Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rule 12 vide Notification No. 32/2019-Income Tax Dated 01/04/2019 for ready reference of our readers. Changes are Marked in Red Coloure. Rule 12 of Income Tax Rules as applicable from 01st April 2019 i.e. for Income Tax Return of Assessment […]
Within a few months of the GST implementation there was a flood of amendment notifications and one of them concerns GST Audit and GST Returns. The last date of filing of GSTR 9 i.e. the Annual Return has been revised and finalized as 30th June 2019 i.e. return for the period July 2017- March 2018 is 30th June 2019. Prior this the return was required to be filed by 31st Dec 2018 which was extended to 30th June 2019 during 31st GST Council Meeting held on 22nd Dec 2018.
To ensure Compliance, every company incorporated on or before 31.12.17 is required to file the e-form INC-22A-Active Company Tagging Identities and Verification (ACTIVE).
Reassessment was rightly opened under section 147 by AO as he had received fresh and tangible material being incriminating information from DGIT(Inv.) which in turn was based on incriminating information received from VAT authorities that assessee to be beneficiary of alleged bogus purchases and it was sufficient to reopen concluded assessment within the parameters of section 147.
Deduction u/s 80IA eligible when herbal product is manufactured from herbs, manually and with the use of some chemicals and small machinery.
Since assessee failed to demonstrate that the conditions of the bid for purchase of gold jewellery required assessee to effect payments in cash and there was no explanation as to what stopped assessee from effecting payments through banking channel, therefore, AO was justified in disallowing the cash purchase of jewellery under section 40A(3).
Merely because the investment was considerably large and as noted, several corporate structures were either created or came into play in routing the investment in the assessee through P5AHIML would not be sufficient to brand the transaction as colourable device.
Attention is invited to notification No. 02/2019-Central Tax (Rate) dated 07.03.2019 which prescribes rate of central tax of 3% on first supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year,
Attention of all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters – hyphen or dash and slash symbolized […]
Where payments in the nature of royalty/fee for technical services (FTS) were made to non -residents, an order u/s. 201 passed after one year from the end of the financial year in which the proceedings were initiated was void ab initio and liable to be quashed.
