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Archive: 24 June 2019

Posts in 24 June 2019

E-Invoicing Under GST- GST Council Gives In Principal Approval

June 24, 2019 14694 Views 2 comments Print

Hello friends, greetings for the day 35th GST Council Meeting was held on 21 June 2019 at New Delhi, after a long gap of more than three months. This was the first council meeting chaired by the re-elected government and India’s second woman Union Finance Minister, Mrs. Nirmala Sitharaman. This GST Council meeting was held […]

CBDT expands Terms of Reference for drafting new Direct Tax Law

June 24, 2019 1125 Views 0 comment Print

CBDT expands Terms of Reference for drafting new Direct Tax Law to include (i) The Faceless and anonymised verification/ scrutiny/ assessment (ii) The mechanism for system based cross verification of the financial transactions (iii) Reduction in litigation and expeditious disposal of appeals before the CIT (Appeals), ITAT, High Courts and Supreme Court (iv) Reduction of […]

Section 263 Revision invalid when assessment order merged with CIT(A)’s order

June 24, 2019 3678 Views 0 comment Print

Revision under section 263 was invalid in case order of assessment merged with the order of Appellate CIT in its entirety as CIT did not have jurisdiction to revise such order of assessment in view of clause (c) of Expln. 1 to sub-section (1) of section 263.

Prior period expenditure was allowed to be set off against prior period income

June 24, 2019 111003 Views 2 comments Print

Once the prior period income was held to be taxable, the prior period expenditure also should be allowed to be set off and assessee was not obliged in law to indicate any direct or indirect nexus between the prior period income and prior period expenditure.

Selecting Your Income Tax Return for AY 2019-20 / FY 2018-19

June 24, 2019 24771 Views 2 comments Print

Understand the basics of Income Tax Returns and their significance. Learn about the five heads of income and how they affect your tax liability.

Form 16C : TDS certificate for rent of property

June 24, 2019 16860 Views 3 comments Print

With a view to widen the scope of TDS applicability on payment of rent, in spite of already existing section 194-I, vide Finance Act, 2017, new section 194-IB had been inserted. Newly inserted section 194-IB of the Income Tax Act, 1961 was made effective from 1st June, 2017. The deductor, who is liable to deduct TDS […]

Mistakes not to be done in ITR forms- avoid getting notice from tax authorities

June 24, 2019 8829 Views 1 comment Print

Avoid common mistakes in ITR forms to prevent notice from tax authorities. Learn how to file your income tax return correctly and avoid penalties.

GSTR 3B is not a return under Section 39 of CGST Act 2017: Gujarat HC

June 24, 2019 48054 Views 1 comment Print

AAP And Co. Vs Union of India (Gujarat High Court) The writ-application has been filed seeking quashing and setting aside of the press release dated 18th October 2018 to the extent that its para 3 purports to clarify that the last date for availing the input tax credit relating to the invoices issued during the […]

Disability pension exempt for armed forces personnel of all ranks-CBDT

June 24, 2019 74409 Views 11 comments Print

Exemption of service element and disability element of disability  pension granted to disabled personnel of armed forces who have been invalided on account of disability attributable to or aggravated by such service. Circular No. 13/2019-Income Tax F. No. 173/250/2019-ITA-1 Government of India Ministry of Finance Department  of  Revenue Central Board of Direct Taxes North Block, […]

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