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Archive: 02 October 2019

Posts in 02 October 2019

Black money of Rs. 4 crore seized since declaration of Maharashtra Elections

October 2, 2019 1041 Views 0 comment Print

Four crore rupees worth of black money seized since declaration of Maharashtra Assembly Elections: DGIT (Investigation). DG of Income Tax (Investigation) briefs the media on steps taken by the Income Tax Department to curb use of black money and cash in elections

GST on Audit Services by CAG to Ports

October 2, 2019 5667 Views 0 comment Print

CAG is one of the pivotal offices in the Government of India who controls the entire financial system of the country. The appointment of CAG is done by President of India under Article 148.  President of India is the Executive head of the Union of India.  Audit is conducted by CAG under section 18 of the Comptroller & Auditor General’s (DPC) Act 1971 and the fees are being charged to the service recipient.

Definition of Person and Taxability under Income Tax Law

October 2, 2019 27813 Views 0 comment Print

Today we are discussing the Types of Person and Its Taxability under Income Tax Act. Further also, we all must have heard the peoples’ saying that by forming a Company, LLP, HUF, Firm, can ‘save Tax’.  So what is this all Company, LLP, Firm and all. Now, we begin with the understanding types of ” […]

Deduction under section 80QQB of Income Tax Act

October 2, 2019 32028 Views 4 comments Print

Deduction under section 80QQB is available to an author of certain books, being resident in India, who is receiving income by way of royalty or copyright fees. The current article explains all the provisions attached to the said deduction section 80QQB. Some of the essential terms – Following are some of the important terms which need […]

GST on Assignment/Securtrization Transaction

October 2, 2019 10761 Views 1 comment Print

There has been a lot of uncertainty on the issue of exigibility of direct assignments and securitisation transactions to goods and services tax (GST). The GST Council has discussed the issue of assignment and securitisation of receivables through different question, extracts have been reproduced below: Section 2(52) of the CGST Act, 2017 defines ‘goods’ to […]

Direct and Indirect Tax updates for September 2019

October 2, 2019 13218 Views 0 comment Print

A. Income Tax Updates for the Month of September 2019 A. THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 ♦ Tax on income of certain domestic companies- Option for Domestic Company for concessional tax rate of 22% (excluding surcharge & cess) subject to the condition that they will not avail any exemption/incentive. Exemptions / benefits that cannot […]

Permanent Establishment (PE)

October 2, 2019 8406 Views 0 comment Print

Definition:- A permanent establishment (PE) is a fixed place of business which generally gives rise to income or value-added tax liability in a particular jurisdiction. The term is defined in many income tax treaties and in most European Union Value Added Tax systems. Significance :- In all these years after qualifying as a Chartered Accountant whenever i […]

CA-Generalist or Specialist

October 2, 2019 3351 Views 2 comments Print

We all have appointed chartered accountants and think that everything should be alright after that.But have you checked that is it so? Or rather are you aware what exactly you want to be OK. We all are experiencing specialisation in every aspect of our life be it Doctor,Lawyer,Engineering or any other day to day field.But somehow […]

CBIC issues 43 notifications on 30th September 2019

October 2, 2019 63339 Views 4 comments Print

CBIC issues 43 notifications on 30th September 2019 to give effect to Recommendations made by GST Council in its 37th Meeting. Most of the changes are effective from 1st October 2019 and includes changes in Custom Law, CGST, IGST and UTGST Law. Changes includes changes in Rates on certain Products and Services, Applicability of Reverse […]

GST Changes Effective From 1st October, 2019

October 2, 2019 48822 Views 23 comments Print

Various notifications have been issued by CBIC, notifying numerous changes with effect from 01.10.2019. These notifications hace been issued to implement decisions taken at 37th GST Council meet at Goa on 20.09.2019. A gist of the changes are as follows; Change in Rate of Goods & Services: (i) Dry Tamarind/ Plates and cups made up […]

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