ser Archive - 13 June 2019

"13 June 2019" Archive

2 years of GST: Scams that challenged its robust framework

Goods and Service Tax – GST was introduced on 1st July, 2017 with an aim to overcome all the loopholes of the earlier indirect tax regime and more importantly to increase the transparency in the system. GST is just going to complete its two years and inspite of it being a new law, with more […]...

Read More

Form 15H -For Non deduction of TDS on Interest for senior citizen

Form 15H is a self declaration which can be submitted by the eligible person for non-deduction of TDS on the specified income. Under the present article we would try to understand the applicable provisions, along with the frequently asked questions, attached with form 15H. Eligibility criteria – The taxpayer who is willing to file a [&h...

Read More

Form 15G -For Non deduction of TDS on Interest for Individuals & HUF

Form 15G is a self-declaration form which can be filed by the eligible persons for applying for non-deduction of tax in case the total income of the eligible person doesn’t exceed the exemption limit of the respective financial year....

Read More

Recent Updates In GST till 12.06.2019

nput tax credit on inward supplies received in 2017-2018 but availed in April, 2018 to March, 2019shall be declared in Table 8C of FORM GSTR-9. > Transactions relating to financial year 2017-18 but declared in returns from  April, 2018 to March, 2019 shall be declared in Part V of FORM GSTR-9....

Read More

Government Reduces Rate of ESI Contribution from 6.5% to 4%

G.S.R. 423(E) (13/06/2019)

The Government of India has taken a historic decision to reduce the rate of contribution under the ESI Act from 6.5% to 4%(employers’ contribution being reduced from 4.75% to 3.25% and employees’ contribution being reduced from 1.75% to 0.75%). Reduced rates will be effective from 01.07.2019.This would benefit 3.6 crore employees and ...

Read More

Ratification of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved theratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)...

Read More

Cabinet approves Special Economic Zones (Amendment) Bill, 2019 

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved to introduce a Bill, namely, the Special Economic Zones (Amendment) Bill, 2019 that is the Bill to replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019).  The Bill will be introduced in ensuing session of the Parliament....

Read More

Aadhaar cannot be made compulsory unless provided by law

Making Aadhaar people friendly  No individual to be compelled to provide proof of Aadhaar number unless provided by law Aadhaar number on voluntary basis to be accepted as KYC document Cabinet approves The Aadhaar and Other Laws (Amendment) Bill, 2019  In a major move aimed at making Aadhaar making people friendly, the Union Cabinet, ch...

Read More

SC judgement holding allowances as part of basic wages- contradictory?

Is the recent SC judgement holding allowances as part of basic wages for the purpose of determination of PF contribution, in contradiction with the stand of the Law makers and implementeors? In its recent judgement in the case of RPFC vs. Vivekananda Vidyamandir and others & Surya Roshni Ltd & Ors. vs. The State of […]...

Read More

Benefit to Buyers Under RERA

The new legislation Real Estate (Regulation and Development) Act, 2016 (known as RERA) was enacted with the aim of protecting the interest of the Real Estate sector and specially the buyers. Before this law was enacted real estate buyers were exploited by builder mafia in many ways like (a) property was never handed over to […]...

Read More