CBIC has issued six notifications on 15th October 2020. These notifications include the due dates of filing of GSTR-1 on a quarterly and monthly basis, the due date of GSTR-3B, the threshold limit for GST Audit, and the applicability of HSN code on invoices. Notification No. 74/2020 dated 15.10.2020 The taxpayers who are filing returns […]
Tag: CASH
Taxability of Gift Received by Individual or HUF
The common man is confused about what tax will be levied on taking gifts or whether there will be any tax applicability on giving gifts. In this article we will discuss about tax applicability on gifts received by individual and HUF and try to remove confusions. Section 56(2) (x) deals with gifts received by Individual […]