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. […]
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 […]
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.
Introduction Central Board of Indirect tax and Customs (‘CBIC’) has released Notification No. 49/2019 – Central tax – dated 09 October, 2019 wherein vide Rule 36(4) of the Central Goods and Services tax Rules, 2017 (‘CGST Rules, 2017’) it has placed a cap on availment of Input Tax Credit (‘ITC’) to the extent to 20% […]
The section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. It is applicable in respect of eligible business / (es) carried by an eligible assessee.
ICSI received many requests from companies/ professionals for extension of last date for filing of annual forms due to the following reasons:
This Circular gives guidelines on issues such as allowing transitional credits under GST, as per revised return, verification of CST declarations, verification of MVAT credit etc.
Representation with respect to newly inserted sub-rule (4) of Rule 36 of the Central Goods and Services Tax Rules 2017- and 5 issues on which CBIC needs to issue Immediate clarification – Impact on small suppliers filing GSTR 1 on quarterly basis, Input tax Credit differences arising out of month end movement of goods or services, Input Tax Credit reclaimed as reversed under Section 16(2), Absence of mechanism of verification of ineligible credits and Absence of matching tool shall put constrains on taxpayer resources.
Extension of last date for filing of Form No. IEPF – 1A under the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
CBIC has recently issued notification no. 49/2019-CT dated 9 October 2019, through which sub-rule (4) has been inserted in section 36 of the Central Goods and Services Tax Rules, 2017. By virtue of the said insertion, a restriction has been imposed on the taxpayers for availing input tax credit (ITC). ITC of unmatched credits, can […]
