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Archive: 10 May 2019

Posts in 10 May 2019

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

May 10, 2019 119328 Views 11 comments Print

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 […]

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

May 10, 2019 152325 Views 42 comments Print

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 […]

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

May 10, 2019 21462 Views 0 comment Print

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) […]

All About Composition Scheme under GST (Section 10)

May 10, 2019 32202 Views 8 comments Print

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 […]

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

May 10, 2019 77214 Views 0 comment Print

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 […]

Penalties under Various Sections of Income Tax Act, 1961

May 10, 2019 6594 Views 0 comment Print

Understanding the penalties under the Income Tax Act, 1961. Learn about the consequences of non-compliance and the monetary punishments imposed.

MCA doubles STK-2 fees !!

May 10, 2019 26529 Views 1 comment Print

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.

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

May 10, 2019 5364 Views 0 comment Print

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 […]

No Penalty for Loan in cash for sisters marriage which was repaid through RTGS

May 10, 2019 2427 Views 0 comment Print

: Where there existed reasonable cause for the assessee in accepting the loans in cash and particularly as the loans were repaid by way of RTGS, i.e., via banking channels, penalty levied by AO under section 271D was deleted.

Due Date of Filling of Returns Under GST

May 10, 2019 22260 Views 1 comment Print

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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May 2019