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CA, CS, CMA - A SIMPLE VERSION OF INDAS-16 AND IAS 16 -PROPERTY,PLANT AND EQUIPMENT The relevant Accounting Standards relating to Property, Plant and Equipment are the following:- 1. AS-6, AS-10 2. INDAS-16 3. IAS-16 There is no major difference between INDAS-16 AND IAS-16.So the following details relate to both INDAS-16 and IAS-16. Property, Plant and...
Read MoreGoods and Services Tax - Recent Judgement in the case of Saraf Natural Stone Vs UOI (Gujarat High Court) on Interest on Delayed Refund from Honorable Gujrat High Court as under – Facts: M/s. Saraf Natural Stone (referred as ‘SNS’), is partnership firm engaged in exporting of marble or natural stones, has refund claim for the exports made, the department...
Read MoreGoods and Services Tax - The GST Council in its 31st meeting recommended introduction and implementation of a new GST Return System in a phased manner from October 2019 to facilitate taxpayers. In the new GST Return System, there will be three main components to the new return – one main return (FORM GST RET-1) and two annexures (FORM GST […]...
Read MoreCorporate Law - Article summarises 25 Landmark Supreme Court Judgments On Insolvency And Bankruptcy Code 2016 SUPREME COURT JUDGMENTS ON INSOLVENCY AND BANKRUPTCY CODE 2016 Sr No Date of Judgment Name Of The Parties Citation/Dt of Judgment Ratio 1 21-02-2017 Bank Of New York Mellon London Branch. Vs Zenith Infotech Limited AIR2017SC1735 I...
Read MoreCompany Law - Summary of Changes in Equity shares with differential rights after Amendment dated 16.08.2019 MCA issued a notification dated 16.08.2019, to amend the Companies (Share Capital and Debentures) Rules, 2014, which shall come into force on the date of their publication in the Official Gazette. The Aim of the government has relaxed norms for s...
Read MoreGoods and Services Tax - Punjab Accountants Association made Humble Representation with request to Extend Due Dates stipulated for filing Annual GST Returns i.e. GSTR9/9A/9C under the CST Law. The Punjab Accountants Association Office: R.K. Assoaates,Sehdev Market, Jalandhar City Email : athepunjob@gmail.com, Mob.No. 98151-98051, 98153-23059 Honorable Union Minis...
Read MoreIncome Tax - Two Arrests have been made by the Directorate General of GST Intelligence (HQs) in cases of fraudulent IGST refund claims here, today. As per the statement of the DGGI (HQs), the action was taken on receipt of an input from Allahabad Bank, Paschim Vihar, New Delhi that suspicious transactions were noticed in the accounts of […]...
Read MoreCA, CS, CMA - Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2019 Intermediate Examinations – 7th September, 2019 This is in continuation of our announcement dated 22nd July, 2019 The last date of conversion from Earlier Scheme to Revised Scheme to appear in Intermediate November, 2019 examinations was 27th A...
Read MoreIncome Tax - ITR-6 & ITR-7 utilities are modified to fix bugs identified while filling Schedule FSI and TDS. These issue fixes has no impact on XML schema which remains same and for those taxpayers where these schedules are not relevant. For those taxpayers who are entering data in these schedules, it is requested that they may download […]...
Read MoreGoods and Services Tax - After much success of One day workshop conducted by us across India, we are happy to announce Online GST workshop for effective GST Audit and Annual Return. The workshop would cover clause wise clause detailed Analysis for Form GSTR 9, GSTR 9C along with GST Audit tool for GST Health Check-up. Online Workshop Coverage Legal […]...
Read MoreCommissioner of Income Tax-LTU Vs M/s Reliance Industries Ltd. (Bombay High Court) - CIT- LTU Vs M/s. Reliance Industries Ltd. (Bombay High Court) Assessee provided electricity generated by its captive power generating plant to its another units, then while computing deduction under section 80-IA of Income Tax Act, 1961, the value of electricity provided to another unit was to be at...
