"25 August 2019" Archive

Extend due date for filing GSTR-9 and GSTR-9C to December

Extend the due date for filing the GSTR-9 and GSTR-9C from August to December along with the filing of GTR-9C for the F.Y. 2018-19 so that all the compliances are made and the adjustments made in the following years gets reconciled at the same time....

Sabka Vishwas – Legacy Dispute Resolution Scheme notified ; to be operationalized from 1st September 2019

Sabka Vishwas – Legacy Dispute Resolution Scheme notified ; to be operationalized from 1st September 2019 Government expects Scheme to be availed by large number of taxpayers for closing their pending disputes relating to legacy Service Tax and Central Excise cases. In the Union Budget 2019-20, the Hon’ble Finance Minister announc...

GIFT IFSC- Onshoring the Offshore

Globally, the concept of an International Finance Centre or an IFC has been prevalent for quite some time and the experience in various jurisdictions has been quite encouraging. Various IFCs have been set up worldwide, amongst which the centres located in London, New York, Singapore and Dubai are among the prominent ones. These centres ha...

ICAI to Open Office in Srinagar covering UT of of J&K & Ladakh

The Council of the Institute of Chartered Accountants of India (ICAI) has recently decided to open a Representative Office of the Institute covering the Union Territories of Jammu & Kashmir and Ladakh....

Simplified IND AS 38| Companies (IND AS) Second Amendment Rules 2019

LATEST AND SIMPLE VERSION OF IND AS 38 As Amended by Companies (Indian Accounting Standards) Second Amendment Rules, 2019 The relevant Accounting Standards relating to Intangible Assets are the following:- a. INDAS 38 b. IAS 38 c. AS 26. There is no major difference between INDAS 38 AND IAS 38.So the following details relate to […]...

Substantial Expense on additional construction / renovation for improvement of building taken on lease is Capital in nature

CIT Vs M/s. Viswams (Madras High Court)

In the present case, the Assesses had incurred substantial expenditure towards renovation leading to enduring benefit. They are not merely repairs. The Assessees had also incurred expenditures towards improvement and construction of the building. These cannot be termed as 'repairs'....

Stimulus Package offered by FM – Will it revive the economy?

The Stimulus Package offered by FM – Will it revive the economy? The only positive signal emanating from yesterday’s press conference by Finance Minister was the admission on the part of the Government that the economy is in deep crisis. The chairman of NITI Ayog, himself had to declare that the state of the economy […]...

Need Valuation …. whom should I approach ?

Valuation refers to calculation of value of business/ underlying asset / liabilities of entity. One of key factors which drives valuation process is purpose. The Valuation approach will depend on the purpose for which the valuation is done. E.g. Practically the approach followed for Valuation of Inventory for the purpose of submission of ...

Analysis of Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019

In the Union Budget 2019-20, the Hon’ble Finance Minister announced the 'Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019'. The Scheme has now been notified and will be operationalized from 1st September 2019. The Scheme would continue till 31st December 2019. ...

MAT on depreciation on write back of excess depreciation provided in earlier 10 years & credited to P&L A/c of current year

ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai)

ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in earlier 10 years and credited to profit and loss account of current year. The appellant has contested the action of the Assessing Officer on the ground that the appellant has rightly taken the books […]...

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