Indirect Taxes Consultants Association has written to Hon’ble Prime Minister of India and complained against the alleged High Handedness of the CGST Authorities against the Chartered Accountant in Ludhiana.
This article provides list of relatives covered Section 56(2)(VII) of the Income Tax Act,1961. As per Section 56(2)(VII) if any gift received from relative which are covered under following list will be exempt in the hands of receiver.
Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab for the Financial Year 2020-21, Increase Cash transaction in a day to atleast Rs. 20,000 and to increase section 80C deduction limit to Rs. 2,00,000.
In re Vaishnavi Splendour Homeowners Welfare Association (GST AAAR Karnataka) The contention of the Appellant is that contributions upto an amount of Rs 7500/- per member per month are exempted from GST by virtue of the above entry and for contributions above Rs 7500/- per member per month, the difference amount alone is liable to […]
The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees.
In re Smt. Anju Parakh (GST AAR Chhattisgarh) As the applicant failed to comply with the legal procedures despite being made known about the same as above vide letter dated 20.09.2019 and thereafter during the course of personal hearing held on 27.12.2019, this authority is of the considered view that their application at this stage […]
In order to encourage more people to file income tax returns, necessary provisions may be introduced, such as: Individuals having taxable income upto Rs. 10 lakhs may not be subjected to scrutiny for 3 Assessment Years unless there is specific information available with the Department regarding his high value transaction.
Clarifications have been sought by the field formations as regards the application of the said notification of DGFT and how the same has to be read with Notification 50/2017-Customs dated 30th June 2017, especially in relation to the exemption available for imports of bonafide gifts up to a c.i.f. value of Rs. 5000.00.
While the insurance sector was preparing to implement the Ind AS, it was noted that the International Accounting Standards Board (IASB) has taken a considered view to amend IFRS 17: Insurance Contracts, due to the concerns raised around accounting treatments, operational complexity and implementation challenges raised by various stakeholders
This Scheme shall be called the Himachal Pradesh (Legacy Cases Resolution) Scheme, 2019. It shall come into force on such date as the State Government may, by notification in the Rajpatra (e-gazette), Himachal Pradesh, appoint.
