Chapter V of the Finance Act, Income-tax Act, (43 of );. (14) .. Charge of service tax on and after Finance Act, —. presently services are subject to service tax (list of taxable services at annexure Thus, the law relating to Service Tax is still governed by Chapter V of the. The legal provisions for the levy and collection of Service Tax were introduced through Chapter V of the Finance Act, Initially the service tax rate was 5% of.
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has the meaning assigned to it in section 92A of the Income tax Act, ;] 3 Omitted (w.e.f. ) by s of the Finance Act, (8 of ). of the Finance Act (32 of ) to the designated areas in the Continental Shelf and has the meaning assigned to it in section 92A of the Income tax Act, ;]. Omitted vide Finance (No.2) Act , w.e.f. assigned to them in clauses (30), (26) and (23A) of section 2 of the Income-tax Act, (
Cancellation of registration: Amended so as to provide for temporary suspension of registration while the cancellation of registration is under process. Accounts and other records: Amended so as to provide that any Department of the Central or State Government or local authority which is subject to audit by the Comptroller and Auditor-General of India need not get their books of account audited by any Chartered Accountant or Cost Accountant.
Furnishing of returns: Amended so as to provide for prescribing the procedure for quarterly filing of returns with monthly payment of taxes. Section 43A: Procedure for furnishing return and availing input tax credit.
Goods and services tax practitioners: Amended so as to allow Goods and Services Tax Practitioners to perform other functions such as filing the refund claim, filing the application for cancellation of registration, etc. Payment of tax, interest, penalty and other amounts: Amended in order to provide that the credit of State tax or Union territory tax can be utilised for payment of integrated tax only when the balance of the input tax credit on account of central tax is not available for payment of integrated tax.
Replaced Sub-section 2 : The input tax credit as self-assessed in the return of a registered person shall be credited to his electronic credit ledger, in accordance with section 41 or section 43A, to be maintained in such manner as may be prescribed.
Section 49B: Order of utilisation of input tax credit: Newly inserted: This Section seeks to empower the Government to prescribe any specific order of utilisation of input tax credit of any of the taxes for the payment of any tax. Section Collection of tax at source: Amended in order to give the reference of section 39 of CGST Act Furnishing of Returns Replaced sub-section 9 : Where the details of outward supplies furnished by the operator under sub-section 4 do not match with the corresponding details furnished by the supplier under section 37 or section 39, the discrepancy shall be communicated to both persons in such manner and within such time as may be prescribed.
Refund of tax: Amended in order to provide that the principle of unjust enrichment will apply in case of a refund claim arising out of supplies of goods or services or both made to a Special Economic Zone developer or unit, and to allow receipt of payment in Indian rupees, where permitted, by the Reserve Bank of India in case of export of services.
Appeals to Appellate Tribunal: Amended in order to specify fifty crore rupees as the upper limit of the amount of pre-deposit payable for the filing of appeal before the Appellate Tribunal. Detention, seizure and release of goods and conveyances in transit: Amended in order to increase the time limit before which proceedings shall be initiated.
Transitional arrangements for the input tax credit: Amended in order to clarify with retrospective effect from 1st July that the cesses and additional duty of excise on textile and textile articles levied under the pre-Goods and Services Tax laws shall not be a part of the transitional input tax credit under the goods and services tax.
Job work procedure: Amended in order to empower the Commissioner to extend the time limit for return of inputs and capital goods sent on job work, up to a period of one year and two years, respectively.
Newly inserted paras after 6: 7. Supply of goods from a place in the non-taxable territory to another place in the non-taxable territory without such goods entering into India. Place of supply of services where the location of supplier and recipient is in India: Amended to provide that if the transportation of goods is to a place outside India, the place of supply shall be the place of destination of such goods; Section Place of supply of services where the location of supplier or location of the recipient is outside India: Provisions of Section 13 1 3 a Amended and shall not apply in the case of services supplied in respect of goods which are temporarily imported into India for repairs or for any other treatment or process and are exported after such repairs or treatment or process without being put to any use in India, other than that which is required for such repairs or treatment or process; Section In addition to this, the Institute of Charted Accountants of India has mentioned different standards of accounting and guidelines that must be followed by the business entities.
Q What is PAN? It is a ten-digit alphanumeric code issued by the Department of Income Tax.
It is a unique code. Q Define the benefits of having PAN? The PAN is made mandatory for various other financial transactions like when one goes to open a bank account, for the download of high-end consumer goods, availing financial credits of institutions, foreign travel, dealing with securities, making a transaction of some immovable property, etc.
In addition to this, a PAN card is considered as one of the most valuable ways of photo identification that is accepted all of the non-Government and Government institutions of India. To locate the nearest TRP, you can visit — www dot trpscheme dot com Q What do the terms like Income-tax other than companies and Income-tax on companies that are mentioned in Challan mean?
However, the tax that is paid on the non-corporate assessees it is known as income-tax and to pay this in the challan, this tax is mentioned as Income-tax other than companies — Q What is the process to calculate advance tax and to pay it?
One can make the deposits of the advance tax through challan ITNS by selecting the relevant column for advance tax. Q What is the meaning of tax on regular assessment and what is the process to pay it? When the Income Tax Department finds underestimation of the income and the consecutive due tax, it takes special measures to calculate the actual amount of tax that should be paid. This kind of demand raised on the person is known as Tax on Regular Assessment.
This tax on regular assessment — must be paid within 30 days of the receipt of the demand notice. Q What precautions should one take while filling the challan of the tax payment?
Mode of payment and amount of the tax.
Therefore, you should get this counter-foil with the stamp. The PAN number provided to collector or deductor by the taxpayer is not correct.
The deductor or collector has not provided the PAN of the taxpayer. Take to the bank to rectify the issue in the challan details that are uploaded through the bank. Q Define Assessing Officer in brief. This officer has given a particular jurisdiction in a specific geographical area in the town or city or on the class of people.