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Over a period of time, the Goi has time to time amended these provisions. Before 2017, Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act.
![[Solved] Issues in Applying Provisions of Section 43B of the Income Tax Act](/img/previewthumb/paidnfree/Img_7_30thjune.jpg "[Solved] Issues in Applying Provisions of Section 43B of the Income Tax Act")
FM has extended the last date for filing Tax Audit Report and Transfer Pricing report to 31st Dec 2020. Various issues in applying provisions of Section 43B have been resolved in this article.
GST on Hotel Services is charged on the amount payable or actual amount charged (transaction value)and not on the declared tariff value.
Person in Trade and Industries are in the fix regarding availability of Input Tax Credit(hereinafter referred to as "ITC") on certain type of Business promotion expenditure. Such expenditures are necessary to boost the sale of service. and before we proceed further let us look into certain sections/clauses/terms and conditions.
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