Goods and Services Tax - Hello friends, greetings for the day 35th GST Council Meeting was held on 21 June 2019 at New Delhi, after a long gap of more than three months. This was the first council meeting chaired by the re-elected government and India’s second woman Union Finance Minister, Mrs. Nirmala Sitharaman. This GST Council meeting was held […]...
Read MoreIncome Tax - In simple terms the Income Tax Return is the document wherein the assesse submits its earned income to Government and makes payment for the services and facilities availed by him called as tax which is supposed to be used by the Government for the welfare of the country only. Technically speaking the form approved by Income […]...
Read MoreIncome Tax - With a view to widen the scope of TDS applicability on payment of rent, in spite of already existing section 194-I, vide Finance Act, 2017, new section 194-IB had been inserted. Newly inserted section 194-IB of the Income Tax Act, 1961 was made effective from 1st June, 2017. The deductor, who is liable to deduct TDS […]...
Read MoreIncome Tax - Technically speaking the form approved by Income Tax Authorities as per the requirements of the Income Tax Act 1961 is commonly called as the Income Tax Return comprising of various heads of income under which the assessment is done. broadly speaking the Income Tax Return is divided in to following five heads of income- 1. Income [&helli...
Read MoreCompany Law - The Ministry of Corporate Affair vide its notification dated January 22, 2019 had directed to all the Company, except government company, to file: – a one-time return in e-Form DPT-3, by furnishing the details of all outstanding receipt of money or loan taken from April 01, 2014 to March 31, 2019, which is not considered […]...
Read MoreGoods and Services Tax - On account of difficulties being faced by taxpayers in furnishingthe annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C, the due date for furnishing these returns/reconciliation statements to be extended till 31.08.2019...
Read MoreGoods and Services Tax - On issues relating to GST concessions on electric vehicle, charger and hiring of electric vehicle, the Council recommended that the issue be examined in detail by the Fitment Committee and brought before the Council in the next meeting....
Read MoreGoods and Services Tax - The tenure of National Anti-Profiteering Authority has been extended by 2 years. The Council also decided to introduce electronic invoicing system in a phase-wise manner for B2B transactions. E- invoicing is a rapidly expanding technology which would help taxpayers in backward integration and automation of tax relevant processes....
Read MoreGoods and Services Tax - ICAI has made a Request for extension of Last Date for filing of Annual returns in Form GSTR 9 and GSTR 9A alongwith GST Audit Certificate in GSTR 9C from June 30, 2019 to October 31, 2019 to Smt. Nirmala Sitharaman, Hon’ble Union Minister for Finance and Corporate Affairs & Chairperson, GST Council ICAI/IDTC/2019-20/REP/6...
Read MoreIncome Tax - 20/06/2019- In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should […]...
Read MoreIn re Gandhar Oil Refinery (India) Limited (GST AAR Maharashtra) - In re Gandhar Oil Refinery (India) Limited (GST AAR Maharashtra) Question 1:- Whether the applicant requires registration in each State separately? Answer :- In the present case as mentioned above the place of supply is the location of the importer who is situated in the State of Maharashtra and hen...
Read MoreIn re Aarel Import Export Private Limited (GST AAR Maharashtra) - Whether the procedure to raise the invoice from Mumbai Office for imports received at Paradip Port, Odisha where we do not have any separate GST Registration and Charge IGST from Mumbai to our Customers is correct? or do we have to take separate Registration in the State of Odisha for the below ment...
Read MoreCIT (E) Vs Slum Rehabilitation Authority (Bombay High Court) - Revision under section 263 was invalid in case order of assessment merged with the order of Appellate CIT in its entirety as CIT did not have jurisdiction to revise such order of assessment in view of clause (c) of Expln. 1 to sub-section (1) of section 263....
Read MoreAddl. CIT Vs Hiravati Marine Products Pvt. Ltd. (ITAT Rajkot) - Merely the payment of investigation charges to the chartered accountant firm was made by the bank on behalf of the assessee did not mean that the transaction was covered under the provisions of section 194A read with section 2(28A). As such the assessee was liable to deduct the TDS under section 194...
Read MoreIn re TCPL Packaging Limited (GST AAR Maharashtra) - In re TCPL Packaging Limited (GST AAR Maharashtra) Question :- Whether the packaging materials viz. cut to size blanks manufactured by TCPL with corrugation and having requisite creases at designated places, supplied to the Customers in flat form with folding, can be categorized under Tariff Item Co...
Read MoreNotification No. 25/2019 – Central Tax - (21/06/2019) - CBIC has postponed the date of applicability of Rule 138E to 21st day of August, 2019 from existing 21st day of June, 2019. Rule 138E provided that if a registered dealer is failed to file GST Return for consecutive two tax periods, there would be Restriction on furnishing of information in PART A ...
Read MoreTrade Notice No. 19/2019-2020-DGFT - (21/06/2019) - DGFT vide Minutes of the meeting dated 12.06.2019 has allocated quota for pulses and peas. However, many applicants whose applications were rejected have represented against the same. The total number of representation received is more than 200....
Read MoreRBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 - (20/06/2019) - Reserve Bank of India Rollout of the foreign exchange trading platform for retail participants – FX-Retail RBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 June 20, 2019 All Eligible Market Participants Dear Sir/Madam, Rollout of the foreign exchange trading platform for retail participants – FX-Re...
Read MoreRBI/2018-19/216 DGBA.GBD.No. 3136/42.01.035/2018-2019 - (20/06/2019) - With a view to enhancing efficiency in cheque clearing, Reserve Bank has introduced Cheque Truncation System (CTS) for clearance of cheques, facilitating the presentation and payment of cheques without their physical movement. P2F has been discontinued for CG cheques with effect from February 2016....
Read MoreRBI/2018-19/219 DGBA.GBD.No. 3144/31.02.007/2018-19 - (20/06/2019) - Since then, there has not only been an expansion in volume and value of government receipts and payments, and coverage of bank branches handling government transactions, but also significant movements towards adoption of technology and migration to electronic means of payments....
Read MoreAs per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you c...
Read MoreAs the financial year 2019-20 begins, I hope every salaried employee must be worried on tax savings, where, how much to invest etc., It’s a time to plan your tax savings...
Read MoreOne of the best ways to save tax is to know the right thing to do & proceed accordingly. There could be a number of ways to save tax as a freelancer. Here are the most imp...
Read MoreNEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Sec...
Read MoreArticle discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical...
Read MoreArticle discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to o...
Read MoreBulk Data Income Tax Calculator for Multiple Employees for Financial Year 2019-20 / Assessment Year 2020-21 and Bulk TDS Calculation (Salary) in Excel I have already uploaded ...
Read MoreEvery registered dealers has to compare input tax credit claimed in GSTR 3B with their GSTR 2A report. I am attaching an excel format which will make the comparison mush mor...
Read MoreDownload Latest Form-16 (New Format) Generator with Auto tax Calculator and Salary Statement The CBDT has notified a new format for form-16 vide Income Tax notification No. ...
Read MoreArticle discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnis...
Read MoreThe term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS ...
Read MoreDifferent tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab ra...
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