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Archive: 05 December 2019

Posts in 05 December 2019

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5151 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4410 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Income Tax Updates for the Month of November 2019

December 5, 2019 7797 Views 1 comment Print

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/HUF (for whom Sec […]

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

December 5, 2019 184854 Views 11 comments Print

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?

GST: Too many glitches to stitch

December 5, 2019 16518 Views 10 comments Print

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 GST from […]

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

December 5, 2019 2457 Views 0 comment Print

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 […]

CIT cannot ask AO to look beyond purview of limited scrutiny

December 5, 2019 906 Views 0 comment Print

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

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

December 5, 2019 8292 Views 2 comments Print

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 […]

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

December 5, 2019 16620 Views 2 comments Print

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

Limited scrutiny cannot be expanded without prior approval of appropriate authority

December 5, 2019 2817 Views 0 comment Print

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.

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

December 5, 2019 3486 Views 0 comment Print

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.

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

December 5, 2019 1797 Views 0 comment Print

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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