Debit note and credit note are documents used in Goods and Services Tax (GST) to record changes in transactions. A debit note is issued by a supplier when there is an increase in the amount payable by the recipient, while a credit note is issued when there is a decrease in the amount payable. They …
The time of issue of an invoice is a crucial aspect under the GST regime as it determines the time of supply and the due date for payment of tax liability. It is essential to issue a tax invoice within the prescribed time limit, failing which penalties and interest may apply. Delayed issuance of invoices …
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The GST regime has brought about many changes in the way businesses in India conduct their operations. One of the most significant changes is the requirement to issue various types of invoices and vouchers as prescribed by the CGST Rules. Here is an overview of the different types of invoices and vouchers that businesses must …
Foreign Direct Investment (FDI) is an important source of capital for startups in India. The government has introduced various regulations to facilitate FDI in the startup sector. In this article, we discuss the regulations and reporting requirements for FDI in startup companies in India via an issue of Convertible notes. What is Convertible Note Convertible …
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The Bangalore ITAT recently dismissed an appeal by Nitesh Estates Ltd., a real estate company, that was subject to Section 201 proceedings for non-deduction of tax at source under Section 195 on the sale of an apartment to non-resident (NRI) Mr. Mahesh Bhupathi. The ITAT found that once the conditions laid down in Section 195 …
The Income Tax Appellate Tribunal (ITAT) in Bangalore has allowed an appeal filed by an NRI-assessee and deleted the penalty imposed under Section 271D of the Income Tax Act, 1961. The ITAT held that the NRI-assessee had a reasonable cause for accepting part of the sale consideration in cash, despite the violation of Section 269SS. …
