Council made the following recommendations:- To raise the GST rate on Mobile Phones and specified parts presently attracting 12% to 18%. To deliberate the issue of calibrating the rate in other items for removing inversion in future meetings with further consultation and examination of issue.
a. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively). b. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).
We are at a point where we need to bring aviation turbine fuel under GST and by and large there is acknowledgement from across states to make it happen- Hardeep Singh Puri
Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family property solely for the reason that there is no other male or female member at a particular point of time. Once the co-parcener marries, an HUF comes into existence as he alongwith his wife constitutes a Joint Hindu Family as held in the case of Prem Kumar v. CIT , 121 ITR 347 (All.)
In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the objectives of transparency & investor friendliness in corporate environment of the country, the Central Government has recently amended the provisions related to NIDHI under the Companies Act and the Rules (effective from 15.08.2019).
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.01.2020. There will be an increase of 4 percent over the existing rate of 17 percent of the Basic Pay/Pension, to compensate for price rise.
In view the ongoing outbreak of COVID-19 (Corona Virus) and concern of the logistics for COVID-19 management particularly during last couple of weeks and that masks (2 ply & 3 ply surgical masks, N95 masks) and hand sanitizers have been noted to be either not available with most of the vendors in the market or are available with great difficulty at exorbitant prices, Government has notified an Order under the Essential Commodities Act to declare these items as Essential Commodities up to 30th June, 2020 by amending the Schedule of the Essential Commodities Act, 1955.
In view of the recent media reports as regards certain systemic issues with respect to Yes Bank, Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) has decided to take up the review of general purpose financial statements of Yes Bank for Financial Year 2017 – 18 and 2018 – 19.
In order to achieve a two-pronged target of curbing the circulation of black money and widening tax base, the government has recently notified changes in the monetary limits that will require mandatory quoting of PAN. The finance ministry has also rationalized the monetary limits for certain transactions requiring mandatory quoting of PAN.
Article covers Some Important Aspects of HUF Under Income Tax, 1961 which includes Partition of HUF under Income Tax Act, 1961 and its assessment after Partition, Residential Status of HUF, Taxability of Income from house property in the name of HUF, Proprietorship and Partnership by HUF, Capital Gain Exemption available to HUF, Deductions under Chapter […]
