Quick answer: GST is not applicable on a refundable security deposit received from a customer, as long as it is held only as security. GST becomes payable when the supplier adjusts the deposit against...
Quick answer: GST is payable on advance received for the supply of services because the time of supply is the earlier of the invoice date or the date of payment. For goods, GST is not payable on...
Quick answer: Yes. If you do not deduct TDS on an eligible payment to a resident or deduct it but do not deposit it on time, 30% of that expenses can be disallowed under Section 40(a)(ia) of the...
Quick answer: If TDS is deducted but deposited late, you must pay interest at 1.5% per month or part of a month under Section 201(1A) from the date of deduction to the date of deposit. A late TDS...
Quick Answer The total cost of starting a business in Dubai varies significantly depending on the business activity, free zone or mainland licensing route, premises, staffing and operational...
Quick answer: A mismatch between turnover in your books turnover in your GST returns is common, and many differences have valid reasons such as timing, advances or exempt supplies. During a tax audit...
Short answer: Banks most often query or return CMA data because the figures do not match the ITR, GST returns, or audited accounts; the statements do not tie to each other, the working capital limit...
Short answer: A DRC-01C notice is a system-generated intimation under Rule 88D, sent when the ITC you claimed in GSTR-3B exceeds the ITC available in GSTR-2B beyond the prescribed limit. You have 7...
Short answer: Income tax notices are issued when the information the department holds, through AIS and other sources, does not match your return, or when a return is not filed despite reported...