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Archive: 07 May 2020

Posts in 07 May 2020

How e-invoicing works under GST and its impact on businesses?

May 7, 2020 2325 Views 0 comment Print

In its 37th meeting, the GST Council proposed the introduction of electronic invoicing or e-invoicing. After consulting with various trade/industry bodies including FICCI, ASSOCHAM, etc. as well as the ICAI, a standard for e-invoice has been finalized. This will ensure the interoperability of e-invoices across the entire GST ecosystem which means e-invoices generated by one […]

Subject-wise Index of GST Circulars issued (Updated)

May 7, 2020 14025 Views 6 comments Print

I have tried to compile circulars issued during period 27-06-2017 to 05-05-2020. It will be helpful to the readers to search their topic in regard of circulars issued during the period mentioned at a glance with no time from this article. Detail of 137 circulars year-wise issued is as under. Period No.of Circulars Total No. circulars issued […]

Why Sovereign Gold Bonds should be preferred over Physical Gold & Gold ETFs

May 7, 2020 7374 Views 0 comment Print

What is Sovereign Gold Bond Scheme and Why Sovereign Gold Bonds should be preferred over Physical Gold and Gold ETFs? Gold has marched ahead of all other assets over the past 1/3/5-year timeframe in terms of investment returns. The Gold ETFs has given 47.79% in last one year as on 05th May’2020. Financial Planners advise […]

Online Change-Correction in Pan- Revised Guidelines

May 7, 2020 73666 Views 32 comments Print

Guidelines for Online Change-Correction in Pan Data- 1. STEPS FOR ONLINE APPLICATION a. Applicant will fill PAN Change Request Form online and submit the form. The same form will be applicable for citizens as well as non-citizens of India. b. If the data submitted fails in any format level validation, a response indicating the error(s) will be displayed on the screen.c. The applicant shall rectify the error(s) and re-submit the form. d. If there are no format level error(s), a confirmation screen with data filled by the applicant will be displayed.

Online Rectification Request to rectify intimation U/s. 143 (1) from CPC, Bangalore

May 7, 2020 104266 Views 37 comments Print

If you are thinking of seeking rectification of the intimation issued by Centralized Processing Center at Bangalore, then you must carefully review the Common Error Guide and the typical causes of error presented below in order to prepare an accurate

Procedure – Lower / Nil rate TDS deduction Certificate

May 7, 2020 124841 Views 12 comments Print

Where a taxpayer believes that its total income justifies withholding of tax at a lower rate, it can apply to the assessing officer for a certificate of withholding tax at a lower rate. The application by the taxpayer to the AO for a certificate of withholding tax at a lower rate is governed by Rule 28AA of the Income-tax Rules, 1962 (the Rules).

Corrections in TDS payment challan

May 7, 2020 56717 Views 17 comments Print

Points to be kept in mind while updating challan: identify the challan to be updated by its sequence no as per regular statement CIN, deposit amount as per regular statement . Update the challan detail as required. Along with the updated values, the correction statement should contain value of the CIN and deposit amount as per regular statement as well.

75% Concession in CA Course Registration Fee for select States & UTs

May 7, 2020 3741 Views 1 comment Print

Announcement : 75% Concession in Registration Course Fee for all levels of CA Courses for the Candidates/ Students from Newly formed Union Territories of Jammu & Kashmir and Ladakh and for 8 North-Eastern States.

ICAI Advisory on Accounting & Assurance related issues for FY 2019-20 in light of Covid-19 disruptions- A Synopsis

May 7, 2020 1530 Views 0 comment Print

ICAI Advisory on Accounting & Assurance related issues for Financial Year (FY) 2019-20 in light of Covid-19 disruptions- A Synopsis The Institute of Chartered Accountants of India (ICAI) is concerned about the impact of Coronavirus disease on the health of people worldwide as well as on the state of economy and commerce of the world […]

IBC– Amendment related to Enhancement of Monetary Limit for action against defaults

May 7, 2020 1983 Views 0 comment Print

MCA Amends Section 4 of Insolvency and Bankruptcy Code, 2016 to increase Threshold of default to Rs 1 crore. Section 4 deals with defaults relating to the insolvency and liquidation of corporate debtors. Section 4 is been amended vide S.O. 1205(E) Dated 24th March, 2020. Revised Threshold is applicable from 24.03.2020.

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May 2020