Tax Consultant

  Interest under GST Act, 2017 Interest liability on delayed on payment of tax or excess utilization of ITC under goods and services tax act 2017 governed through Sec 50 of the CGST Act, 2017 & Rule 88B of the CGST Rules, 2017. Section 50 :-   interest on delayed payment of tax. — (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent., as may be notified by the Government on the recommendations of the Council: [Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after...

Advisory on Bank Account Validation 24/04/2023 GSTN is pleased to inform you that the functionality for bank account validation is now integrated with the GST System. This feature is introduced to ensure that the bank accounts provided by the Tax Payer is correct. The bank account validation status can be seen under the Dashboard→My Profile→Bank Account Status tab in the FO portal. Tax Payers will also receive the bank account status detail on registered email and mobile number immediately after the validation is performed for his declared bank account. For seeking detail, please click on below mentioned URL :- https://tutorial.gst.gov.in/downloads/news/advisory_on_bank_account_validation_17april2023.pdf Thank You, Team GSTN VIEW ALL

  A. Introduction Historically Charity has got lot of importance in our religious, cultural and social life. Today many leading educational institutions, medical institutions, research institutions are run by Charitable Trusts. In a developing country which is having second largest population in the world, charitable institutions play a very crucial role in improving the quality of life amongst the masses of the society. In the recent years various amendments have taken place with regard to taxation of Charitable Trust. We are going to take an overview of taxation of Charitable Trust along with the analysis of the recent amendments. B. Charitable Purpose Section 2(15) of the Income Tax Act gives an inclusive definition of Charitable Purpose. It says Charitable Purpose to include Relief of the Poor Education, Yoga Medical Relief Preservation of Environment (including watersheds, forests and wildlife) Preservation of monuments or places or objects of artistic or h...