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Archive: 22 January 2020

Posts in 22 January 2020

Form 61A- Who is required to submit statement of SFT

January 22, 2020 41196 Views 6 comments Print

Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A. As you all are […]

No advance ruling if question raised not pertain to supply of goods or services

January 22, 2020 915 Views 0 comment Print

As per provision of section 95 of CGST ACT, this authority can give a ruling to an applicant on matters or questions raised, in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the applicant.

GSTR-3B Returns due date- 3 Due dates- Filing in Staggered Manner

January 22, 2020 46902 Views 3 comments Print

Considering the difficulties faced by trade and industry in filing of returns, the government has decided to introduce several measures to ease the process. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner.

Taxability of Allowances under Income from Salary

January 22, 2020 17820 Views 1 comment Print

Articles deals with Taxability of House Rent Allowance , Children Education Allowance, Hostel Allowance, Transport Allowance, Outstation Allowance, Under Ground Allowance, Traveling Allowance, Daily Allowance, Conveyance Allowance, Helper Allowance, Uniform Allowance and Academic Allowance.

Section 115BAA- Concessional Tax Rate for Domestic Company

January 22, 2020 31977 Views 4 comments Print

Learn about the new section 115BAA and the concessional tax rate it provides for domestic companies. Find out how to avail this option and the applicable tax rate.

Practical Problems Faced by GST Return Filers

January 22, 2020 6456 Views 0 comment Print

Article discusses Practical Problems Faced by GST Return Filers which includes Technical Issues, Problems Related to ITC, Problems Related to Returns,  Problems relating to E Way Bill Generation, Problems relating to Scrutiny (Minor to Major difference between GSTR 3B and GSTR 1, GSTR 3B and GSTR 2A), Problems faced by Small Businesses and Problems faced […]

Importance of Notice in Income Tax Reassessment Proceedings

January 22, 2020 1602 Views 0 comment Print

Many times in Reassessment proceedings very little importance & attention is paid to the timing of issue of notice under section 143(2). Section 143 of Income Tax Act is about Assessment, subsection 2 of section 143 talks about issue of notice in cases where return of income has been filed within the time limits specified […]

New Exit Norms for statutory auditors from listed entities and their material subsidiaries

January 22, 2020 2436 Views 2 comments Print

The Securities and Exchange Board of India (SEBI) on October 18, 2019 proposed to tighten disclosure norms with respect to resignation of statutory auditors in listed companies. SEBI has tightened its norms with respect to resignation of Auditors from listed companies and their material subsidiaries mainly due to:- ⇒ Resignation of Auditors from listed companies […]

E-invoicing or E-Invoice under GST

January 22, 2020 8031 Views 0 comment Print

The present article is an attempt to explain the concept of e-invoice, how it will operate. It is expected that the document will also be useful for the taxpayers, tax consultants and the software companies to adopt the designed standard. Is e-invoicing a system wherein taxpayers need to generate the invoices centrally or will the […]

Assessment order Passed under GST after death was Invalid

January 22, 2020 3114 Views 0 comment Print

Vimal Raj Vs State Tax Officer (Kerala High Court) Assessee was already dead as on the date of assessment order and therefore, the assessment orders is a nullity and no other issues are decided by this Court and such other issues are left open. GST Department will be at liberty to take fresh action in the said […]

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