Future and Options (F&O) Trading is a popular activity amongst taxpayers due to availability of multiple online trading platforms. The Income Tax provisions on F&O trading need to be analysed carefully. Meaning of F&O Trading F&O Trading comprises of trading in futures and options. They are classified under Derivatives. Derivatives are securities whose value is […]
An attempt to put some light on the proposed GST System, And Integrated In-Built Matching has been made as under :- Matching tool will be provided to match Inward Supplies & ITC Thereon. Note : Matching tool can be used by the recipient to match the auto-drafted details of GST ANX-2 with their own purchase register. […]
GST rates for garments and made up articles is 5% of sale value not exceeding Rs. 1000 per piece and 12% for articles of sale value exceeding Rs. 1000 per piece. The GST rates are lesser than the pre-GST incidence of taxes on these goods. To reduce the cost of garment industry, GST rate on […]
Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of the Income-tax Act, 1961 read with section 195 of the IDS -reg. F.No.225/ 282/ 2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA. II) North Block, New Delhi, the 12th […]
Exposure drafts of ASLB 21, ‘Impairment of Non-Cash Generating Assets’, ASLB 26, ‘Impairment of Cash Generating Assets’ and ASLB 32, ‘Service Concession Arrangements: Grantor’ – (12-07-2019) The Institute of Chartered Accountants of India (ICAI), as a partner in nation building, has been taking various steps to improve the Government Accounting and Public Financial Management in […]
Form GST ADT – 02 [See rule 101(5)] Reference No.: Date: To, ————————– GSTIN ……………………………….. Name …………………………………… Address …………………………………. Audit Report No. ……….. dated …….. Audit Report under section 65(6) Your books of account and records for the F.Y……………… has been examined and this Audit Report is prepared on the basis of information available / […]
Indirect Tax Budget (GST) -2019 1. Provision of Inter Transfer of fund of Electronic Cash ledger from one head to another: Financial Bill proposes to allow a taxpayer to transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger to integrated tax, central tax, state tax, union […]
Conditions for Compulsory filing of Income-Tax Return: Budget 2019 It is a common understanding that an obligation file the return of income under the income-tax Act arises only if the income exceeds the maximum amount not chargeable to tax or when a person desires a loss sustained by him to be carried forward in future. […]
The Union Budget for 2019-20 was placed before Parliament on 05.07.2019. Some of the significant proposals related to Income Tax Act, 1961 are as under:
Union Budget for the year 2019-20, as laid in the Parliament on 5th July, 2019 is the first Budget of the new Union Government and so for the Union Finance Minister, a woman. While the Budget promises a host of plans, welfare schemes and developmental activities, here is a snap shot of the of the major offerings in terms of direct and indirect taxation in the backdrop of economic slowdown.
