"11 August 2019" Archive

GST Interest & Penalty- Recommendation in GSTR 9C & Final Accounts

INTEREST/PENALTY PROVISIONS IN GST LIABILITY ON ACCOUNT OF LATE PAYMENTS – F.Y. 2017-18 & 2018-19 (ALREADY GST STATE WISE DEPARTMENTS HAVE STARTED TO DEMAND INTEREST @18% ON LATE PAYMENT OF GST) $$ IGNORED BY SUPPLIERS/CAs/ICWAs AT THE TIME OF ACCOUNTING: In Final Accounts – 2017-18 Liability in Books In Final Accounts – 2018-19...

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Income Tax Updates for July 2019

NEWS – DIRECT TAX 1. Income Tax Department detects foreign assets in recent search. 2. NR earning income from investment fund set up in IFSC is exempt from filing of ITR. 3. CBDT extends due date for filing of ITR from 31-07-2019 to 31-08-2019. 4. Income earned by NR from off-shore investments routed through Category […]...

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Filing Process of GST Audit Report (GSTR-9C)

Due date for filing reconciliation statement and audit certification under Form GSTR-9C is approaching fast and with several reminders of GST department about filing of same, it seems there are numerous problems faced by the Chartered Accountant in generating json file of GSTR 9C. I have tried to address the issues based only on my [&hell...

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GSTR-2A Reconciliation Excel Format

Many GST Taxpayers Struggling (While Filing GST Annual Return -GSTR 9) to GST Inputs Reconciliation GSTR 2A. Here Introduce GSTR 2A Reconciliation Excel format for Simplifying the Reconciliation of GSTR2 A Data(Online Generated) with Your GST input Data. Just Copy & pasting Data’s From GSTR 2A (Online Imported data) and Your GST...

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Whistle Blower Policy and Insurance Companies

WHISTLE BLOWER POLICY IN INSURANCE COMPANIES A Whistle Blower is a person who exposes any kind of unethical activity, item or information that is deemed to be illegal, unconstitutional or not correct in an organisation. A business organisation is established for profit through business transactions. The business should be carried out acco...

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Conversion from Public to Private company

1. Hold the Board meeting as per section 173 and Secretarial standard-1 -To take the approval of Directors for the conversion of public Company into Private by altering Articles of Company Subject to approval of Central Government (RD) -To get approval of member to alter the Articles of Company -To fix the date and time […]...

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Homebuyers’ Rights as Financial Creditors under IBC upheld by SC

Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court)

Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court) Homebuyers’ Rights as Financial Creditors under IBC upheld by Supreme Court A Major Win for Homebuyers! The August 9 verdict of the Supreme Court, validating the amendment in the Insolvency and Bankruptcy Code (IBC), conferring the righ...

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Tax, Tax Levy and Liability of payment of Tax in GST

The essence of taxation is compulsion. Where tax is leviable, person made liable for payment of tax falls under obligation of payment of tax and where such person fails in making payment of tax, law is enforced against him for collection of tax. Where any tax is leviable under any law, person made liable for […]...

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Power of Attorney Transactions are not Benami Transactions

Supreme Court held that as under on the validity of a SA (Sale Agreement)/GPA (General Power of Attorney)/WILL transactions as under; SA/GPA/WILL transaction does not convey any title nor create any interest in an immovable property. The Immovable Property can be legally and lawfully transferred/conveyed only by registered deed of con...

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Section 194N – Whether emulates the Spirit of TDS Provision?

Now A VALID DEBATE can be started whether it can be said that cash withdrawal from bank account by the account holder bears any income element of the recipient so that a valid TDS Provision can be brought in statute?...

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