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Archive: 31 October 2019

Posts in 31 October 2019

Inconsistency between Section 44AB and Form 3CD Audit Report Utility

October 31, 2019 29295 Views 1 comment Print

This article wishes to bring to the notice of the concerned authorities a major inconsistency that exist between the provisions of section 44 AB and the Audit Report Utility available in the Income Tax E filing website.

Salient features of new GST returns & Form GST ANX-1 & GST ANX-2

October 31, 2019 3135 Views 0 comment Print

To simplify the process and procedure of filing Of return across various categories of taxpayers, the GST Council in its 31st meeting has decided that a New Return System under GST would be introduced for taxpayers. The important salient features of new returns are as under:

LUT Facility extension for MSME and Small scale units who supply to primary suppliers supplying to Exporters or SEZ Units

October 31, 2019 3558 Views 0 comment Print

In the erstwhile Central Excise and Service Tax regime the benefit of claiming export exemption was also available down the line to MSME and small scale suppliers of goods and services who supply goods and/or services to the primary suppliers supplying to exporters and sez’s.

New GST Rules regarding 20% Formula for Input Credit – Is History repeating itself?

October 31, 2019 16965 Views 3 comments Print

CBIC issued notification no 49/2019 dated 09-10-2019, amending the rules for claiming Input Tax Credit wherein the government has capped the ITC that a registered person can claim.

Registration of NGO under Section 8 of Companies Act, 2013

October 31, 2019 9738 Views 5 comments Print

Steps for Registration of Registration of NGO under Section 8 of Companies Act, 2013- 1. Reserve Name under RUN: First steps while registering any type of NGO is selection of name. It should be identical/unique (you can use Noun instead of adjective while choosing name) from others and don’t forgot to use Foundation, Forum, Association, Federation, Chambers, Confederation, Council etc. at the end of the name.

Last Minute Suggestions to CA Final/Inter Aspirants Appearing In Nov 2019

October 31, 2019 5211 Views 0 comment Print

CA Final Exams will commence from 01st Nov 2019 and all of you whether appearing for Group 1 or Group 2 or Both Groups must be going through mixed emotions. Some must be excited; some must be scared but most of you must be nervous. Yes, it’s CA Final, Yes, it’s one of the toughest […]

Penalty cannot be levied on ground which was not raised

October 31, 2019 1239 Views 0 comment Print

In this case assessee was asked to explain penalty on one count, whereas Penalty has been levied on other count. This itself called for quashing of penalty order passed by AO for all years under consideration. Therefore, penalty order was quashed and set aside.

All transactions in penny stocks cannot be regarded as bogus for SCAM in some penny stocks

October 31, 2019 4617 Views 0 comment Print

Shri Vijayrattan Balkrishan Mittal Vs DCIT (ITAT Mumbai) The issue for consideration before us is whether in such cases, the legal evidence produced by the assessee has to guide our decision in the matter or the general observations based on statements, probabilities, human behavior and discovery of the modus operandi adopted in earning alleged bogus […]

AO justified in sending notice at address mentioned in PAN database

October 31, 2019 4386 Views 0 comment Print

Mere mentioning of the new address in the return of income without specifically intimating the Assessing Officer with respect to change of address and without getting the PAN database changed, is not enough and sufficient.

DISRUPTION. Is it happening in your organisation? let’ think and Overcome

October 31, 2019 1143 Views 0 comment Print

DISRUPTION. Is it happening in your organisation? let’ think and Overcome. What is disruption? Why it is so much in vogue nowadays? What all type of Disruption currently we are facing? Will its effect continue for long? Why we are not able to overcome this? By the definition disruption simply means disturbance or problems which interrupt […]

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