The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Friday, January 31, 2020
Thursday, January 30, 2020
Late Night hearings by CIT (Appeals) Reduces Working Efficiency, Resulting into Misleading Order: ITAT
The Income Tax Appellate Tribunal (ITAT) in the case of Shri Shanmugam Senthilkumar vs. The Income Tax Officer ordered Commissioner of Income Tax
(Appeals) to elaborate on the reasons for the late-night hearing which
was considered as a breach of onerous duty as it reduces working
Wednesday, January 29, 2020
Tuesday, January 28, 2020
Monday, January 27, 2020
Sunday, January 26, 2020
REPRESENTATION FOR EXTENSION OF DUE DATE FOR FILING OF ANNUAL RETURN IN FORM GSTR-9, 9A, 9B AND AUDIT REPORT IN FORM GSTR-9C
REPRESENTATION FOR EXTENSION OF DUE DATE FOR FILING OF ANNUAL
RETURN IN FORM GSTR-9, 9A, 9B AND AUDIT REPORT IN FORM GSTR-9C.
"REPRESENTATION
There is sufficient cause and need for the
extension of filing of Annual Forms GSTR-9, 9A, 9B and 9C for a
reasonable period of time to give justice to the correctness of returns,
considering the need for reconciliations state-wise. The reasons for
the request are as
Builders cannot charge for open car parkings: RERA
They fall under RERA definition of common areas, says regulator.
The Maharashtra
Real Estate Regulatory Authority (Maha-RERA) has ruled that open parking spaces fall within the definition of common areas in the Real Estate (Regulation and Development) Act, and hence developers cannot
The Maharashtra
Real Estate Regulatory Authority (Maha-RERA) has ruled that open parking spaces fall within the definition of common areas in the Real Estate (Regulation and Development) Act, and hence developers cannot
Saturday, January 25, 2020
Reply format for notice received under section 16(4) of the CGST Act, 2017
Date :
(Date of Reply)
To,
(Mention designation of official)
(Mention jurisdiction of client’s office at
department jurisdiction)
IN THE MATTER OF :
(Mention name and address of firm)
Sub.: Reply to your notice under section
16(4) of the CGST Act, 2017
MCA to shortly notify & deploy a new Web Form christened 'SPICe+' for companies
Taking a step towards improving ease of doing business environment in
the country, the Ministry of Corporate Affairs would be shortly
notifying and deploying a new Web
E way bill portal is linked to *Vahan* portal
*E way bill alert....*
E way bill portal is linked to *Vahan* portal now...
Please ensure to enter correct vehicle number, else Eway bill generated will be invalid because of wrong particulars 👆
E way bill portal is linked to *Vahan* portal now...
Please ensure to enter correct vehicle number, else Eway bill generated will be invalid because of wrong particulars 👆
Friday, January 24, 2020
ANSARI SAXENA & CO looking to get into partnership with Chartered accountants
We are looking to get into partnership with Chartered accountants who wish to restart/boost up their career in practice without changing their own locations and are desirous to join together in making a Multi-State Firm in the First Phase and a Multi-Nation Firm thereafter.
Ours is a 8 year old CA Firm headquatered at
RfP for appointment of Consulting Entity for updation of existing Internal Audit Manual of IIFCL
Request for Proposal(RfP) for
appointment of Consulting Entity for updation of existing Internal Audit
Manual of IIFCL based upon Risk based Internal Audit (RBIA) approach
& handholding support for conducting one quarter Internal
Audit
Address :
Address :
Engagement of a CA firm as Internal Auditor of NHAI
-
Jan, 30 2020
-
National Highways Authority of India, New Delhi, Delhi
Engagement of a CA firm as Internal Auditor of NHAI, HQ at New Delhi
Address :
SEBI likely seek forensic audit of Infosys
Markets watchdog Sebi is likely to call for a forensic audit of the books of Infosys as it continues to probe whistleblower allegations of alleged financial irregularities at the company, according to sources.
Wednesday, January 22, 2020
Finance Ministry announces 3 Due Dates for filing GSTR-3B for different categories of Taxpayers
The Finance Ministry has announced the three due dates for filing GSTR-3B for different categories of Taxpayers.
