CHAPTER-14 TRANSITIONAL PROVISIONS
Rule-117 Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day (1) Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly signed, on the […]
CHAPTER-8 ACCOUNTS AND RECORDS
CHAPTER OUTLINES Assessment under GST is centered on the principle of self-assessment. Every registered person shall himself assess the tax payable by him for a tax period and, after such assessment, shall file the return required under section 39 of the CGST Act, 2017. For the purpose of proper self-assessment, every person registered under the GST Act […]
Year-End Tax Compliance Checklist: 31 March 2027
Why 31 March Is Not Just a Year-End Most taxpayers treat 31 March as the close of the financial year and nothing more. Tax professionals know it differently. The last day of the Tax Year is simultaneously: the advance tax final computation date, the Section 43B payment deadline, the MSME payment clearing deadline, the capital […]
Penalty for Under-Reporting vs. Misreporting
Section 270A Penalty — Under-Reporting vs. Misreporting: Key Differences, Immunity Provisions & Landmark ITAT Rulings (2024–2025) Relevant Sections & Provisions Section 270A — Penalty for under-reporting and misreporting of income (w.e.f. AY 2017-18) Section 270AA — Immunity from penalty and prosecution Section 271(1)(c) — Penalty for concealment (applicable up to AY 2016-17) Section 274 — Procedure for penalty Section […]