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CBDT has given clarifications on set off of brought forward loss due to additional depreciation & MAT credit if companies opt for 22% tax

Category : | Author : MasterGST
1.1  Domestic Company wants to opt for 22% tax is not eligible to set off of brought forward loss on account of additional depreciation As per the provisions of newly inserted Sec 115BAA, total income of the company (opted for 22% tax) shall be computed without any deduction towards: SEZ u/s 10AA Additional depreciation @20% … "CBDT has given clarifications on set off of brought...
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GSTR-3B has been specified as the return in lieu of GSTR-3 required u/s 39 – Rule 61

Category : | Author : MasterGST
The rule 61(5) has been amended to specify that, in case where the due date for furnishing the returns GSTR-1 and GSTR-2 (Under Sec 37 & 38), has been extended, GSTR-3B shall be the return to be filed under Sec 39 of CGST act. The effective date for this amendment has been specified as 01-Jul-17. … "GSTR-3B has been specified as the return in lieu...
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The late filing fees has been waived off for the tax payers of Jammu & Kashmir for GSTR-1, 7 & 3B of Jul’19 and Aug’19

Category : | Author : MasterGST
The late filing fee for GSTR-1, GSTR-7 and GSTR-3B for the months Jul’19 and Aug’19 has been waived, subject to the condition that the returns are filed before the dates given below
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Procedure for claiming the refund amount in cases where the original claim of refund was rejected (in part/full) in RFD-06 but subsequently received the favourable order in appeal or any other forum

Category : | Author : MasterGST
Background: In case appeals against the rejection of refund application, the credit amount is not being re-credited to the credit ledger, until the appeal is finally rejected. And  Currently the process of appeal is manual. Procedure: The regd. person shall file a new refund application for the same period under “Refund on account of assessment/provisional … "Procedure for claiming the refund amount in cases where...