The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Considering the difficulties faced by trade and
Monday, January 20, 2020
Now CA/CS degree becomes minimum eligibili criteria for opening a petrol pump in urban India
Fund Requirement to Set-up an Oil Firm in India
Operating a petrol pump is one of the leading business projects at the moment. There are many concerns such as expenses to operate a fuel station, the license approval process, land specifications, etc. Numerous oil firms, such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL), Indian Oil (IOCL), Essar Oil or any other oil company, offer their dealership to the interested folks. Therefore, several prospects for the opening of petroleum pumps in India are expected in 2020. Several people do not know how to open the petrol pump in the nation or respective state, because they do
Sunday, January 19, 2020
Bank unions call for two-day strike from January 31
Bank unions on Wednesday called for a two-day nationwide strike on January 31 and February 1 after talks over wage revision failed to make headway with the Indian Banks' Association (IBA).
The United Forum of Bank Unions(UFBU), which represents nine trade unions,
The United Forum of Bank Unions(UFBU), which represents nine trade unions,
Saturday, January 18, 2020
REGISTER FOR EXCLUSIVE SIXTH WEEKEND BATCH OF SPANISH LANGUAGE (60 HOURS) FOR ICAI MEMBERS AND STUDENTS
The Institute of Chartered Accountants of India (ICAI), through its Committee for Export of CA Services & WTO had made a tie up through Instituto Cervantes, Spanish Embassy Cultural Centre,
to promote Spanish language amongst its members and students in order
to overcome language barriers abroad. The sixth weekend batch of the
Spanish language course (level A1.1- for
|
Is KV Kamath India’s next finance minister in making?
BCCL
Kamath has been the Chairman of ICICI Bank and Infosys and is well networked in India Inc.
BRICS Bank Chairman KV Kamathand BJP Rajya Sabha MP Swapan Dasgupta are among the technocrats likely to be inducted into the council of ministers by
Friday, January 17, 2020
Transitional Credit of EC, SHEC & KKC can be carried forward under GST regime: High Court
Transitional Credit of EC, SHEC & KKC can be carried forward under GST regime: High Court
[Sutherland Global Services (P.) Ltd. v.Asst. Commissioner CGST & Central Excise [2019] 111 taxmann.com 264 (Madras)]
The Madras High Court has allowed the writ petition filed by Sutherland Global against notice issued asking them to reverse the transitional credit of Education Cess (EC), Secondary and Higher
[Sutherland Global Services (P.) Ltd. v.Asst. Commissioner CGST & Central Excise [2019] 111 taxmann.com 264 (Madras)]
The Madras High Court has allowed the writ petition filed by Sutherland Global against notice issued asking them to reverse the transitional credit of Education Cess (EC), Secondary and Higher
Unutilized accumulated input tax credit of notified goods on account of inverted duty structure shall not lapse: High Court
Unutilized accumulated input tax credit of notified goods on account of inverted duty structure shall not lapse: High Court
[Shabnam Petrofils (P.) Ltd. v.. Union of India [2019] 108 taxmann.com 15 (Gujarat)]
The applicant was a manufacturer and seller of textile goods. It filed a Special Civil Application before the Gujarat High Court challenging the provisions of the CGST Act, 2017, notification and
[Shabnam Petrofils (P.) Ltd. v.. Union of India [2019] 108 taxmann.com 15 (Gujarat)]
The applicant was a manufacturer and seller of textile goods. It filed a Special Civil Application before the Gujarat High Court challenging the provisions of the CGST Act, 2017, notification and
Manual rectification of Form GSTR-3B allowed by the High Court
Manual rectification of Form GSTR-3B allowed by the High Court
[Panduranga Stone Crushers v. Union of India [2019] 108 taxmann.com 511 (Andhra Pradesh)]
The High Court by way of an interim order permitted the assessee to rectify Form GSTR-3B
[Panduranga Stone Crushers v. Union of India [2019] 108 taxmann.com 511 (Andhra Pradesh)]
The High Court by way of an interim order permitted the assessee to rectify Form GSTR-3B
Manual rectification of Form GSTR-1 allowed by the High Court
Manual rectification of Form GSTR-1 allowed by the High Court
[Vadehra Builders (P.) Ltd. v. Union of India [2019] 111 taxmann.com 330 (Delhi)]
Taking the view considered by the High Court of Andhra Pradesh in Panduranga Stone Crushers v. Union of India[2019] 108 taxmann.com 511 (Andhra Pradesh)], wherein the Court permitted the
