"05 December 2019" Archive

Income Tax Updates for the Month of November 2019

Income Tax Updates for the Month of November 2019 (Notifications, Circulars and other amendments) 1. Tax deducted u/s 194M (TDS by Individual/HUF) to be deposited within 30 days from the end of the month in which tax deducted CBDT Notification No.98/2019-Income Tax dated 18-Nov-2019 a) Sec 194M: Applicable w.e.f 01-Sep-2019 An Individual/...

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Posted Under: Income Tax |

NOC (Communication with previous auditor) – A tool, defense, weapon or?

What should be the correct procedure to adopt when a prospective client tells you that he wants to change his auditor and wants you to take up his work? Is NOC (no objection certificate) required from previous auditor?...

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Posted Under: Income Tax |

GST: Too many glitches to stitch

Any new reform, particularly a tax reform, is bound to have initial resistance. However tax paying businessmen were so frustrated by multiple taxes and compliances under earlier laws that they welcome GST wholehearted hoping  it will solve all their problems and GST will be easy to understand and implement. The government also trumpeted ...

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Posted Under: Income Tax | ,

SCN must be issue before Recovery under GST except in fraud cases: HC

Godavari Commodities Ltd. Vs  Union of India (Jharkhand High Court)

Godavari Commodities Ltd. Vs  Union of India (Jharkhand High Court) In the present case, though it is submitted by learned counsel for CGST that since the tax was paid, Section 73 (1) of the Act shall not be attracted in the case of the petitioner, but the fact remains that the tax was not paid […]...

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CIT cannot ask AO to look beyond purview of limited scrutiny

Storewell Construction & Engineers Vs PCIT (ITAT Pune)

The Ld. Pr. Commissioner of Income Tax wants the Assessing officer to look into various other issues of the assessee which were not covered within the purview of the...

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Time of Supply under Goods and Service Tax (GST) Regime

The chapter IV of the CGST Act determines the time of supply of goods or supply of services. Tax Liability arises from the date of time of supply. Time of Supply determines the point of time: 1. the time when the liability to pay tax arises; 2. the rate of tax applicable with reference to […]...

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Posted Under: Income Tax |

Benefits of Compulsory Insurance/Approved Gratuity Trust for Gratuity Benefits of Employees for Companies with Employee Strength 10 or More

This article is attempt to give more clarity about the Gratuity Benefits, Factors increasing the quantum of Gratuity Benefits Exponentially and Benefits of Compulsory Insurance/Approved Gratuity Trust for Gratuity Benefits of Employees for Companies with Employee Strength 10 or More...

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Posted Under: Income Tax |

Limited scrutiny cannot be expanded without prior approval of appropriate authority

Late Smt. Gurbachan Kaur Vs DCIT (ITAT Jaipur)

If the A.O. has taken up the issue of determining fair market value of the property in question as on 01/4/1981 without converting the limited scrutiny to comprehensive scrutiny by taking the prior approval of the competent authority then the said order passed by the A.O. will be nullity as beyond his jurisdiction....

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Karvy stock broking case: – A fallout of the SEBI Circular

Since last one year, SEBI has brought in a number of new regulations to improve the health of the broking industry. One of the circulars was issued by SEBI on 20th June 2019, which results into fallout of many broker firms, the bigger one is the Karvy....

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Posted Under: Income Tax |

Conversion of limited scrutiny to comprehensive scrutiny without prior approval of competent authority is invalid

Late Smt. Gurbachan Kaur Vs DCIT (ITAT Jaipur)

AO has obtained the necessary approval from the Competent Authority for conversion of the limited scrutiny to comprehensive scrutiny. Accordingly, the issue which is taken up by the AO in the proceedings under section 154 is illegal and void being beyond his jurisdiction to frame the limited scrutiny assessment....

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