GST Info Tamil

The Central Board of Indirect Taxes and Customs (GST Policy Wing) issued Circular No. 196/08/2023-GST dated July 17, 2023 regarding Clarification on taxability of shares held in a subsidiary company by the holding company.   Highlights Securities are considered neither goods nor services in terms of definitions given under section 2. For a transaction/activity to be treated as supply of services, there must be a supply as defined under section 7 of CGST Act. It cannot be said that a service is being provided by the holding company to the subsidiary company, solely on the basis that there is a SAC entry ‘997171’ in the scheme of classification of services mentioning; “ the services provided by holding companies, i.e. holding securities of (or other equity interests in) companies and enterprises for the purpose of owning a controlling interest.”,  unless there ...

  Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically,  the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed,"  the I-T department tweeted. The 3 crore milestone in income tax return (ITR) filing has been reached 7 days earlier this year. As per Section 14 of the Income Tax Act, for the purpose of charging tax and computation of total income, all incomes are classified under 5 Heads of Income. Income from salary Wages, pension, annuity, gratuity, fees, commission, profits, leave encashment, annual accretion, and transferred balance in recognised Provident Fund (PF) and contribution to the employee's pension account are all part of the Income of salary. Inc...