GST Portal will not be available on Sep 1st for 5 hours

GST Portal will not be available on Sep 1st for 5 hours  as it will be under disaster management drill on September 1,2019 from midnight 1 a.m to morning 5 a.m. Plan your work accordingly.

From Sept 1, individuals must deduct TDS on payments to contractors, professionals: Know all about it

From September 1, 2019, an individual or HUF paying any sum to a contractor or a professional or commission or brokerage more than Rs 50 lakh in a financial year would be required to deduct tax at source (TDS) at the time of credit of such sum or at the time of payment of such sum; whichever is earlier. The government vide Finance Act (No 2) 2019, recently introduced section 194M in

Govt Panel Recommends 10% Tax For Income Between Rs 5 Lakh and Rs 10 Lakh, 20% Till Rs 20 Lakh

New Delhi: People earning between Rs 5 lakh and 10 lakh per year may have to pay 10 per cent income tax, if the recommendations of a high-level tax force set up by the government are accepted.
The task force on direct taxes has proposed radical changes in personal income tax slabs, according to

Chartered Accountancy Body ICAI Gives Big Relief To CA Students By Relaxing Mandatory 8 Month Study Period

Bangalore branch of ICAI. (Website/Justdial)

The Institute of Chartered Accountancy of India (ICAI) has relaxed the mandatory study period of eight months required for students to appear for the intermediate examination after successfully clearing the foundation test, Tax Scan has reported.
As per the report, the CA aspirants had to undergo a mandatory eight month study period which

GST/ IDT Case Law Update–4

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The last date for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement in FORM GSTR-9C for the financial year 2017-18 has been extended

The last date for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement in FORM GSTR-9C for the financial year 2017-18 has been extended from

RBI board accepts Jalan panel report, approves surplus transfer of Rs 1.76 lakh cr to govt

Mumbai: The Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee's recommendations and approved a surplus transfer of Rs 1.76 lakh crore to the government.
The surplus comprises Rs 1,23,414 crore for 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at its board meeting.
RBI, in consultation with the government had constituted an expert committee chaired by Bimal Jalan

New GST E- Invoice Format I GST Electronic Invoice

Gst-9 One Page Guide

Former Finance Minister Arun Jaitley dies: 10 highlights of his tenure

Former finance minister Arun Jaitley has died on August 24. During his tenure as Finance Minister from 2014 to 2019, Jaitley led many key financial reforms and initiatives.
Here is a look at his major contributions was at the helm of the Finance Ministry.
Implementation of the Goods and Services Tax (GST): The GST aimed to simplify India’s

Who should file Schedule Asset & Liabilities-AL in ITR

The government has been introducing various changes to the income tax return (ITR) amendments for reporting of assets and liabilities by taxpayers. Generally, a taxpayer carrying on business or profession is required to file details of assets and liabilities through a Balance Sheet in the ITR. Separately, in certain specific cases, the ITR has made it mandatory for taxpayers to disclose the

Expression Of Interest For Hiring Service Of Ca Firm As Internal Auditors

Expression Of Interest For Hiring Service Of Ca Firm As Internal Auditors.
Address :

Key announcements by FM Nirmala Sitharaman on Indian economy, FPIs, GST and Automobile

New Delhi: FM Nirmala Sitharaman on Friday announced withdrawal of enhanced surcharge on Foreign Portfolio Investments (FPIs), that was revealed during presentation of Union Budget 2019.
Addressing a press conference along with top finance ministry officials at National Media Centre in

Now FD interest, dividends, capital gains will come prefilled in new ITR

While ITR forms come with pre-filled personal details, bank account number and tax-paid information, very soon even investment data will come pre-filled
ITR Filing: In order to make filing of income tax returns easier, information on capital gains from equities or debt-related investments, dividend from mutual funds, interest on bank deposits and

Legacy Dispute Resolution Scheme notified; to be operationalized from 1st Sep'19

In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized from 1^st September 2019. The Scheme would continue till 31^st December 2019. Government expects

Availability of ITC for expenses incurred towards promotional schemes

Nature of business of Sanofi India Ltd.

1. Sanofi India Limited in India is engaged in business of sale of pharmaceutical goods and services through group entities. Sanofi has its head office in Mumbai and manufacturing unit at Goa and Ankleshwar. Sanofi also gets its products manufactured through Third party manufacturers who manufacture goods on Contract manufacturing basis. Further, Sanofi provides

GST Annual Return and GST audit (GSTR9 & GSTR9C) due date likely to be extended till November 30 2019

Taxpayers and tax professionals are struggling with compliance for F.Y. 2017-18 for filing the Annual Return called GSTR-9.

Various Professionals & Tax Consultants Association has submitted representation for Extension of Due date of GST Annaul Return and GST audit

CA institute launches survey on GST

The Institute of Chartered Accountants of India (ICAI) has launched a nationwide online survey on GST. 