[Vadehra Builders (P.) Ltd. v. Union of India [2019] 111 taxmann.com 330 (Delhi)]
Taking the view considered by the High Court of Andhra Pradesh in Panduranga Stone Crushers v. Union of India[2019] 108 taxmann.com 511 (Andhra Pradesh)], wherein the Court permitted the
ITC on goods/services used in construction of mall can be used against GST payable on rental income: High Court
ITC on goods/services used in construction of mall can be used against GST payable on rental income: High Court
[Safari Retreats (P.) Ltd. v. Chief Commissioner of CGST [2019] 105 taxmann.com 324 (Orissa)]
The petitioner was engaged in construction of shopping malls and letting out of the shops so constructed. For construction purpose, materials and other inputs in the form of cement, sand, steel, electric equipments and services in the form of consultancy, architectural, legal services, etc., were
[Safari Retreats (P.) Ltd. v. Chief Commissioner of CGST [2019] 105 taxmann.com 324 (Orissa)]
The petitioner was engaged in construction of shopping malls and letting out of the shops so constructed. For construction purpose, materials and other inputs in the form of cement, sand, steel, electric equipments and services in the form of consultancy, architectural, legal services, etc., were
Online fantasy sports game is a 'game of skill' and subject to 18% GST: Bombay High Court
Online fantasy sports game is a 'game of skill' and subject to 18% GST: Bombay High Court
[Gurdeep Singh Sachar v. Union of India [2019] 106 taxmann.com 290 (Bombay)]
The petitioner filed Public Interest Litigation (PIL) to initiate criminal prosecution against the Company Dream 11 Fantasy Pvt. Ltd., for conducting illegal operations of gambling/betting
[Gurdeep Singh Sachar v. Union of India [2019] 106 taxmann.com 290 (Bombay)]
The petitioner filed Public Interest Litigation (PIL) to initiate criminal prosecution against the Company Dream 11 Fantasy Pvt. Ltd., for conducting illegal operations of gambling/betting
Sale of goods from Duty Free shops located at International Airports constitutes 'export': High Court
Sale of goods from Duty Free shops located at International Airports constitutes 'export': High Court
[Sandeep Patil v. Union of India- [2019] 110 taxmann.com 155 (Bombay)]
The assessee sells goods to international passengers from duty free shops (DFS) situated in international airport at Mumbai. Such goods are mainly imported or procured from SEZ units in India and are sold before they cross customs barriers. The assessee had challenged the order passed by the
[Sandeep Patil v. Union of India- [2019] 110 taxmann.com 155 (Bombay)]
The assessee sells goods to international passengers from duty free shops (DFS) situated in international airport at Mumbai. Such goods are mainly imported or procured from SEZ units in India and are sold before they cross customs barriers. The assessee had challenged the order passed by the
Anti-profiteering provisions attracted for adopting incorrect methodology to pass on benefit of rate reduction: NAA
Anti-profiteering provisions attracted for adopting incorrect methodology to pass on benefit of rate reduction: NAA
[Director General of Anti-profiteering v.Nestle India Ltd. [2019] 112 taxmann.com 202 (NAA)]
The respondent is a subsidiary of Nestle group and is engaged in manufacturing and sale of various food products including coffee, noodles, chocolates, etc. GST rates on several products supplied by the respondent were reduced from 28% to 18% w.e.f 15.11.2017 and from 18% to 12% w.e.f from
[Director General of Anti-profiteering v.Nestle India Ltd. [2019] 112 taxmann.com 202 (NAA)]
The respondent is a subsidiary of Nestle group and is engaged in manufacturing and sale of various food products including coffee, noodles, chocolates, etc. GST rates on several products supplied by the respondent were reduced from 28% to 18% w.e.f 15.11.2017 and from 18% to 12% w.e.f from
NAPA's order quashed by the High Court as all members signing the order were not present for hearing
NAPA's order quashed by the High Court as all members signing the order were not present for hearing
[Hardcastle Restaurants (P.) Ltd. v.Union of India.- [2019] 110 taxmann.com 410 (Bombay)]
The National Anti-Profiteering Authority (NAPA) ruled that the assessee derived profit of Rs. 7.49
[Hardcastle Restaurants (P.) Ltd. v.Union of India.- [2019] 110 taxmann.com 410 (Bombay)]
The National Anti-Profiteering Authority (NAPA) ruled that the assessee derived profit of Rs. 7.49
Writ petitions could not be filed before HC against seizure orders: SC
Writ petitions could not be filed before HC against seizure orders: SC
