Paragraph 5.7.1 of Ind AS 109 requires a gain or loss on a financial asset that is measured at fair value to be recognised in profit or loss – though there are some exceptions to this general requirement, these are not applicable in the case under discussion.
Joint Council of Action has always demanded for early issuance of Annual General Transfer orders (both at the Board level as well as local level) so that the transferred officers and staff members can settle down in their new places of posting from the beginning of the Financial Year and discharge their duties optimaly.
DPIIT accepts applications and declarations from Startups applying for Angel Tax Exemption and on the receipt of the same DPIIT forwards these applications to CBDT. As on 21st June, 2019 a total of 944 applications for Angel Tax Exemption have been received. Thirty-nine applications have been found to be incomplete, and 203 applications were repeat or modified applications. CBDT has exempted 702 startups under this provision.
GST Collections The Tax Collection in April, 2019 has been the highest ever in a particular month i.e. Rs. 1,13,865 crore since GST implementation. It is usually noticed that there will be a jump in the tax collection in the last month of Financial Year as tax payers try to pay arrears of some of […]
Article 279A (5) of the Constitution provides that Goods and Services Tax Council shall recommend the date on which goods and services tax shall be levied on petroleum crude, high speed diesel, motor spirit, natural gas and aviation turbine fuel. Thus while, petroleum products are constitutionally included under GST, the date on which GST shall […]
A. Taxpayers are requested to note the followings in connection with pre-filling of ITRs- 1.Pre-filling of ITR is only for the taxpayer’s convenience. Taxpayers should verify the pre-filled data carefully and add any other taxable income which is not pre-filled. 2.Last date for filing of TDS statement and issue of TDS certificate by Deductor is […]
1. Normal and Composition taxpayer can now apply for GST registration, while applying for incorporation of company on MCA Portal. Thus, once a new company applies for its incorporation/ registration with MCA, they can also apply for registration under GST, in SPICe-AGILE form, by furnishing additional information in addendum. 2. The Director signing the SPICe-AGILE […]
Former Superintendent of Central Excise & Customs Sentenced In A DA Case The Designated Court, CBI Cases, Ernakulam (Kerala) has convicted Shri T. Gopalakrishnan, former Superintendent of Central Excise & Customs, Cochin U/s 13(2) r/w 13(1)(e) of PC Act and sentenced him to undergo two years Simple Imprisonment with fine of Rs. 26,50,000/- in a […]
The Auditor’s Certificate is mandatory only in case of return of deposits. For filing particulars of transactions not considered as deposits information contained therein as on 31st March of that year need not be from the duly audited Financial Statement.
CPC 2.0 Project envisages pre-filling of ITRs by the Income-tax Department and its acceptance by the taxpayer so as to improve accuracy of information contained in the Return and drastically reduce the existing turnaround time taken in processing of Returns and issuance of refunds.
