ICAI submitted to CBIC that The system of providing separate login id to the Chartered Accountant is working very smoothly under Income Tax whereas Offline facility available under GST has some shortcoming like error in applying DSC, long time for uploading Audit File. Accordingly, your goodself is requested to adopt this system of separate login […]
In re Sterlite Technologies Ltd (GST AAR Gujarat) The Gujarat bench of Authority for Advance Ruling recently passed a ruling in case of M/s. Sterlite Technologies Ltd (applicant) which brought a sense of ambiguity in the minds of taxpayers. The Applicant sought advance ruling on two transactions which it propose to undertake. However, In this […]
CBIC vide press release dated 14 March 2020 stated that No Late fees for delayed filing of the Annual Return for the financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores. Before this, filing of GSTR 9 was made optional for those with a turnover of less than Rs 2 crores […]
Amid huge expectations from GST council from 39th meeting held on 14.03.2020, GST Council has recommended various changes in GST law to facilitate trade and industry at large. We present to you top 13 takeways from GST council meeting at New Delhi: 1. Interest on delayed payment to be calculated on net GST liability Council […]
a. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively). b. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).
Article covers Some Important Aspects of HUF Under Income Tax, 1961 which includes Partition of HUF under Income Tax Act, 1961 and its assessment after Partition, Residential Status of HUF, Taxability of Income from house property in the name of HUF, Proprietorship and Partnership by HUF, Capital Gain Exemption available to HUF, Deductions under Chapter […]
New Penal provisions under Income tax Act Section 271AAD and under GST Section 122(1A) for No entry or false entry in Books of accounts and its consequences The finance bill 2020 has introduced new penal provisions under the Income Tax Act and GST. The reason for introduction of the same is In the recent past […]
The Ministry of Corporate Affairs has provided a one time opportunity to the LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future by introducing LLP Settlement Scheme, 2020 vide General Circular No 02/2020 dated 4th March, 2020 which will be applicable from 16th March, 2020 to 13th June, 2020.
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The Finance Minister presented her Second Budget on 1st February, 2020. This budget was presented in the backdrop of economic slowdown. The Indian economy which was supposed to grow at the rate of 6.8% during 2019-2020 has been projected to come down to growth rate of 5.0%.
