2 Archive - 30 December 2019

"30 December 2019" Archive - Page 5

How to save Rs 1 crore with a basic salary of Rs 25,000

How to save Rs 1 crore with a basic salary of Rs 25,000 or less with Tax Benefit u/s 80C Creating a corpus of Rs 1 crore on retirement is possible for most employees. However, for those who are low-earners, it might require a bit more active approach when it is invested in systemic manner […]...

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Posted Under: Finance |

Implementation of ICES Test Module (Sample Test Entry) – reg

Standing Order No. 28/2019-JNCH 30/12/2019

Procedure for generating test memo at Appraising Group- While appraising the BE, the Appraiser, if desires to draw a sample of an item for testing purpose, will have to close the Appraising Option and Select Option – Sample Test Entry; from the main menu and will generate the test memo by recording the test instructions in the following...

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Section 54 deduction allowable on Purchase of house subsequent to Purchase of land for construction

Shri Dharamchand Bafna Vs ITO (ITAT Bangalore)

whether deduction u/s 54 can be denied if assessee initially purchased land with a view to put up construction but later changed his mind and instead, purchased a residential house?...

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Blocking of input tax credit-New Rule 86A introduced under GST

Rule 86A in the CGST Rules vide notification No 75/2019 has been introduced w.e.f. 26.12.2019 to empower the revenue to impose additional condition/restriction on use of amount of input tax credit available in the electronic credit ledger. This rule has given drastic powers to the Department to restrict the credit of any person in certain...

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Posted Under: Finance |

GST input tax credit restriction new rules- Accounting perspective

GST input tax credit restriction new rules- Accounting perspective The CBIC imposed the restriction on availment of input tax credit (ITC) under GST in respect of invoices or debit notes, the details of which not have been uploaded by the supplies under sub section (1) of section 37 of CGST act. CBIC inserted the new […]...

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Posted Under: Finance |

Goods in Transit or Transit Inventory

ALL ABOUT GOODS IN TRANSIT (GIT) OR TRANSIT INVENTORY. The term Goods in Transit (or Transit inventory) refers to inventory items that have been shipped by the seller, but not yet received by the buyer. Transit inventory is an important component of company’s inventory valuation. GIT is booked in books of accounts on quarterly basis [&h...

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Posted Under: Finance |

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