Income Tax Act 1961 Archives - Page 10 of 17

November 23, 2023 CA ALOK KUMAR

If a customer does partial payment of the invoice amount, How to adjust or recover GST

Query – If a customer does partial payment of the invoice amount but GST has been paid fully, how can excess GST be recovered? Ans – When a customer makes...

November 23, 2023 CA ALOK KUMAR

How does the reverse charge mechanism apply in GST return filing, and when is it triggered?

The Reverse Charge Mechanism (RCM) in GST (Goods and Services Tax) is a system where the recipient of goods or services is liable to pay GST instead of the supplier....

November 20, 2023 CA ALOK KUMAR

23 Lacs Old notes deposited in Bank – ITAT added 20.50 Lacs in Income

The ITAT sustained the addition made by the ITO to the extent of Rs. 20,50,000, reducing it from the original Rs. 23,00,000 by acknowledging the availability of Rs. 2,50,000 as...

Income Tax Act 1961

November 19, 2023 CA ALOK KUMAR

Blank Cheques Assumed for Debt Unless Proven Different – Kerala High Court

Blank Cheques Assumed for Debt Unless Proven Different - Kerala High Court

Direct Tax

November 19, 2023 CA ALOK KUMAR

What is the difference between direct and indirect taxes in India?

In India, taxes are broadly classified into two categories: direct taxes and indirect taxes. Let’s break down the differences in simple terms: Direct Taxes: Examples: Indirect Taxes: Examples: Key Differences:...