeding fifty lakh rupees as income-tax.
Read MoreIt is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.
Read MoreWhen files are uploaded by assessee in the ITBA it is stored in the ITBA database with limitations on number and size of files uploaded.
Read More28th March, 2023
By: Mr. Prasanna Ravikant Bhat
7th February, 2023
Certificate in Form 10BE for Claiming Deduction u/s 80G
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27th May, 2022
Profession tax enrollment and registration - Applicability in Maharashtra State
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19th March, 2021
Foreign Contribution (Regulation) Amendment Act, 2020 ("FCRA 2020")
16th December, 2020
Using file systems to enhance performance of Income Tax Business Application (ITBA)
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