[State of Uttar Pradesh v. Kay Pan Fragrance (P.) Ltd. [2019] 112 taxmann.com 81 (SC)]
The appeal was filed against the interim orders passed by the High Court directing the State to release the seized goods on deposit of security or on furnishing of indemnity bond equal to tax and penalty to
[State of Uttar Pradesh v. Kay Pan Fragrance (P.) Ltd. [2019] 112 taxmann.com 81 (SC)]
The appeal was filed against the interim orders passed by the High Court directing the State to release the seized goods on deposit of security or on furnishing of indemnity bond equal to tax and penalty to
Restaurant & sweetshop operated from same premises are not 'Composite Supplies' of restaurant services: AAAR
Restaurant & sweetshop operated from same premises are not 'Composite Supplies' of restaurant services: AAAR
[Kundan Misthan Bhandar, In re [2019] 105 taxmann.com 364 (AAAR-Uttarakhand)]
The applicant is running sweetshop and a restaurant in two distinctly marked separate parts of the same premises and also maintaining separate accounts and billings for the two types of businesses. It
[Kundan Misthan Bhandar, In re [2019] 105 taxmann.com 364 (AAAR-Uttarakhand)]
The applicant is running sweetshop and a restaurant in two distinctly marked separate parts of the same premises and also maintaining separate accounts and billings for the two types of businesses. It
Royalty paid to obtain license for mining lease from govt. for exploration of natural resources to be taxed at the rate of 18% GST: AAAR
Royalty paid to obtain license for mining lease from govt. for exploration of natural resources to be taxed at the rate of 18% GST: AAAR
[Aravali Polyart (P.) Ltd., In re [2019] 108 taxmann.com 373 (AAAR-Rajasthan)]
The applicant is engaged in mining of soapstone and dolomite in Rajasthan on the land taken on lease for which it is required to pay royalty to the State Government. It has sought an Advance Ruling to determine the applicable GST rate on leasing services provided by the State Government for which
[Aravali Polyart (P.) Ltd., In re [2019] 108 taxmann.com 373 (AAAR-Rajasthan)]
The applicant is engaged in mining of soapstone and dolomite in Rajasthan on the land taken on lease for which it is required to pay royalty to the State Government. It has sought an Advance Ruling to determine the applicable GST rate on leasing services provided by the State Government for which
GST not leviable on services provided by Court Receiver: High Court
GST not leviable on services provided by Court Receiver: High Court
[Bai Mamubai Trust v. Suchitra [2019] 109 taxmann.com 300 (Bombay)]
The issue was raised before the High Court of Bombay to determine the applicability of GST on services or assistance rendered by the Court Receiver appointed by the Court under Order XL of
[Bai Mamubai Trust v. Suchitra [2019] 109 taxmann.com 300 (Bombay)]
The issue was raised before the High Court of Bombay to determine the applicability of GST on services or assistance rendered by the Court Receiver appointed by the Court under Order XL of
Persons Registered in a particular State can't claim credit of GST paid on hotel services availed in other State: AAAR
Persons Registered in a particular State can't claim credit of GST paid on hotel services availed in other State: AAAR
[IMF Cognitive Technology (P.) Ltd., In re [2019] 108 taxmann.com 412 (AAAR-Rajasthan)]
The applicant is engaged in development, designing and trading of all types of computer software. It procures hotel services in the Haryana State on which hotel collects Central GST and State GST of
[IMF Cognitive Technology (P.) Ltd., In re [2019] 108 taxmann.com 412 (AAAR-Rajasthan)]
The applicant is engaged in development, designing and trading of all types of computer software. It procures hotel services in the Haryana State on which hotel collects Central GST and State GST of
Benefit of transitional credit could not be denied due to non-filing of Tran-1 within due date: High Court
Benefit of transitional credit could not be denied due to non-filing of Tran-1 within due date: High Court
[Siddharth Enterprises v. Nodal Officer [2019] 109 taxmann.com 62 (Gujarat)]
The assessee filed a writ petition before the Gujarat High Court to permit it to file declaration in Tran-1 and Tran-2 for availing of transitional credit of eligible duties of the inputs held in stock on the GST implementation date, i.e., 01-07-2017. The assessee submitted that the declaration in Tran-1
[Siddharth Enterprises v. Nodal Officer [2019] 109 taxmann.com 62 (Gujarat)]
