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Archive: 03 October 2020

Posts in 03 October 2020

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

May 15, 2024 6447 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.

Recent Updates In GST till 02nd October 2020

October 3, 2020 46749 Views 14 comments Print

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 […]

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

October 3, 2020 35556 Views 4 comments Print

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 […]

Depreciation on car Registered in partners or directors name

October 3, 2020 87348 Views 6 comments Print

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.

Submission of ITR V and Related FAQs

October 3, 2020 63680 Views 64 comments Print

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 assessee and filed with an E-Return Intermediary (ERI), who, in turn, submits the return to the Income Tax Department under his digital signature, will also be deemed to have been filed under a digital signature of the assessee and no Form ITR-V is required to be submitted. In such cases, the date of electronic transmission of the data in the return shall be the date of furnishing the return.

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

October 3, 2020 47544 Views 9 comments Print

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 […]

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

October 3, 2020 172928 Views 20 comments Print

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 seen on the link given below:-

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

October 3, 2020 33864 Views 0 comment Print

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 the Finance Act, 2001

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

October 3, 2020 1665 Views 0 comment Print

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 which may […]

How To Record Expected Credit Loss

October 3, 2020 32787 Views 1 comment Print

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. […]

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

October 3, 2020 27507 Views 0 comment Print

Gain a comprehensive understanding of Indian Accounting Standard (IND AS) 33 and IAS 33 Earnings per Share. Learn about the practical applications and differences between these accounting standards.

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