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Archive: 23 July 2019

Posts in 23 July 2019

Income Tax Department to celebrate Aaykar Diwas 2019

July 23, 2019 516 Views 0 comment Print

CBDT and all field offices will be observing and celebrating the 159th Income Tax Day i.e. Aaykar Diwas on 24th July, 2019. It was on 24th July, 1860 that Income Tax was introduced for the first time in India by Sir James Wilson to compensate for the losses incurred by the British regime during the first war of independence against British Rule. This is why 24th July is observed as the Income Tax Day.

GST on Ocean Freight under reverse charge mechanism: Legal View

July 23, 2019 78162 Views 1 comment Print

Out of many controversial issues under GST, one of the most discussed issues is applicability of GST ocean freight under reverse charge mechanism (in case of goods imported on CIF basis).  Some of the professional are of the view that pay tax under reverse charge mechanism and take the credit of it.  However, it is […]

10 Important changes in ITR of Financial Year 2018-19

July 23, 2019 22764 Views 8 comments Print

Due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Individuals etc.).

INC 20A Commencement of Business Issue Resolved

July 23, 2019 43932 Views 2 comments Print

COMMENCEMENT OF BUSINESS CERTIFICATE The Ministry of Corporate Affairs has re-introduced the concept of commencement of business certificate. Under the newly introduced The Companies (Amendment) Ordinance 2018, all companies registered in India after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capital is required to obtain commencement of business certificate before commencing any business […]

Companies would now be required to pay unused CSR Expenditures

July 23, 2019 1662 Views 0 comment Print

Companies will ought to deposit their unused funds meant for corporate social responsibility [CSR] activities to a fund established by the govt. for better utilization of resources for public welfare, according to amendments to the companies Act approved by the cabinet on Wednesday. The Companies [Amendment] Bill 2019 cleared by the cabinet will replace an […]

Zed Certification for MSMEs in Export Business (Zero Effect Zero Defect Registration)

July 23, 2019 2475 Views 0 comment Print

Background & Benefits The ZED Certification will focus on MSMEs and small businesses. It will address the quality and ecological needs of domestic and overseas customers, society, employees, partners, regulators, and investors. VISION To enable the advancement of Indian industry to a position of eminence in the global marketplace and leverage India’s emergence as the […]

All about Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

July 23, 2019 18876 Views 1 comment Print

The Finance Minister in her maiden budget introduced Sabka Vishwas (Legacy Dispute Resolution) 2019 (LDRS) in order to curb the pending litigations under the erstwhile Indirect Tax Enactments. The scheme provides relief from tax, penalty, interest, immunity from prosecution, etc., on account of pending disputes.

Monthly Reporting of Digital Payments by MSMEs: Benefits & Required Information

July 23, 2019 3177 Views 0 comment Print

Monthly Reporting of Digital Payments by MSMEs- Benefits and Required Information In order to estimate Digital payment transactions in Micro, Small and Medium Enterprises, you are requested to furnish information about the Digital transactions made by your enterprise. The use of Digital transactions offers incentive in the form of cash back and discounts. Secondly,it’s use […]

GST on Maintenance Charges by Residents to Resident Welfare Housing Society

July 23, 2019 15942 Views 12 comments Print

Clarification on GST on Maintenance Charges paid by Members to Resident Welfare Society vide Circular No 109/28/2019- GST issued by Tax Research Unit dated 22nd July 2019  GST on monthly subscription/contribution charged by a Residential Welfare Association from its members: Even though a clarification was earlier issued by TRU earlier, there were numerous queries on […]

Kerala flood cess rules 2019 with latest amendments.

July 23, 2019 55977 Views 34 comments Print

The Kerala flood cess rules 2019 shall be implemented from 01st August 2019 onwards for two years i.e till July 2021.  As per the aforesaid Rules read with the amendments thereon, the Kerala flood cess (KFC) shall be imposed at the rate of 1% and/or 0.25% on the following local outward supplies (Intrastate outward supplies) made to B2C […]

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July 2019