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Archive: 24 December 2019

Posts in 24 December 2019

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

December 24, 2019 4368 Views 4 comments Print

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 […]

Cabinet approves Promulgation of IBC (Amendment) Ordinance, 2019

December 24, 2019 858 Views 0 comment Print

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.

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

December 24, 2019 768 Views 0 comment Print

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 […]

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

December 24, 2019 1026 Views 0 comment Print

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 IAS 19

December 24, 2019 11877 Views 1 comment Print

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 […]

GST Registration & Its Compliances – FAQ’s

December 24, 2019 4593 Views 0 comment Print

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 […]

Is GST Composition scheme beneficial? Analysis on Cost-impact

December 24, 2019 3111 Views 0 comment Print

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 […]

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

December 24, 2019 43668 Views 3 comments Print

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 […]

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

December 24, 2019 1677 Views 0 comment Print

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 […]

No Addition for Difference in opening and closing cash balance if no unexplained cash was introduced

December 24, 2019 3048 Views 0 comment Print

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.

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