Article explains How to Download TRACES PDF Generation Utility, Procedure to install TRACES PDF Generation Utility and Procedure to convert text file into PDF. Article also provides link from where such Utilities can be downloaded. Article explains how TRACES PDF Generation Utility should be used to convert text file for Form 16 / 16A into […]
It is hereby notified that the deposits made under the Senior Citizens Welfare Fund, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. G.S.R. 322(E) dated 18th March, 2016, shall with effect from 1st April, 2019 to 31st March, 2020, bear interest at 6.85% (Six point eight five percent). This rate will be in force with effect from 1st April, 2019.
Higher rate of depreciation was allowable on ATM machines as these machines was to be treated as “Computers” for the purpose of Section 32 of the Income Tax Act, 1961.
(i) that the functioning of the Benches for a period from 17.3.2020 to 27.3.2020 shall be restricted to only urgent matters; (ii) that the Authorized Representatives or parties in person may mention their matters showing their urgency before the concerned Bench and upon the satisfaction of urgency, the Bench shall hear such matters;
Since there was no material available before AO that assessee had paid anything more than what was mentioned in the sale deed, therefore, no addition was warranted in the instant case by invoking the provisions of section 69.
Addition by AO under section 41(1) as liability of ‘Trade Payables’ written off was not justified as the balance-sheets filed by assessee were neither signed by the Auditor nor by the Director and, therefore, the same were not reliable and assessee had failed to produce any confirmation to the effect that the assessee received payment from M/s. O as interest free unsecured loan.
Central Board of Indirect Taxes notifies Rate of exchange of one unit of Australian Dollar equivalent to Indian rupees with effect from 17th March, 2020 vide Notification No. 25/2020-Customs (N.T.) dated the 16th March, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 25/2020–Customs […]
Under valuation of a good in the invoice could not be a ground for detention of the goods and vehicle for a proceeding to be drawn under Section 129 of the Central Goods and Service Tax Act, 2017 read with Rule 138 of the Central Goods and Service Tax Rules, 2017.
The Ministry of Corporate Affairs has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020 which is applicable for audits of financial statements for the financial years beginning on or after 1st April, 2019. We hereby inform you that the Auditing and Assurance Standards Board of ICAI is in the process […]
The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tendu leaves, scrap, mineral being coal or lignite or iron ore, bullion etc. in cash exceeding two lakh rupees.
