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In Budget 2019, Honorable Finance Minister announced that ‘Those having taxable income of up to Rs 5 lakh will not have to pay any tax for FY 2019-20’. An individual who is resident in India and whose taxable income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A. Rebate is available in […]
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016.
Order u/s 119 of the Income-tax Act, 1961 for Extension of due date for filing of Income-tax Returns/Tax Audit Reports to 31st January, 2020 in respect of Union Territory of Jammu and Kashmir and Union Territory of Ladakh. F. No. 225/306/2019-ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes […]
Shaurya Enterprises Vs State of U.P. (Allahabad High Court) It has been observed that till March 31, 2018 it was not mandatory to download the e-way bill from the official website and the said requirement was effective from 1st April, 2018. In this case the e-way bill which was downloaded and submitted on 10.12.2017 at […]
Requirement of Actuarial Valuation Reports in compliance for International Accounting Standard 19 – IAS 19 This article is an attempt to describe about requirement of Actuarial Valuations for compliance of International Accounting Standard 19 – IAS 19 by Indian MNC’s & Companies Operating Middle East and North Africa regions in at the end of Calendar […]
After the passage of more than 2 Years of GST Implementation in India, still, GST Law is not stable. GST Department is taking all corrective actions to streamline the law so that it is beneficial to Dealers as well as to the GST Department. After the implementation of GST Law, so many Notifications, circulars have […]
Overview The composition scheme under GST, is for the small corporations, keeping into consideration, the challenges they face with regards to GST especially when their annual turnover is not above Rs 1 crore. Provisions under the composition scheme is mentioned in Section 10 of the Central GST Act, 2017 and Chapter 2 of the CGST […]
Article explains What is an Annual return in GST, Who should file the annual return under GST, Due date, late fees and penalty for GSTR 9and GSTR 9C, Details required to be filed in GSTR-9, What is GST Audit, Turnover Based Audit, Eligibility to perform GST audit, GST Auditor, Documents Required for GST Audit and […]
Usha Exports Vs ACIT (Bombay High Court) The first contention raised by Dr. Shivram regarding the absence of statement regarding petitioner’s failure in the reasons is correct. The reasons supplied along with the impugned notice, which are reproduced above, contain no assertion there was any failure of the petitioner to disclose fully and truly all […]
After considering audited balance-sheet, opening cash balance and closing cash balance, AO had not doubted closing cash balance of cash as on 31-3-2011. Also, assessee had pointed out that over all cash balance had remained the same. Thus, lesser opening cash balance as on 1-4-2002 did not call for any addition during the year under consideration as no unexplained cash was introduced in books of account.