Read MoreM/s Nava Bharat Agro Products Ltd Vs Commissioner of Customs, Central Excise & Service Tax (CESTAT Hyderabad) - M/s Nava Bharat Agro Products Ltd Vs Commissioner of Customs, Central Excise & Service Tax (CESTAT Hyderabad) The main issue to be adjudicated is whether palm oil fruit is a fruit entitled for the exemption of Notification No. 33/2004-ST dated 03.12.2004. Apparently, notification is silent about...
Read MorePr. CIT Vs. Gujarat State Petronet Limited (Gujarat High Court) - Pr. CIT Vs Gujarat State Petronet Limited (Gujarat High Court) The language of Section 14A of the Act is plain and clear. Before invoking Rule 8D, the Assessing Officer is obliged to indicate that having regard to the accounts of the assessee, he is not satisfied with the correctness of the claim of...
Read MoreRasai Properties Pvt. Ltd. Vs DCIT (ITAT Mumbai) - Rasai Properties Pvt. Ltd. Vs DCIT (ITAT Mumbai) Admittedly, there has been an omission on the part of the assessee to disclose the LTCG on sale of the shops in its return of income for the year under consideration. However, at the same time, we cannot remain oblivious of the bonafides of the assess...
Read MoreDCIT Vs Genuine Seeds Pvt. Ltd (ITAT Pune) - DCIT Vs Genuine Seeds Pvt. Ltd (ITAT Pune) The CIT(A) while deciding the issue in the present case had in turn, relied on the decision of Pune Bench of Tribunal in ACIT Vs. Ajeet Seeds Ltd. (supra), which has been confirmed by the Hon’ble High Court. Consequently, we hold that growing of hybrid se...
Read MoreF.No. 225/233/2019/ITA-II - (14/08/2019) - Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961 (Act) in the context of amendment made in sub-section (2) of section 44AE of the Act vide Finance Act, 2018 w.e.f. 01.04.2019....
Read MoreCircular No. IBBI/CIRP/023/2019 - (14/08/2019) - Filing of Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professionals under the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder....
Read MoreNotification No. 60/2019 - Customs (N.T.) - (14/08/2019) - Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 15th August, 2019 notified vide Notification No. 560/2019–Customs (N.T.) dated 114th August, 2019....
Read MoreNotification No. 61/2019-Customs (N.T.) [S.O. 2946(E)] - (14/08/2019) - Custom Tariff Notification No. 61/2019-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 61/2019-CUS...
Read MoreS.O. 2947(E) - (14/08/2019) - MCA notifies certain Sections of the Companies (Amendment) Act, 2019 The Companies (Amendment) Act, 2019 contains: 1. All provisions introduced by The Companies (Amendment) Ordinance, 2018. (Dated 02.11.2018) 2. All provisions introduced by The Companies (Amendment) Ordinance, 2019. (Dated: 12.01.20...
Read MoreThe last 4-5 years have not been the best period for the real estate industry in India. Many real estate companies have become bankrupt and many still continue to be under gre...
Read MoreTax Planning Measures for Government Employees for the Assessment Year 2020-2021 (Financial Year 2019-2020). 1. If your Gross Total Income is less than 5 lakhs, no special tax...
Read MoreGeneral Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction an...
Read MoreCBDT has inserted section 80IBA by Finance Act, 2016.The provisions of this sections are designed in such way that, it will help to achieve a goal of Housing for All by 31 Mar...
Read MoreSection 80EEA Deduction for additional Interest of Rs.1.50 Lakh on Loan on Affordable House Property (not on Commercial). New section 80EEA is inserted by Budget 2019-20 prese...
Read MoreRavi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases where handicapped persons may need the payment o...
Read MoreMost Indians see tax evasion as a mark of smartness. If the government allows you a tax break, you are free to take it. If there is a legal way you can save some of your hard-...
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 MoreDepreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...
Read MoreIncome Tax Rate Chart for Financial Year 2019-2020 i.e. Assessment Year 2020-21 for individuals and companies, covering the proposed Finance Bill 2019 amendments, are tabulate...
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 ...
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