"08 January 2020" Archive

MEF panel 2019-20: UCN to get updated on 09.01.2020

The Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2019-20 has been hosted at www.meficai.org for indicating the category of the applicants of Multipurpose Empanelment Form for the year 2019-20....

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Posted Under: CA, CS, CMA |

Definitive countervailing duty on imports of Continuous Cast Copper Wire Rods

Notification No. 1/2020-Customs (CVD) (08/01/2020)

Notification No. 1/2020-Customs (CVD)- Seeks to impose definitive countervailing duty on imports of Continuous Cast Copper Wire Rods originating in, or exported from Indonesia, Malaysia, Thailand and Vietnam GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 8th January, 2020 Notification No. 1/2020-Customs (...

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Clarification on newly inserted section 269SU of Income Tax Act, 1961

One more step has been taken by the government towards digital and cash less economy by inserted a new provision namely section 269SU in Income Tax Act, 1961 which provides that every person having turnover, sales or gross receipts, as the case may be, in business exceeds 50 crore rupees (specified person) during immediately preceding [&h...

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Posted Under: CA, CS, CMA |

Section 135 Corporate Social Responsibility (CSR)

Article explains about Applicability of Corporate Social Responsibility (CSR) provisions, Constitution of Corporate Social Responsibility Committee, Amount Spend on Corporate Social Responsibility,  Framing Corporate Social Responsibility Policy, Disclosure of Corporate Social Responsibility, How to Spend Amount on Corporate Social Respo...

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Posted Under: CA, CS, CMA |

Summary of GST circulars, Notifications issued in December 2019

Objective: The objective of this document is to summarize all the updates of GST (Notifications, Circulars, other amendments and updates) in one place. 12 Central tax notifications and 4 Circulars were issued during the month Dec’19. The same are being summarized below. 1. DIN made mandatory for all types of letters or notices, includin...

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Posted Under: CA, CS, CMA |

Legal validity of newly inserted schedule in ITR-4 SUGAM of AY 2020-21?

Question on legal validity of newly inserted schedule in ITR-4 SUGAM of AY 2020-21 As we know, Schedule regarding ‘Financial Particulars of Business’ has been removed from ITR-4 SUGAM of AY 2020-21. And new schedule titled as ‘Particulars of Cash and Bank Transactions Relating to Presumptive Business’ has been inse...

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Posted Under: CA, CS, CMA |

Analysis of Changes in GST Invoicing System effective from 1st April, 2020

The Invoicing System is GST is destined for major overhaul in the coming financial year. This includes E-Invoicing, Inclusion of Quick Response Code and Facility of Digital payments to recipients. It is important for organizations to understand the same as all of the above would not only require customization in their accounting/ ERP soft...

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Posted Under: CA, CS, CMA |

Composition Levy Under GST Rules & Provisions

Schemes of Composition Levy Under GST Under the GST regime, a class of registered persons has the option to pay the taxes either under the normal rates or he may opt to pay tax at special lower rates under composition scheme as specified in the CGST Act, 2017 and rules made there under. Apart from […]...

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Posted Under: CA, CS, CMA |

Income Tax on Gift

Income tax was not applicable all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50,000 in a year from any unrelated person, in cash or by way of credit, will be included as income. In this article, we look at income ta...

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Posted Under: CA, CS, CMA |

TDS on EPF Balance Withdrawal

Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952 under section 192A No TDS on withdrawal from EPF in following cases Transfer of PF from one account to another PF account. Termination of service due to III health of member /discontinuation of Business by employer/completion of project/other cause beyond t...

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Posted Under: CA, CS, CMA |