"03 October 2020" Archive

Recent Updates In GST till 02nd October 2020

On GST compensation option to states, about 20 states have reverted and all these states want Option-1 to borrow Rs. 97,000 crore without the obligation paying interest and principal back. Next GST Council meeting on 5th October shall take this forward. CAG report recently disclosed that for 2018-19, out of the Rs. 2.7 lakh crore [&hellip...

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TCS on Sales of Goods- section 206C(1H)- Detailed analysis

Detailed analysis with a practical approach on TCS on Sales of Goods- section 206C(1H) Since morning of the 1st day of October, 2020 we have received so many calls from clients and friends making queries on different aspects of section 206C(1H) of the income Tax Act. Some of such important queries and probable answers of […]...

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Depreciation on car Registered in partners or directors name

Income-tax Department cannot refuse the claim for depreciation on a vehicle owned by a company or a firm, on a mere ground that it is not registered in its name, but stands in the name of its director or partner. Interestingly, there is no decision of any court or the Tribunal that has taken a contrary view on the subject....

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Submission of ITR V and Related FAQs

IT Circular 3/2009 01/01/1970

It has been proposed under the IT Circular 3/2009 that if the return is electronically furnished under a digital signature, the tax-payer is not required to furnish the Form ITR-V with the Income-tax Department as a follow up to the electronic transmitting of data in the return. Similarly, any return which is digitally signed by the asses...

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What makes an Income Accrue or Arise in India although earned outside India?

A look at what constitutes as Income on Indian soil and what is not from the perspective of the IT department. The IT department defines certain incomes as Accruing or Arising in India. This is the basis of calculating your income and income tax. Let’s know more. The IT department says that for any company […]...

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Can excess TDS Paid for last FY can be adjusted against current FY

The answer is 'NO' there is no such provisions in the Income tax Act /rules to adjust the same by assesee himself. If the excess is related to perriod up to 31.03.2010 then Assesssee can claim refund of the same as per the provisions of CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 . Detailed analysis of the same can be ...

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Section 14A disallowance 14A & Reporting in Tax Audit Report

Clause 17(l) - Amount of deduction inadmissible in terms of section 14A in respect of the expenditure incurred in relation to income which does not form part of the total income; This clause was inserted by the notification number 208/2006 dated 10th August 2006. Section 14A was inserted in Chapter IV – Computation of total income by t...

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Top 3 Features That MSME//Startup/Business Entrepreneurs Should Make Note While Computing ESI

ESIC is a self-financed social security and healthcare insurance scheme for the working class, which has benefited a large number of workers in the unorganized sector who cannot afford the medical expenses.  ESIC is mandatory for a company with 9+ employees. The ESIC department may leverage data from various sources and issue notices whi...

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How To Record Expected Credit Loss

SCOPE: An entity shall recognize ECL on following: 1. FA measured at Amortized Cost 2. FS measured at FVTOCI 3. Lease Receivable 4. Contract Asset or Loan Commitment 5. Financial Guarantee Contract MEANING YOU SHOULD KNOW: PROBABILITY OF DEFAULT (PD): It is an estimate of a likelihood of a default over a given time horizon. […]...

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Indian Accounting Standard (IND AS) 33, IAS 33 Earnings per Share

Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I hereby  try to summarize various dimensions with regard to the following Accounting Standard. 1. The Accounting Standards related with “Earnings per Share.” A. Ind As -33 B. IAS-33 C....

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