"28 August 2020" Archive

Section 44AB vs 44AD – Presumptive Taxation (With Examples)

When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At professional as well as student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore and 5 crore while Section 44AD says about the limit […]...

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Posted Under: Income Tax | ,

Request for extension of due date for holding AGM

Below is the text of Representation to Minister of Finance requesting extension of due date for holding Annual General  Meeting (AGM), under the Companies Act. 2013 for companies whose Financial near has ended on 31.03.2020 by 5  leading Associations of Chartered Accountants in India. Date: 26.08.2020 Smt. Nimtala Sitharaman, Hon’...

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Posted Under: Income Tax |

Reverse Charge Mechanism- Section 9(4) -GST Act, 2017

Reverse Charge Mechanism (RCM) under Section 9(4) of the CGST Act, 2017 and recent Notification No. 07/2019- Central Tax (Rate) dated 29th March 2019 effective from 1st April, 2019 The provision that has gathered maximum attention for its ability to create significant stress and nuisance would clearly be Section 9(4) of the Central Goods ...

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Posted Under: Income Tax |

जीएसटी में सप्लाई की प्रकृति- अंतरप्रांतीय या राज्य के भीतर

आईये बहुत ही आसान भाषा में समझें कि जीएसटी में सामान्य तौर पर जो  सप्लाई होती है वह राज्य के भीतर की सप्लाई है या अंतरप्रांतीय सप्ल...

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Posted Under: Income Tax |

New Form 26AS- Now a Financial Transaction Guide

Form 26AS is a consolidated annual tax statement that earlier included information on tax deducted/collected at source, advance tax, self-assessment that was available on the Income Tax website against a taxpayer's Permanent Account Number (PAN) and was known as the tax credit statement....

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Posted Under: Income Tax |

Roll out of GST Investigation Module by CBIC – Phase-1 – Advisory

Advisory No. 11/2020 (28/08/2020)

Directorate General of Systems and Data Management, Bengaluru Zonal Unit has been given the mandate of development of Investigation (Enforcement) sub-module under the Dispute Settlement and Resolution (DSR) module of ACES-GST application. Directorate General of GST Intelligence - DGGI (then DGCEI) – CBIC is the Business owner of this su...

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MP HC grants Bail against GST offence | Section 132(1) | CGST Act 2017

Jagdish Arora and another Vs Union of India (Madhya Pradesh HC)

MP HC grants Bail against GST offence u/s 132(1) of CGST Act...

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Board Resolution to file e-Form PAS-6 by Unlisted Public Company

Every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules, 2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice...

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Posted Under: Income Tax |

ITC on Goods & Services taken for Construction of Immovable Property

As per Section 16, every registered person is eligible to take ITC of goods and services intended to be used in the course or furtherance of business subject to other condition as mentioned in section 16(2) are fulfilled. Section 17(5) restrict ITC on certain good or service although intended to be used in the course […]...

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Posted Under: Income Tax |

Shared received post amalgamation taxable as per substance of transaction to be Valued Entirely on Different Fundamentals

CIT Vs Nalwa Investment Ltd. (Delhi High Court)

The issue under consideration is whether proceeds release from shares exchange with new shares because of amalgamation process will be taxable under income tax?...

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