DIRECT TAXES UPDATES FOR OCTOBER 2019 Recent CBDT circulars/ notifications/ rules/ clarifications/News/Order ♦ Clarifications in respect of option exercised under section 115BAA (related to lower rate of 22%) inserted through The Taxation Laws (Amendment) Ordinance, 2019- related to allowability of brought forward loss on account of additional depreciation; and allowability of brought forward MAT credit. […]
Section 135 of the Act is applicable on every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more, or a net profit of rupees five crore or more, during immediately preceding financial year.
With the end of ITR Filing season, now the assessee has starts receiving their claimed refund from Income Tax Department. Individuals who have filed their ITR’s before 31st August, 2019 has almost received their refunds. Because, this time, to lower the interest burden on government treasury, Income Tax department has processed refund cases on Priority basis.
To improve and simply, GST Council approved concept of new simplified format of GST returns in its 28th GST Council meeting held on 21st JULY,2018. Revised Formats are proposed to implement with effect from 1st April,2019 on trial basis and if it operates well then such formats will become mandatory with effect from 1st July,2019, […]
ANALYSIS ITC CAPPED BY 20% OF ELIGIBLE ITC OF GSTR 2A CBIC by Notification No. 49/2019 – Central tax – dated 09 October, 2019 it has placed a cap on availment of Input Tax Credit (‘ITC’) to the extent to 20% of eligible input invoices or debit notes. TABLE FOR ABOVE UNDERSTANDING Sr. No Particulars […]
In today’s article, we are going to discuss a very good initiative taken by the Government of India to help MSME Enterprises to file a complaint against the person who defaults in making payment after the decided time period. The prerequisite for filing an application under MSME SAMADHAAN, your enterprises must be covered under the MSMED Act, 2006 and you have a valid Udyog Aadhar Number.
“Ethics is knowing the difference between what you have a right to do and what is right to do.” Increasing stakeholder’s activism has stimulated the role of Independent Directors. It has been decided in the case of “Central Government vs Sterling Holiday Resorts (India) Ltd. and Ors” that “Independent Directors should be appointed to strengthen […]
After the passage of more than 2 Years of GST Implementation, now GST Department becomes active in relation to GST Defaulters and starts cancelling GST Registration of GST Defaulters which may be in form GST Return Defaulters, GST Bogus Dealers issuing Fake GST Invoices etc. In Today’s article, we will discuss GST Cancellation and Revocation […]
Income Tax Notifications, Circulars, Order for the Month of October 2019 a. Circular 1. Circular no. 29/2019 dated 2nd October 2019– Clarifications in respect of option exercised under section 115BAA (related to lower rate of 22%) inserted through The Taxation Laws (Amendment) Ordinance, 2019– related to allowability of brought forward loss on account of additional […]
Form 15CA is a declaration of remitter used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective information processing system which may be utilized by the Income tax Department to independently track the foreign remittances and their nature to determine tax liability.
