It appears that the CBDT has envisaged turning the ITR forms into Scrutiny forms. By making the changes in current year ITR forms, the Dept. has increased the scope of disclosure and the scope to uncover the under-reporting or wrong-reporting of income. Key Changes have been discussed as follows:
In last articles of ‘Analysis of Proposed GST Return Applicable from 01st July 2019 Part I’, we discussed about various scenario of New Return. Now further continuing with Analysis process, below are the details of New Article Analysis of GST RET-1 Normal/ Monthly return Summary of outward supplies, inward supplies attracting reverse charge, debit / […]
NEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Section 80CCD: 1- It is applicable to only Individual assessee. 2-It is applicable to Individual assessee employed with Central Government or employed by any other person other than Central […]
As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the Income Tax Act, 1961. […]
Cabinet approves ratification of MLI. What is the significance of ratification of MLI? Government of India through a press release on 12th June, 2019 has brought out the information of ‘Ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting‘. In this article, Author will provide a […]
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 […]
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 […]
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.
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.
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 12.85 lakh employers.
