"23 September 2019" Archive

Extend due date for filing tax audit reports and related ITR: ICAI

Representation to CBDT requesting for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2019 to 30th November, 2019 Section 44AB of the Income-tax Act, 1961 requires the assessee to get his accounts audited by an accountant before the specified date and furnish the same by that date, which [&he...

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Posted Under: Income Tax | ,

Deduction under section 80E of Income Tax Act

Education plays an essential role in the overall development of any country. In order to promote education, interest paid on an educational loan is allowed as a deduction under section 80E of the Income Tax Act. Provisions of section 80E are explained in the present article, along with the Frequently Asked Question. Deduction under sect...

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Posted Under: Income Tax |

CBDT notifies Income-tax Authorities to facilitates conduct of e-assessment

Notification No. 72/2019 [S.O. 3435(E).] (23/09/2019)

Notification No. 72/2019- CBDT notified the Income-tax Authorities which shall exercise and perform, concurrently, the powers and functions of Assessing Officer, to facilitate the conduct of E-assessment proceeding in a centralised manner in respect of returns furnished under Section 139 or in response to notice under sub-section (1) of S...

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A Renaissance for tax regime | Taxation Laws (Amendment) Ordinance 2019

The Government passed Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. Below are a few impact areas that the companies and investors will need to revaluate:...

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Posted Under: Income Tax |

Why honest Assessee’s are penalised in GST Regime

Its 2 years for GST Law implementation but still facing issues with respect to changes in law through notifications/circulars along with the portal issues. As it is a new law, everyone understands the initial hiccups and appreciate the Government efforts to structure the system but in the process are good Assessee’s being penalised. It ...

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Posted Under: Income Tax |

ICSI Unique Document Identification Number (UDIN) Guidelines

ICSI Unique Document Identification Number (UDIN) Guidelines. (as approved by the Council in its 261st (Special) Meeting held on 27th June, 2019 at New Delhi and further amended by the Council in its 263rd Meeting held on 23rd September, 2019 at New Delhi) In exercise of the powers conferred by clause (1) of Part II […]...

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Posted Under: Income Tax |

Changes in GST for Hotel Industry- 37th GST Council meeting

Decisions taken at 37th GST Council meet at Goa on 20.09.2019 (with specific reference to Hotel) GST Council in the 37th meeting held on 20th September, 2019 (Friday) at Goa inter-alia, decided to lower GST rates on hotel tariff, outdoor catering and other miscellaneous items. (A) GST Rates on hotel room tariffs A comparative analysis o...

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Posted Under: Income Tax |

Input Tax Credit (ITC) under GST Law

A. Background of ITC. Input Tax Credit (ITC) or Purchase Tax is one of the most important aspects in any value added tax structure. This ensures that tax is paid on value addition only, at each stage from production to final consumer. Following are the two major advantages of ITC:- 1. Less tax burden on […]...

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Posted Under: Income Tax |

Extend due date for filing of Tax Audit Report and ITR: CTBA

CTBA has requested for Extension of due date for filing of Tax Audit Report and Income Tax Returns of specified assessees to 30/11/2019...

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Posted Under: Income Tax |

Request for extension of due date for filling ITR & Tax Audit Reports

Sales Tax Bar Association requested to provide an  extension upto November 15, 2019 for filing of income tax returns and tax audit reports by the assesses for whom the due date otherwise is September 30, 2019. Request is been made to Hon’ble Smt. Nirmala Sirtharaman, Union Finance Minister, Government of India. SALES TAX BAR ASSOCI...

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Posted Under: Income Tax |