Income Tax Act 1961 Archives - Page 7 of 14

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

By CA ALOK KUMAR November 23, 2023Income Tax Act 1961No Comments

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.…

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

By CA ALOK KUMAR November 20, 2023Income Tax Act 1961No Comments

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…

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

By CA ALOK KUMAR November 19, 2023Income Tax Act 1961No Comments

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

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

By CA ALOK KUMAR November 19, 2023Direct Tax, GST, Income Tax, Income Tax Act 1961, TDS ON SALARY INCOMENo Comments

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: Definition: Direct taxes are paid directly…