"25 June 2019" Archive

CBIC reveals GST Audit Plan / Strategy for the year 2019-20

F. No. 381/49/2019 (25/06/2019)

The audit of GST Taxpayers were to commence from 1st July 2019, in respect of those taxpayers who have filed their Annual Return in GSTR Form 9 / 9A. However, in the recent GST Council Meeting held on 21/06/2019, the last date of filing of the Annual Return has been extended by two months, i.e. upto 31st August 2019....

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Illustrative Auditor’s Certificate on Return of Deposits (DPT 3)

Illustrative Auditor's Certificate on Return of Deposits as at [state the year end] pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014, as amended...

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Clarification on Auditor’s Certificate on Return of Deposits (DPT-3)

The Auditor’s Certificate is mandatory only in case of return of deposits. For filing particulars of transactions not considered as deposits information contained therein as on 31st March of that year need not be from the duly audited Financial Statement....

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Pre-Budget Tax proposals in response to Union Budget, 2019

Advocate Sameer Bhatia Introduction The Union Budget, 2019 catering to both direct and indirect tax avenues will be tabled before the Parliament by the Hon’ble Finance Minister Smt.Nirmala Sitharaman as on 05th July, 2019. Since, with the passage of time, the parent legislation under the direct taxes i.e. the Income Tax Act has acquired...

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Prime Minister Employment Generation Programme (PMEGP)

Government of India has approved the introduction of a new credit linked subsidy programme called Prime Minister’s Employment Generation Programme (PMEGP) by merging the two schemes that were in operation till 31.03.2008, namely Prime Minister’s Rojgar Yojana (PMRY) and Rural Employment Generation Programme (REGP) for generati...

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Major Recent GST Changes till 24th June 2019

35th meeting of the GST council took place on 21st June, 2019, first one for current Union Finance Minister, Mrs. Nirmala Sitaraman and under the new Government’s tenure....

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Tax cannot be levied on Loan Waived under one time settlement

Sh. Jai Pal Gaba Vs ITO (ITAT Chandigarh)

Sh. Jai Pal Gaba Vs ITO (ITAT Chandigarh) The very language of the section 28(iv) speaks about the value of any benefit or perquisite arising from business or exercise of a profession. Now considering the facts and circumstances of the case, though, the loan was taken for the purpose of business but the same was […]...

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E-filing of Income Tax and details of CPC 2.0 Project

CPC 2.0 Project envisages pre-filling of ITRs by the Income-tax Department and its acceptance by the taxpayer so as to improve accuracy of information contained in the Return and drastically reduce the existing turnaround time taken in processing of Returns and issuance of refunds....

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Reopening U/s. 148 without approval of designated authority is void ab initio

DCIT Vs Bhaijee Portfolio Pvt. Ltd. (ITAT Delhi)

DCIT Vs Bhaijee Portfolio Pvt. Ltd. (ITAT Delhi) In this From the records, it can be clearly seen that the notice has been issued prior to the approval. Thus, reopening u/s 148 is without the approval of the designated authority and as such reassessment itself is bad and without any jurisdiction. The mandatory conditions of […]...

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No addition in Assessment U/s. 153A if No incriminating material found

DCIT Vs M/s Chandigarh Developers Pvt. Ltd. (ITAT Chandigarh)

As assessment for impugned assessment year was not pending on the date of search, therefore, no addition could to be made in assessment framed under section 153A in the absence of any incriminating material found during search....

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