"24 December 2019" Archive

Income ​​​​​​​Tax Relief required for Middle Class Group

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 […]...

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Posted Under: Income Tax |

Cabinet approves Promulgation of IBC (Amendment) Ordinance, 2019

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....

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Posted Under: Income Tax |

Due date for Audit/ITR Filing extended for J&K & Ladakh

F. No. 225/306/2019-ITA-11 (24/12/2019)

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 Taxe...

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Downloading of e-way bill from official website mandatory from 1.4.2018

Shaurya Enterprises Vs State of U.P. (Allahabad High Court)

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 […]...

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Requirement of Actuarial Valuation Reports in compliance for IAS 19

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...

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Posted Under: Income Tax |

GST Registration & Its Compliances – FAQ’s

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 […]...

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Posted Under: Income Tax |

Is GST Composition scheme beneficial? Analysis on Cost-impact

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 [&hellip...

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Posted Under: Income Tax |

Things you need to know to file GSTR 9 & GSTR 9C

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 […]...

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Posted Under: Income Tax |

Section 148 notice in name of deceased assessee is invalid

Pranav Ravindrabhai Shah Vs ITO (Gujarat High Court)

Notice notice under section 148 being jurisdictional notice, issued to a dead person and legal representative not having waived the requirement of notice under section 148 and not having submitted to the jurisdiction of AO pursuant to impugned notice, provisions of section 292B would not get attracted and hence, notice under section 148 h...

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In absence of failure to disclose fully & truly all material facts- reassessment notice invalid

Usha Exports Vs ACIT (Bombay High Court)

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 ful...

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