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Archive: 28 October 2018

Posts in 28 October 2018

AO cannot ask for even 20% of Disputed Tax till disposal of appeal by CIT-A

October 28, 2018 18300 Views 0 comment Print

Bhupendra Murji Shah Vs. DCIT (Bombay High Court) We are not concerned here with the Circular of the Central Board of Direct Taxes. We are not concerned here also with the power conferred in the Assessing Officer of collection and recovery by coercive means. All that we are worried about is the understanding of this […]

POWERS OF NFRA: 5 Key Points

October 28, 2018 3489 Views 1 comment Print

Till now ICAI used to make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards but, from now onwards ICAI will act as advisory to NFRA and NFRA will recommend to the Government.

All About E-WAY Bill

October 28, 2018 65904 Views 10 comments Print

Article explains Objective of E-Way Bill under GST, why E – Way Bill Mandatory, Computation of Value of consignment for e-way bill, E Way Bill in case of Inter and Intra State Movement, Who can made E Way Bill , Types Of E Way Bill, Cancellation of E Way Bill, Validity of E Way Bill, Acceptance and Rejection of E Way Bill, Exemption in case of E Way Bill, Concept Of Consolidated E Way Bill and E Way Bill in case of use of Multiple Vehicle.

How do I prepare for May 2019 CA Final / IPCC exams?

October 28, 2018 7584 Views 0 comment Print

This is a general question of almost all the students who are going to appear in May 2019 for their CA Final attempt. Whether you are giving your 1st attempt or any ‘n’ number of attempts, I assure, reading this article, will make you immensely satisfied and wake you up!

Govt extends rectification facility for Shipping Bills to correct IGST refunds

October 28, 2018 3852 Views 0 comment Print

Central Board of Indirect taxes and Customs (CBIC) has recently introduced several provisions and alternative procedures through which various errors due to the anomalies or mismatch between the Shipping Bill and the data recorded while GST return filing procedure with respect to the FORM GSTR-1 can be rectified in the system.

Choose the Right Option

October 28, 2018 1593 Views 0 comment Print

Choose the right OPTION   Everyone knows that India, currently, is one of the finest markets to invest into. The major reasons being the current as well as forecasted economic developments, high returns on investment, increasing consumption pattern, growth prospects, political scenario and outlook, budget deficit and proposed infrastructural plans / projects. The long-term journey of […]

Circular on Procedure of GST return of time expired drugs or medicines: Analysis

October 28, 2018 14037 Views 3 comments Print

Analysis of Circular 72/2018 dated 26-10-2018 on Procedure in respect of return of time expired drugs or medicines The Circular puts forth following options and persuant actions: Options Value Return by Normal Registered Person Return by Composition Dealer Return by unregistered Person Amount to be reversed by Manufacturer Return to be treated as Fresh Supply […]

Applicability of IND AS on NBFC

October 28, 2018 17469 Views 3 comments Print

It may be recalled that the Ministry of Corporate affairs (MCA) vide notification dated March 30, 2016, has notified that NBFCs having net worth of Rs. 500 crores or more shall be required to prepare Ind AS compliant financial statements for accounting periods beginning on or after April 1, 2018, with comparatives and NBFCs having net worth of Rs. 250 crores or more shall be required to prepare Ind AS compliant financial statements for accounting periods beginning on or after April 1, 2019,

Assessment reopened merely based on details already on record is invalid

October 28, 2018 1482 Views 0 comment Print

There was no new tangible material evidence brought on record by AO. Assessment was reopened only on the basis of details available on record and wrongly interpreted by AO.

Applicability Of GST Audit – FAQS

October 28, 2018 21141 Views 6 comments Print

Article discusses Turnover for GST Audit if a Dealer in Registered in more than one State, Inclusion of Turnover of April to June 2017 for Calculation of Turnover Limit for GST Audit and Applicability of GST Audit of Audit is been carried out under other statutes like Companies Act, Income-tax Act, Co-operative Societies Act, etc.

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