The assessee filed a writ petition before the Gujarat High Court to permit it to file declaration in Tran-1 and Tran-2 for availing of transitional credit of eligible duties of the inputs held in stock on the GST implementation date, i.e., 01-07-2017. The assessee submitted that the declaration in Tran-1
No GST on volume discount received on purchase & sale of vehicles without any GST adjustment: AAR
No GST on volume discount received on purchase & sale of vehicles without any GST adjustment: AAR
[Kwality Mobikes (P.) Ltd., In re [2019] 110 taxmann.com 369 (AAR - Karnataka)]
The applicant is engaged in the business of supply of motor vehicles. It is eligible for volume discount for sales and purchase of such vehicles on achieving the target. It has sought an Advance
[Kwality Mobikes (P.) Ltd., In re [2019] 110 taxmann.com 369 (AAR - Karnataka)]
The applicant is engaged in the business of supply of motor vehicles. It is eligible for volume discount for sales and purchase of such vehicles on achieving the target. It has sought an Advance
ITC available on motor vehicle purchased to provide trial runs to customers: AAR
ITC available on motor vehicle purchased to provide trial runs to customers: AAR
[Chowgule Industries (P.) Ltd., In re [2019] 107 taxmann.com 293 (AAR - Goa)]
The Applicant is an authorized dealer of Maruti Suzuki India Ltd.. for sale of motor vehicles and spares. It has sought an Advance Ruling to determine availability of ITC on motor vehicle purchased for demonstration purposes.
The Authority for Advance Rulings observed that the vehicles purchased from suppliers are being
[Chowgule Industries (P.) Ltd., In re [2019] 107 taxmann.com 293 (AAR - Goa)]
The Applicant is an authorized dealer of Maruti Suzuki India Ltd.. for sale of motor vehicles and spares. It has sought an Advance Ruling to determine availability of ITC on motor vehicle purchased for demonstration purposes.
The Authority for Advance Rulings observed that the vehicles purchased from suppliers are being
Medicines, implants, etc., used in medical treatment is a 'Composite Supply' of healthcare services; hence no GST is payable: AAR
Medicines, implants, etc., used in medical treatment is a 'Composite Supply' of healthcare services; hence no GST is payable: AAR
[Royal Care Speciality Hospital Ltd., In re [2019] 110 taxmann.com 481 (AAR - Tamilnadu)]
The applicant is a multi-specialty hospital providing health care services. It has sought an Advance Ruling to determine whether the medicines, consumables, implants, etc., used in the course of
[Royal Care Speciality Hospital Ltd., In re [2019] 110 taxmann.com 481 (AAR - Tamilnadu)]
The applicant is a multi-specialty hospital providing health care services. It has sought an Advance Ruling to determine whether the medicines, consumables, implants, etc., used in the course of
No GST on reimbursement of expenses incurred by employees on behalf of Company: AAR
No GST on reimbursement of expenses incurred by employees on behalf of Company: AAR
[Alcon Consulting Engineers (India) (P.) Ltd., In re [2019] 110 taxmann.com 357 (AAR - Karnataka)]
The applicant is providing consultancy services for construction projects. While providing such services some of the expenses are incurred by their employees on behalf of the applicant. It has
[Alcon Consulting Engineers (India) (P.) Ltd., In re [2019] 110 taxmann.com 357 (AAR - Karnataka)]
The applicant is providing consultancy services for construction projects. While providing such services some of the expenses are incurred by their employees on behalf of the applicant. It has
No GST on e-commerce operator for manpower services rendered by drivers through its platform: AAR
No GST on e-commerce operator for manpower services rendered by drivers through its platform: AAR
[Humble Mobile Solutions (P.) Ltd., In re [2019] 110 taxmann.com 234 (AAR - Karnataka)]
The applicant operates electronic platform service called 'DriveU' which provides drivers on demand to customers who wish to obtain the services of a driver. The applicant has sought an Advance Ruling
[Humble Mobile Solutions (P.) Ltd., In re [2019] 110 taxmann.com 234 (AAR - Karnataka)]
The applicant operates electronic platform service called 'DriveU' which provides drivers on demand to customers who wish to obtain the services of a driver. The applicant has sought an Advance Ruling
Corpus/Sinking Fund collected by RWA from members is not liable to GST: AAR
[Prestige South Ridge Apartment Owners Association, In re [2019] 110 taxmann.com 235 (AAR - Karnataka)]
The applicant is an association of apartment owner's.. It has filed an application for an Advance Ruling to determine applicability of GST on corpus/sinking fund collected from members. The
