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Archive: 01 May 2019

Posts in 01 May 2019

Services Accounting Code (SAC) Under GST

May 1, 2019 496110 Views 14 comments Print

Introduction Under GST regime the classification of goods and services have been done depending upon the various groups formed broadly covered as HSN code and SAC code 1. What is SAC? Service Accounting Code is similar to the International HSN codes adopted by other countries across world. Similarly in GST the applicability of Service Accounting […]

The Importance of Form 16 and Form 26AS in Tax Filing

May 1, 2019 7611 Views 1 comment Print

With the Income Tax return (ITR) filing season approaching, the importance of getting key documents in order for filing taxes cannot be overstressed. While depending upon your unique requirement, the list of tax-related documents you need might vary, in the following sections we will discuss two key documents – Form 16 and Form 26AS that […]

Quick Guide to Understanding Life Insurance Types

May 1, 2019 1410 Views 0 comment Print

A comprehensive guide to understanding different types of life insurance plans and their purpose. Make an informed decision to protect your loved ones.

5 Things to Consider when Taking a Home Loan

May 1, 2019 1503 Views 0 comment Print

With the rising property prices, a major segment of the middle-class homebuyers have to resort to home loans for buying a house. Since banking operations have gone online nowadays, it would not be difficult to apply for a home loan. However, despite the easy availability of tools like EMI calculator, eligibility calculator and document checklists, […]

Eligible ITC Calculation For Real Estate Projects – Detailed Analysis

May 1, 2019 27036 Views 3 comments Print

Indirect taxation and the Real Estate Sector have an unusual bond right from the earlier days when the tax on the said sector was imposed for the first time. The bond is unusual due to the fact that it involves the supply of goods, services as well as immovable property.

Update on Annual Return Form GSTR-9A / GSTR-9C as on 30/04/2019

May 1, 2019 5430 Views 1 comment Print

Recently, offline utility for preparing Annual Return Form GSTR 9A and Form GSTR 9C, were deployed at GST Portal. The Excel based offline tools are designed to help taxpayers to prepare GSTR 9A return & GSTR 9C return offline, without the use of internet. The tool also contain the instructions for entering data against each table.

Consequences of not adhering to recent changes in E-Way Bill norms

May 1, 2019 17574 Views 3 comments Print

E Way Bill System with the Forthcoming changes in E-Way bill system dated 25-03-2019 & 23-04-2019 and consequences of not adhering to E-Way Bill norms The e Way Bill has been introduced as an anti-tax evasive mechanism that will help the government to plug in the leakage in revenue. It has substituted the Way Bill […]

CBIC postpones implementation of increased duty on specified imports from USA

May 1, 2019 825 Views 0 comment Print

Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 2nd May, 2019 to 16th May, 2019. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1st May, 2019 No. 14/2019-Customs G.S.R. 344(E).—In exercise of the powers conferred by […]

IEPF Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2019

May 1, 2019 1842 Views 0 comment Print

Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2019 shall come into force on the date of their publication in the Official Gazette.

ICAI President’s Message – May 2019

May 1, 2019 699 Views 0 comment Print

The Institute of Chartered Accountants of India My dear Professional Colleagues, It is a well-established fact that since inception small and medium-sized practices (SMPs) have been playing a critical role in the growth of accountancy profession across the globe and comprise vast majority of the global professional fraternity. Globally, ICAI has always represented the concerns […]

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