Angel Tax refers to a money pool created by high net worth individuals or companies, generally called as angel investors, for investing in business startups. Various startups founder claimed that they received notice under section 56(2) (vii) (b) of Income Tax Act (“Act”) from Income Tax Department (“Department”) to pay taxes on angel funds raised …
With Notification No. 02/2019 – Central Tax dated 29th January,2019 ,CGST(Amendment) Act,2018 shall be applicable with effect from 1st February,2019.Actually this Act of Parliament received assent of the President on 29th August,2018 , but its applicability date appointed is 1st February,2019 with Notification No. 02/2019 – Central Tax dated 29th January,2019. These amendments are the …
Here is the good news for return filers under GST!!!Now, GST portal would allow amendments in B2B Invoices relating to Financial Year-17-18.GST portal has beenupdated already to allow updation in B2B invoices of FY-17-18.Those who were earlier worried about the wrong filling of GSTR-1 relating to FY-17-18 would now be relieved as they aregetting a …
What is the Annual return? Consolidation of information furnished in the forms GSTR 1 , GSTR 2 , GSTR 3 & GSTR 3B Details of Outward Supplies made and Inward Supplies received , categorized into different tax heads: IGST CGST SGST Types of GSTR 9 Forms There are 4 types of Annual Returns under GST: …