The applicant is an association of apartment owner's.. It has filed an application for an Advance Ruling to determine applicability of GST on corpus/sinking fund collected from members. The
Accommodation services provided to SEZ units are to be treated as 'zero rated supplies': AAR
Accommodation services provided to SEZ units are to be treated as 'zero rated supplies': AAR
[Carnation Hotels (P.) Ltd., In re [2019] 110 taxmann.com 196 (AAR - Karnataka)]
The applicant having its registered office in New Delhi is proposing to operate hotels and rent out the rooms to the employees of SEZ units. It has sought an Advance Ruling to determine whether the
[Carnation Hotels (P.) Ltd., In re [2019] 110 taxmann.com 196 (AAR - Karnataka)]
The applicant having its registered office in New Delhi is proposing to operate hotels and rent out the rooms to the employees of SEZ units. It has sought an Advance Ruling to determine whether the
Tools supplied by OEM to Component manufacturer for free not to be added to value of component: AAR
Tools supplied by OEM to Component manufacturer for free not to be added to value of component: AAR
[Toolcomp Systems (P.) Ltd., In re [2019] 108 taxmann.com 107 (AAR - Karnataka)]
The applicant is a manufacturer and seller of plastic moulds, jigs, fixtures, gauges, etc. It receives tools from customers free of cost (FOC) for the manufacture of parts which are returned to the customers. It has sought an Advance Ruling to determine whether tools supplied for free shall be
[Toolcomp Systems (P.) Ltd., In re [2019] 108 taxmann.com 107 (AAR - Karnataka)]
The applicant is a manufacturer and seller of plastic moulds, jigs, fixtures, gauges, etc. It receives tools from customers free of cost (FOC) for the manufacture of parts which are returned to the customers. It has sought an Advance Ruling to determine whether tools supplied for free shall be
Re-sale of food & bakery products are not part of 'restaurant services': AAR
Re-sale of food & bakery products are not part of 'restaurant services': AAR
[Square One Homemade Treats, In re [2019] 110 taxmann.com 494 (AAR - KERALA)]
The applicant is purchasing and selling food products (i.e., cakes, cookies, ready to eat homemade packed food, etc.) procured from other dealers. All food items sold are pre-packed and the applicant has no kitchen facility to cook food at their premises. It has filed an application for advance ruling to
[Square One Homemade Treats, In re [2019] 110 taxmann.com 494 (AAR - KERALA)]
The applicant is purchasing and selling food products (i.e., cakes, cookies, ready to eat homemade packed food, etc.) procured from other dealers. All food items sold are pre-packed and the applicant has no kitchen facility to cook food at their premises. It has filed an application for advance ruling to
Wednesday, January 15, 2020
Refund of IGST on exported goods couldn't be withheld due to excess claim of duty drawback: High Court
Refund of IGST on exported goods couldn't be withheld due to excess claim of duty drawback: High Court
[Amit Cotton Industries v. Principal Commissioner of Customs [2019] 107 taxmann.com 167 (Gujarat)]
The applicant was a registered person who was running a cotton ginning mill. It exported its goods and claimed refund of the IGST paid in respect of such goods. The revenue authorities held that
[Amit Cotton Industries v. Principal Commissioner of Customs [2019] 107 taxmann.com 167 (Gujarat)]
The applicant was a registered person who was running a cotton ginning mill. It exported its goods and claimed refund of the IGST paid in respect of such goods. The revenue authorities held that
MCA invites nominations for 2020 national CSR awards; FISME asked to nominate 10 MSMEs for the award
MCA invites nominations for 2020 national CSR awards; FISME asked to nominate 10 MSMEs for the award
New Delhi, Jan 15 (KNN) The Ministry of Corporate Affairs (MCA) has sought nominations for the
New Delhi, Jan 15 (KNN) The Ministry of Corporate Affairs (MCA) has sought nominations for the
Tuesday, January 14, 2020
Late fees & Penalty for delay/ Non-filing of GSTR 9 and GSTR 9C under GST ACT
Delay/ Non-filing of GSTR 9:
Late fees of Rs 200 per day of delay subject to a maximum cap of
Late fees of Rs 200 per day of delay subject to a maximum cap of
GST Input Tax Credit on capital goods: How to claim, meaning, depreciation; all you need to know
Capital goods means goods, the value of which is
capitalised in the books of account of the person claiming the credit
and which are used in the course of or furtherance of business.
