"03 January 2020" Archive - Page 6

Restrictions on availment & utilization of ITC [Rule 36(4) & 86A]

CBIC on recommendations of 38th GST council meeting has vide Notification No.- 75/2019-CT; Dated 26 Dec 2019 made following restrictions on Availment and Utilization of ITC. Availment of ITC is governed by Sec 16 of GST Act, 2017 and Utilization of ITC by Section 89 of GST Act, 2017. Lets first see if newly inserted […]...

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GSTR 9C: Applicability, Format, Due Date & Rules

GSTR-9C is a reconciliation statement between GSTR-9 and the audited books of accounts. It must be submitted by those GST registered taxpayers to whom GST audit applies as specified under sub-section (5) of section 35 of the CGST Act. GST Audit applies to those taxpayers whose aggregate turnover during the financial year exceeds Rs. 2 [&h...

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Inclusion of GST in Gross Turnover for Tax Audit Limit Calculation?

Whether GST shall be included while calculating the gross turnover or receipt in case of Tax Audit or Presumptive Taxation ? Income-tax Act does contain section 145A which provides for inclusion of taxes, cess, etc. in the value of sale, purchase and inventory.  However, the purpose of this provision is limited to calculation of income [...

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Guide to Aadhar-PAN Linking !!

After multiple extensions of due date for linking PAN and Aadhar, finally the due date coming up is 31st of December 2019 (extended further up-to 31st March 2020 vide Income Tax Notification dated 30.12.2019) The government in its last budget has made a law by inserting section 139AA in Income-tax Act, 1961 making it mandatory […]...

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Statutory and Tax Compliance Calendar for January 2020

Statutory and Tax Compliance Calendar contains compliance’s related to GST (GSTR 1, GSTR 3B, GSTR 6, GSTR 5 & GSTR 5A) Income Tax (Due date of TDS Payment, Advance Tax payment, TDS Return Filing, Income Tax Return Filing, TDS Certificate Issue etc.), EPF, ESIC, LODR/SEBI, Companies Act, 2013 and other compliances. It explains f...

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