"October, 2018" Archive - Page 11

Diwali Clean Up of P.Y Sales Invoices in GST before 31st October !

September month’s GSTR-1 would be the last chance to amend the invoices relating to period July 2017 to March 2018. After filing this return taxpayers would not be able to amend any details of invoices like date, invoice number, GSTIN, rate of tax, invoice value, taxable value etc....

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India’s Ambitious Ayushman Bharat Health Insurance

In the 2018 Union budget, Finance Minister Arun Jaitley announced an ambitious plan to provide free health insurance to 11 crore poor families. This scheme is also being termed as the world’s biggest public-funded health insurance plan. The announcement raised a few questions with respect to its implementation. In the current budget Ind...

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Issues and their Solution for working smoothly on ITBA

F.No ADG(S)-3/ITBA/Assessment module/2018-19/ (29/10/2018)

ITBA doesn't allow generating 143(2) notice in the cases of 148 reopening before 1 month of filling of return. Even though the return is filled by the assessee and objections are rebutted within 15 day, AO cannot issue 143(2)...

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Insolvency Code – Crime & Punishment

The storm that it has created in the past few quarters did make things a bit hazy. Most of the discussion so far has been focused on the threshold level dynamics, regarding admission, on whether a particular Corporate Insolvency Resolution Petition (CIRP) should be admitted in or not. The requirements are very different from its predecess...

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Govt allows appearance via video-conference in CA Misconduct cases

Notification No. G.S.R. 1072(E) (29/10/2018)

These rules may be called the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Second Amendment Rules, 2018. For the purpose of this rule, the appearance also includes the appearances through video–conference, modalities for which may be as formulated by the Institute from tim...

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Reverse Charge on Services under GST

In the current article we will discuss about services On Which Goods and Service Tax (GST) Is Payable Under reverse charge Mechanism (RCM) in different scenarios. As per notifications given by government as on date there are various notified services on which GST has to be paid on reverse charge basis. SERVICES ON WHICH GST […]...

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Compulsory Registration under GST

As per the section 24 of CGST Act 2017 there are certain cases when GST registration is required to be taken by the supplier of goods or services or both. In this section supplier has to get itself registered irrespective of the fact that it has aggregate turnover of 20 lakhs (10 lakhs in case […]...

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

Bhupendra Murji Shah Vs. DCIT (Bombay High Court)

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 […]...

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POWERS OF NFRA: 5 Key Points

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....

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All About E-WAY Bill

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...

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