"10 May 2019" Archive

Reversal of Input Tax Credit (GSTR 9 – Annual Return)

Reversals explained in Detail are as Follows- -Rule 37 – 180 Days Non Payment -Rule 39 – Credit note issued to ISD -Rule 42 – Inputs used for Exempted Supplies/Personal Use -Rule 43 – Capital Goods used for Exempted Supplies/Personal Use -Others 1. Rule 37(2)– 180 days Non Payment As a dealer, you would have […]...

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e-tutorial on filing of Revised Form 24Q (Annexure-II)

As per CBDTs Notification 36/2019, dated 12th Apr 2019 the format of TDS statement in Form No. 24Q, Annexure – II has been revised. The notification shall come into force w.e.f. 12th May 2019. The revised Form 24Q, Annexure – II has brought certain changes with regard to the reporting of transactions while filing the […...

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Compulsory Withdrawal from GST Composition Levy: FAQs

1. What is meant by Compulsory Withdrawal from GST Composition Levy? A taxpayer can opt out of Composition levy in any of the two ways: 1. Voluntarily opt out of Composition levy by filing Form GST CMP-02 on the GST Portal or 2. Compulsorily removed out of Composition levy by the Tax Official at any […]...

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GST on Real Estate- Exercise of Option- Date extended to 20.05.2019 (Read Notification)

Notification No. 10/2019-Central Tax (Rate) [G.S.R. 354(E).] (10/05/2019)

The date for exercising the option for residential real estate project to either stay at old GST rate (8% or 12% with ITC) or to avail new GST rate (1% or 5% without ITC) is being extended to 20.05.2019 from 10.05.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 10/2019-Central Tax (Rate) […]...

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All About Composition Scheme under GST (Section 10)

CA Dilip Kumar Bothra 1. What is composition levy under GST? Ans. The  composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 1.5 Crore (s. 75 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce […]...

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Cost Records & Audit under Companies Act, 2013 & Rules thereto

This Article is an effort to explain the provisions related to provisions of Cost Records & Audit under Companies Act, 2013 and Rules thereto. 1. DEFINITIONS a) Cost Accountant means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid […]...

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Penalties under Various Sections of Income Tax Act, 1961

The punishment given in monetary terms for non-compliance to the Income Tax Act is called a Penalty. Following are the penalties under various sections: Section Description Penalty Imposed 140A(3) Default in payment of self-assessment tax, interest and fees or both Amount decided by the respective assessing officer restricted to arrears i...

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MCA doubles STK-2 fees !!

Application fess has for STK-2 has been increased to Rs. 10,000 from Rs. 5,000 w.e.f. 10/05/2019. Application for removal of name by company in form STK-2 shall be made only after filling of form AOC-4 and MGT-7 till the end of FY in which Company ceased to carry its business operations....

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Bank fixed deposits versus NCDs (Non-convertible Debentures)?

Here are 10 things to consider before investing in them In a rising interest rate environment, fixed income investors are spoilt for choice. The benchmark yield on 10-year government securities is on a roll. Government security rates have crossed the 8 percent mark, was at 8.18 percent on September 11, 2018 raising prospects of higher [&h...

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Due Date of Filling of Returns Under GST

A person is registered or is liable to be registered under the law would be a taxable person in GST. A person would be liable to be registered under the law under two categories: a) Person liable to be registered mandatorily. b) Person liable to be registered provided aggregate turnover of supply of goods or services […]...

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