Key Topics Covered:

• SEZ
• GST
• FEMA

Key Topics Covered:

• AUDIT
• INCOME TAX
• GST

INTRODUCTION: 

uChapterXVII of Income Tax Act,1961 (section190 to section 234F) deals with TDS provisions, i.e. applicability, compliance process, penalty clauses etc. Section 190 mandates deduction of Tax at source (TDS) in certain cases. 

uSection203 of Income Tax Act mandates the Deductor of such tax to issue TDS Certificate to the Deductee as the proof of remittance to the Government, with in the certain time limit, which is explained in the later part of this article. 

uThecertificate contains amount of Tax deducted, Remittance details, respective Assessment Year ,PAN and TAN details etc, which acts as proof for remittance of tax and helps in further verification process. 

Read more: ISSUANCE OF TDS CERTIFICATE

Introduction: 

In general, Supplier is liable for payment of Goods and Services Tax on the outward Supplies he made during a period of time by filing the required returns as per Sec 39 of the Central Goods and Services Tax Act,2017 (herein after referred to as CGST Act,2017). At the time of payment, he is provided an option for utilization of taxes paid on purchase of inputs or input services or both which are used against the output tax liability and balance to be paid in cash.

Section 16(1) of the CGST Act,2017 provides for various conditions to be satisfied in order to claim input tax credit. However, Section 17(5) states that “notwithstanding anything contained in Section 16(1) of the CGST Act,2017 input tax credit (here in after referred to as ITC) shall not be availed in respect of following transactions”. So, the main objective of this article is to understand the list of transactions specified under Section 17(5) on which credit is not allowed to be adjusted against outward supplies. These are also called blocked credits which include the following;

Read more: BLOCKED CREDITS