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Archive: August, 2018

Posts in August, 2018

ASK centres to not to accept ITRs for A.Y. prior to AY 2018-19 without verifying copy of notice

August 14, 2018 12564 Views 2 comments Print

ASK centres under your charge not to accept ITRs for A.Y. prior to AY 2018-19 without verifying copy of notice / order u/s 119(2)(b), 139(9), 142(1), 148, 153A & 153C and applicability of Rule 12 of IT Rules.

Is receipt equal to an invoice under GST Regime?

August 14, 2018 15159 Views 2 comments Print

What does the Law say on Invoice/Receipt Voucher? Government have specifically issued CGST Rules, notifications and concerned laws while issuing an invoice. Few of the general core areas are mentioned below.

Rajasthan VAT- Due date for filing VAT Return of Q1 of 2018-19 extended

August 14, 2018 7863 Views 0 comment Print

The Rajasthan Govt has Extended the due date of Filing of Quarterly VAT Return for Q1 of 2018-19 to 15th September 2018 vide Notification dated-August 14, 2018

Independence of Income tax audit report in Question due to GST?

August 13, 2018 5526 Views 0 comment Print

Arjuna (Fictional Character): Krishna, On 15th August India’s Independence Day is celebrated enthusiastically. Nowadays its very difficult to maintain one’s own independence from slavery of another person. The introduction of new Income Tax Audit Report on August 20 for the financial year 2017-18 would require to give details of GST alongwith Income Tax. Due to […]

GHOST EMPLOYEES – Forensic into payroll

August 13, 2018 17226 Views 1 comment Print

Now a day’s accounting frauds are on rise to be reported related to Payroll in which a FRAUDSTER manages to create some employees master file which actually do not exists and manage to take away their all benefits by way of FRAUD.

GST: Mechanism to deal with High-pitched / Un-reasonable demands

August 13, 2018 1212 Views 0 comment Print

In continuation of the measures of this department relating to the grievances of tax payers, the department desires to create a mechanism to deal with high pitched/ un-reasonable demands. There will four Nodal Committees in the State as follows to receive grievances of the tax payers.

Safeguard duty on Solar cells whether or not assembled in modules or panels

August 13, 2018 1650 Views 0 comment Print

Vide notification No. 1/2018-Customs (SG), dated the 30th July, 2018, safeguard duty has been imposed on Solar cells whether or not assembled in modules or panels falling under sub­heading 8541 or tariff item 8541 40 11 of the Customs Tariff Act, 1975 at specified rates for a period of two years.

SEBI HLC Report on Settlement Mechanism

August 13, 2018 1227 Views 0 comment Print

SEBI seeks public comments on the ‘Report on the Settlement Mechanism’ submitted by the High Level Committee (HLC) under the Chairmanship of Justice A. R. Dave (retd.)

Deduction U/s. 54 cannot be denied proportionately merely for Joint Ownership

August 13, 2018 9318 Views 0 comment Print

Shri Chitrang M. Dave Vs DCIT (ITAT Ahmedabad) The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the benefit of capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be denied to a joint owner who made the total investment in the purchase of the […]

Should you use a credit card or a Flexi Loan for your CA firm

August 13, 2018 19776 Views 0 comment Print

When it comes to raising unsecured finance for your chartered accountancy firm, a credit card and a Flexi Loan both appear to be viable options, as they are easy to access and provide you the funds that you need. However, it is worth spending a few extra minutes deciding which option suits your needs more closely and is more beneficial too.

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