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Archive: 02 January 2020

Posts in 02 January 2020

New GSTIN reallocated to taxpayers of Union Territory of Ladakh

January 2, 2020 1416 Views 0 comment Print

New GSTINs are reallocated to active existing taxpayers registered under J & K State earlier with State code(01), having Principal Place of Business in jurisdiction of Union territory of Ladakh (with UT code ’38’). The list contains new GSTINs along with old GSTINs. Taxpayers are requested to use new GSTINs while generating the invoices and […]

GST Revenue collection for December, 2019

January 2, 2020 2835 Views 0 comment Print

The gross GST revenue collected in the month of December, 2019 is ₹ 1,03,184 crore of which CGST is ₹ 19,962 crore, SGST is ₹ 26,792 crore, IGST is ₹ 48,099 crore (including ₹ 21,295 crore collected on imports) and Cess is ₹ 8,331 crore (including ₹ 847crore collected on imports). The total number of GSTR 3B Returns filed for the month of November up to 31stDecember, 2019 is 81.21 lakh.

Pre Union Budget 2020 Representation/Suggestions

January 2, 2020 1545 Views 1 comment Print

Punjab Tax Bar Association has made few suggestions by way of Memorandum to Hon’ble Finance Minister with respect to Union Budget, 2020 which is likely to be tabled in the Parliament on 1st Feb, 2020. Relevant Text is as follows:- P T B A PUNJAB TAX BAR ASSOCIATION (A SYMBOL OF BARS UNITY) President : […]

Appeal to Income Tax Department before CIT(A)

January 2, 2020 105693 Views 0 comment Print

There are various recourse available to assessee to challenge the orders passed by the Assessing Officer at the time of assessment. The Income Tax Law provides recourse in the form of revision or by filing an appeal. Filing of Appeal to Commissioner of Income Tax Appeals – First Stage This article describes various provisions relating […]

Exposure Draft of Conceptual Framework for Financial Reporting under Ind AS for comments

January 2, 2020 1551 Views 0 comment Print

Exposure Draft of Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) for comments In India, the ICAI had issued a pronouncement with the title ‘Framework for the Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards’ (Framework). This Framework is primarily based on the old Conceptual Framework issued by IASB’s predecessor body […]

Notification No. 1/2020-Customs (N.T./CAA/Extension/DRI) dated: 02.01.2020

January 2, 2020 1626 Views 0 comment Print

Notification No. 1/2020-Customs (N.T./CAA/Extension/DRI) dated: 02.01.2020-Appointment of CAA by DGRI – reg. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 1/2020-Customs (N.T./CAA/Extension/DRI) New Delhi, dated the 2nd January, 2020 S.O. 73(E). – In exercise of powers conferred upon by first proviso […]

Bogus long-term capital gain on sale of shares- ITAT upheld Addition

January 2, 2020 2409 Views 0 comment Print

Sudha Eashwar Vs ITO (ITAT Chennai) The assesse is claiming exemption by way of long term capital gains claimed by it to be earned on sale and purchase of Turbotech Engineering Ltd. by invoking provisions of Section 10(38) of the 1961 Act and onus is on the assessee to prove that these gains are genuine […]

Time to declare house rent payments

January 2, 2020 11070 Views 2 comments Print

With the year coming to an end, salaried people rush to submit their tax declarations to their employers. It hurts when your employer deducts tax from your reward for 30 days of hard work. In order to save tax, one has to jump through all kinds of hoops; investments in ELSS, fresh insurance policies, PPF, etc. House Rent Allowance (HRA) is one of the favourite tools of the salaried class to save taxes. HRA exemption gives big relief to those paying rent for their accommodation.

Generation & quoting of DIN on communication to GST taxpayers

January 2, 2020 7965 Views 0 comment Print

Generation and quoting of DIN on communication to taxpayers- Document Identification Number (DIN) as clarified by CBIC vide Circular No. 122/41/2019-GST dated 05.11.2019 and Circular No. 128/47/2019-GST dated 23.12.2019 Generation and quoting of DIN on communication to taxpayers Circular No. 122/41/2019-GST dated 05.11.2019 1. Generation and quoting of Document Identification Number (DIN) on any communication […]

Procedure on receipt of application by Income Tax AAR

January 2, 2020 22686 Views 1 comment Print

In the last two articles, we have discussed the Concept of Advance Ruling under Income Tax Act 1961 and Application for seeking Advance Ruling under Income Tax Act’1961.

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