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Archive: 27 February 2020

Posts in 27 February 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Limited scrutiny cannot be converted into complete scrutiny without seeking permission from competent authority

February 27, 2020 2307 Views 0 comment Print

Addition made u/s 69 was liable to be quashed as the order passed by AO would be nullity as he couldn’t convert limited scrutiny into complete scrutiny in absence of requisite approval from the competent authority.

CARO, 2020- Auditor’s Are You Vigilant?

February 27, 2020 4647 Views 0 comment Print

very report made by the auditor under section 143 of the Companies Act on the accounts of every company audited by him, to which this Order applies, for the financial years commencing on or after the 1st April, 2019, shall in addition, contain the matters specified in paragraphs 3 and 4, as may be applicable: –

HC: No Interest if IGST wrongly paid inadvertently as CGST

February 27, 2020 3936 Views 0 comment Print

The Hon’ble HC, Jharkhand in the matter of Shree Nanak Ferro Alloys Pvt. Ltd.  vs. Union of India [W.P.(T) No. 2246 of 2019 dated December 18, 2019] directed the Petitioner to deposit the amount of Rs. 41,98,642/-, under the Integrated Goods and Service Tax (“IGST”) head, towards the liability of September, 2017 and quashed the […]

Representation on issues related to GST Act, GST portal, network

February 27, 2020 2226 Views 0 comment Print

All India Federation of Tax Practitioners has made a Representation on issues being faced by taxpayers and tax professionals related to GST Act, GST portal, network and glitches thereof. Text of the same is as follows-

DGGI Kolkata Zonal Unit unearths 500 Crore fraud of Fake GST Invoices

February 27, 2020 2982 Views 0 comment Print

On 25th February, 2020, the Directorate General of GST Intelligence (DGGI), Kolkata Zonal Unit (KZU), arrested 02 (two) persons in a case of GST fraud involving Rs. 500 crores of bogus transaction with involvement of GST credit of more than Rs. 96 crores.

No requirement to prove source for receipts which is a case of repayment of loan

February 27, 2020 2469 Views 0 comment Print

In the given case, the appeal is filed by revenue against the order of Commissioner of Income Tax (Appeals). The issue here is that as per assessing officer there is requirement for assesse to prove the source of funds in the hands of the receipts received by assessee. 

Matters to be included in auditor’s report as per CARO, 2020

February 27, 2020 5118 Views 0 comment Print

Matters to be included in auditor’s report as per Order called the Companies (Auditor’s Report) Order, 2020 (CARO, 2020) The Central Government, after consultation with the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013, hereby issued the Order called the Companies (Auditor’s Report) Order, 2020. It shall apply to every […]

Most Important Exemption Under Total Income

February 27, 2020 38823 Views 0 comment Print

Discover the most important exemptions under the Income Tax Act Section 10. Learn about various categories of income that are exempt from taxation.

Changes in Companies (Auditor’s Report) Order, 2020 (CARO 2020)

February 27, 2020 48537 Views 1 comment Print

MCA Notified the Companies (Auditor’s Report) Order, 2020 (CARO 2020) Applicability: The The CARO, 2020 is applicable for audit of financial statements of eligible companies for the financial years commencing on or after the 1st April, 2019. Changes in the CARO 2020. 1. There are no changes in the applicability of CARO, 2020. 2. There […]

Analysis on New GST Return (GST RET-1)

February 27, 2020 6540 Views 1 comment Print

Introduction of New GST Return- The GST department introduced new GST return system w.e.f. 01st April, 2020 i.e. F.Y. 2020-2021. Overview- In the proposed system of new GST Return filing, a normal taxpayer would have to file FORM GST RET-1 (Normal) or FORM GST RET-2 (Sahaj) or FORM GST RET-3 (Sugam), on either monthly (GST […]

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