GST Amendments Applicable from 10th October 2024 Reverse Charge Mechanism Purchase by registered taxpayer from unregistered person Buyer shall be liable to pay GST under RCM on purchase of Metal Scrap falling under Chapter 72 to 81 of Customs Tariff from unregistered Suppliers. The registered buyer
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The taxation system in India is governed by Income Tax Act,1961. Among various provisions, Section 194Q and Section 206C is crucial in regulating tax collection at source (TCS) and tax deducted at source (TDS). Although, these sections aim at collecting taxes from specific transactions, they differ in
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The concept of ITR-U also known as Updated return was introduced in Union Budget of 2022. CBDT vide Notification No. 48/2022 dated 29.04.2022 notified Rule 12AC for furnishing ITR-U as per the provision of section 139(8A) of Income Tax Act,1961. ITR-U acts as a rescuer for those
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