"14 December 2019" Archive

CBIC implements Mandatory GST E-invoices and QR Code in phased manner

CBIC have issued five Central Tax notifications on 13.12.2019 i.e. Notification no. 68/2019 –Central Tax to Notification no. 72/2019 –Central Tax Gist of these notifications: 1. E-invoicing facility will effective from 1st January, 2020 on optional basis. 2. In case of B2B supplies made by the registered person, whose aggregate turnov...

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Electronic Invoice in GST- Summary of 5 New Notifications

Govt. issued notifications Notification No. 68/2019–Central Tax, to  72/2019 dated 13th December, 2019, which are related to E-Invoicing under GST.  Summary of all these notifications is as mentioned below- GST Update 13/12/2019 (E-Invoice) Notification No. & Date of issue Subject Summary Notification No. 72/2019-Central Tax ,dt. ...

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HC Directs revenue to allow petitioner to file GST TRAN-1

The Hon’ble HC, Calcutta in the matter of Mrinal Ghosh v. Union of India & Others [W.P. No. 9821 (W) of 2018 decided on November 21, 2019] directed the Revenue  to allow the Petitioner to file GST TRAN- 1 to enable him to obtain credit accrued in his favour prior to the transition. Facts: Mrinal […]...

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Able2Extract Professional 15: New Interface, Batch Creation & More (+Usage Tips for Taxes!)

Each year you can always be sure of two things: tax season and upgraded software. The latter is true for a tool we’ve covered before: Able2Extract Professional. This PDF tool is ideal for both corporate and individual needs. Last year, we honed in on its PDF signatures feature and how to sign PDF documents. While […]...

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Presentation by Chief Economic Adviser on measures to boost Indian Economy

Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, held a press conference on the measures taken to boost economy.  Chief Economic Adviser K. Subramanian, gave a presentation on Major Interventions to Boost Economy....

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Presentation by Revenue Secretary on major initiatives taken on taxation

Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, held a press conference on the measures taken to boost economy.  Dr. Ajay Bhushan Pandey, Secretary, Revenue Department, gave a presentation on the Major Initiatives taken by the Revenue Department on taxation....

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Treatment of Exchange Fluctuation under Income Tax Laws

When any entity enters into any transaction in foreign currency, it is exposed to exchange fluctuation risk on such transaction unless the same is hedged by the entity through hedging techniques like Forward Contracts, Currency Invoicing etc. ...

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All about section 80E of Income Tax Act, 1961

Essential conditions for claiming deduction under section 80E of income tax act, 1961 for Interest on Education Loans: This deduction under section 80E for for Interest on Education Loans is over and above the Rs 1,50,000 deduction allowed under section 80C of Income Tax Act, 1961. 1 Who Can Claim deduction under section 80E ONLY [&hellip...

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7 Easy Tips to file Income Tax Return

Income tax return filing is a mandatory process that the assessee should carry out with due care. However, the otherwise basic and simple process becomes cumbersome with the lack of knowledge. Read on to know 7 easy tips that will make income tax filing process a lot simpler:-...

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Conversion of Partnership firm Into Company- Procedure, Law, Tax Effect

The Government of India has introduced the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019. Several tax beneficiary amendments are introduce through this ordinance. Such as corporate tax rate cut for domestic companies @ 22% (Section 115BAA) and new tax rate of 15% Section 115BAB has introduce for manufacturing companies...

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