Composition scheme violation triggers penalty and tax assessment under relevant provisions for determination of tax and penalty. A taxable person who avails the composition scheme despite being ineligible is subject to penalty and corrective tax assessment; the composition election ... Summary
Composition scheme violation triggers penalty and tax assessment under relevant provisions for determination of tax and penalty.
A taxable person who avails the composition scheme despite being ineligible is subject to penalty and corrective tax assessment; the composition election does not shield the taxpayer from liability and the tax payable and penalties must be determined under the applicable assessment provisions.
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