According to K. Jalapathi, secretary of the Southern Region Council of the ICAI, the survey was launched a couple of days ago and will be open till August 31. Chartered Accountancy students, industries, and anyone working in areas

Multipurpose Empanelment Form (MEF) for the year 2019-20

Multipurpose Empanelment Form (MEF) for the year 2019-20.*

Professional Development Committee has made Multipurpose Empanelment Form (MEF) for the year 2019-20 live and is available at http://mef.icai.org/ for all practicing Chartered Accountants.

 

For the facilitation of members for submission of Multipurpose Empanelment Form for the year

How to resolve technical glitches while uploading GSTR-9C?

Arjuna (Fictional Character): Krishna, GST department has come out with statistics that only 1% of GST Audit Report for the financial year 2017-18 has been filed. As the due date for filing such Audit report is approaching which is 31st August, 2019. Even Government is worried for such

GST Helpdesk response to GSTR9C JSON Issue

After all GST Helpdesk responded on the issue. Following reply received from Helpdesk against one of the complaint of my client. 

Dear Sir/Madam,

Below mentioned ticket has been Resolved

Ticket Number : 20190820675xxx5

Ticket Raised by :Axxxx Kxxx

Resolution Remark :  

New Income-tax Bill: Key recommendations in Task Force's Report

New Income-tax Bill: Key recommendations in Task Force's Report

The Government has constituted a task force in November 2017 to draft a new direct tax laws in consonance with economic needs of the country. The proposed new Income-tax law, if accepted, will replace the existing Income-tax Act, 1961 which is a 58 years old legislation. The task force headed

‘Big Four’ may face CCI probe as govt addresses 'gatekeeping' concerns

The Centre is seeking a Competition Commission of India probe into “gatekeeping” by the “Big Four” - KPMG, Ernst & Young, Deloitte and PwC— following concerns that they created entry barriers for domestic firms, ETNow reports.
As per the report, the government believes that these auditing firms used their dominant position to undertake unfair practices that hindered the growth of smaller, domestic firms. Around 60 percent of

Corporation Bank offers CA mere Rs.12000 p.m. for carrying out Concurrent audit of its branch

https://prime.economictimes.indiatimes.com/news/70779403/corporate-governance/audit-for-inr12000-a-month-that-will-be-a-sham-warn-cas-and-seek-fee-reforms-

HOW TO FILE GSTR-9C USING OFFLINE UTILITY

Income Tax Chart -2019

Stern action if GST returns are not filed, warns Chief Commissioner

Taxpayers should file their GST returns for 2017-18 by August 31 and failure to do so will attract very severe consequences, including hefty penalty, Chief Commissioner of Customs and CGST Visakhapatnam Zone, Naresh Penumaka, has said.
Though only 15 days of time was left, 80% of traders have not filed it so far. It involved a

Key highlights of today’s meeting between the FM and Prime Minister Modi

*Key highlights of today’s meeting between the FM and Prime Minister Modi*

#Prime minister agrees that there is a strong need for the growth revival and the government will go to any extend to get the economy  back on track .

#Government strongly believes that a vibrant capital market is a must to achieve its divestment target .

# The proposed surcharge on the FPIs to be reversed .

# Long term capital gain tax to be enhanced to 3 years .

# slowdown in the auto sector is eminent .

 Government worried about the job losses .

 GST rate to be slashed to 18% across all auto segments .


# A one time stimulus package for the real estate developers is being worked up on .

Prime minister has asked the finance ministry to roll out these measures by the weekend .

80% of taxpayers fail to file GST returns for FY18

The Central Board of Indirect Taxes and Customs Chairman Pranab K Das in a letter to all top officials across the country is said to have encouraged them to initiate an outreach

Only 19.3 lakh out of the 90 lakh taxpayers, who had to file their GST returns (forms 9, 9A and 9C) have done so by the August 3 deadline, reports The Times of India.
This means 80 percent tax filers did not file their GST returns for FY18 despite repeated deadline extensions. The latter has now again been extended till August 31.
The Central Board of Indirect Taxes and Customs Chairman Pranab K Das in a letter to all top

GST PORTAL NEW FEATURE NEW GST RETURNS ENABLED | HOW TO CHOOSE NEW GST RETURN SAHAJ SUGAM QUARTERLY

E-ITR forms updated post the extension of deadline to file ITR

Everyone knows that deadline to file income tax returns has been extended to August 31, but did you know that changes have been made to the ITR forms itself. Yes, in tandem with the deadline extension, similar changes have been made in the ITR forms to make sure that taxpayers do not face

Cheque-bounce charge to attract GST, rules AAAR

Charges levied in case of cheque bounce will attract Goods & Services Tax (GST), says a ruling by Maharashtra’s Appellate Authority for Advance Ruling (AAAR).

New circulars

Accordingly, AAAR has upheld the ruling by the Authority by Advance Ruling (AAR). Technically