"07 April 2019" Archive - Page 3

Conudrum of Section 44AD in Line with Section 44AB & 44AA 

When there is annual turnover in previous year exceeds 1 CR you need to be done with Audit as per section 44AB of Income tax Act 1961, Except when you have opted for Section 44AD (When turnover for the previous year up to 2CR) From above lines the provisions looks very clear but the confusion […]...

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Posted Under: Income Tax |

IGST under RCM on Ocean Freight on import of Goods on CIF Basis?

While importing goods in India on CIF (Cost, Insurance & Freight) basis, the supplier / exporter located in the foreign country is liable to engage and bear the cost of transportation of goods, from the respective country up to Indian ports. Hence, for the transportation of the goods, the supplier / exporter avails the services [&hell...

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Posted Under: Income Tax |

Download ITR Forms (PDF) for A.Y. 2019-20 & Applicability

CBDT has vide Notification No. 32/2019-Income Tax Dated 01/04/2019 released Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V. This post provide links to download such ITR and who can file such ITR. Also Read- Rule 12 of Income Tax Rules wef 1st April 2018 […]...

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Posted Under: Income Tax | ,

Late Deposit of employee’s contribution for PF/ESI

As per section 36(1)(va) of the Act, if any sum received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employee’s account in the relevant fund or funds on or before the due date. […]...

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Posted Under: Income Tax |

Refund on Account of Export of Goods (With Payment of Tax)

FAQs on Refund on Account of Export of Goods (With Payment of Tax) 1. Am I eligible to receive the refund of IGST and Cess paid on export of goods if I have filed GSTR-3B? Yes, you are eligible for Refund of Integrated Tax and Cess on account of Export of goods (with payment of […]...

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Posted Under: Income Tax |