Input tax credit means credit of Input tax i.e. tax levied on input goods, input services or both. Any goods (including capital goods) and any input services used or intended to be used by a provider of
Input tax credit means credit of Input tax i.e. tax levied on input goods, input services or both. Any goods (including capital goods) and any input services used or intended to be used by a provider of
RBI limits Sri Guru Raghavendra Sahakara co-op bank withdrawals
Panic
gripped customers of the South Bengaluru-based urban co-operative bank
(UCB), Sri Guru Raghavendra Sahakara Bank, after RBI cracked the whip on
the bank by limiting withdrawals by depositors to just Rs 35,000.
Thousands of customers thronged all eight branches of the bank across the city on Monday, but the bank's top management avoided any interaction with them.
The bank had called for a meeting of the depositors to address the concerns at Sri Guru Narasimha Kalyana Mandira on Bull Temple Road on Monday evening. However, the UCB's founder and
Thousands of customers thronged all eight branches of the bank across the city on Monday, but the bank's top management avoided any interaction with them.
The bank had called for a meeting of the depositors to address the concerns at Sri Guru Narasimha Kalyana Mandira on Bull Temple Road on Monday evening. However, the UCB's founder and
India’s Arbitration and Conciliation (Amendment) Act 2019 comes into force
On 9 August 2019, the Arbitration and Conciliation (Amendment) Act 2019 (“the Amendment Act”)
came into force in India. The legislative changes introduced by way of
the Amendment Act seek to promote institutional arbitration in India and
expedite the resolution of commercial disputes
Professors awarded by AICPA for research
The Association of International Certified Professional Accountants
(the Association) and the Management Accounting Section of the American
Accounting Association (AAA), has recognized three professors for their
research on the impact of performance-based incentives on the creative
process.
Steven J. Kachelmeier of the University of Texas at Austin and Laura W. Wang and Michael G. Williamson of the University of Illinois at Urbana–Champaign, were named recipients of the 2020
Steven J. Kachelmeier of the University of Texas at Austin and Laura W. Wang and Michael G. Williamson of the University of Illinois at Urbana–Champaign, were named recipients of the 2020
Chartered Accountant’s Certificate certifying the Tax Burden not been passed on to another can be considered as evidence: CESTAT
The Customs Excise and Service Tax Appellate Tribunal (CESTAT),
Chennai ruled that the Chartered Accountant’s Certificate that
categorically certifying that the tax burden has not been passed on to
another can be considered as evidence to establish the fact.
The ruling was made by the Tribunal in the case of M/s.Modfurn Systems India Pvt. Ltd. V. Commissioner of GST & CE by a bench consisting of Hon’ble Smt. Sulekha Beevi C.S, Member
The ruling was made by the Tribunal in the case of M/s.Modfurn Systems India Pvt. Ltd. V. Commissioner of GST & CE by a bench consisting of Hon’ble Smt. Sulekha Beevi C.S, Member
Saturday, January 11, 2020
Only 15 working days left for filing GSTR 9C of FY 2017-18
With public holidays for Lohri and Makar Shankranti on 14th and 15th in respective states and fourth Saturday assessee as well as chartered accountants are left with mere 14 days to file GSTR 9 and
Rollback of CBDT notification in respect of changes in ITR-1 and ITR-4 for AY 20-21
CBDT vide a Press release dated 09.01.2020 has rolled back
the non-applicability clauses inserted through Notification 01/2020
dated 03.01.2020.
Taxpayers who jointly own House property or to those spending on electricity in excess of Rs.1,00,000/- or foreign travelling in excess of Rs 2,00,000/- who were not allowed to file ITR-1 now
Taxpayers who jointly own House property or to those spending on electricity in excess of Rs.1,00,000/- or foreign travelling in excess of Rs 2,00,000/- who were not allowed to file ITR-1 now
Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2019 and for the block period 2017-2019”
Dear Member,
Sub: Extension of last date “for
complying with the CPE hours requirement for the Calendar Year 2019 and
for the block period 2017-2019” – from 31st December, 2019 to 31st
January, 2020
We may inform you that it has been
decided to extend the last date for compliance of CPE hours
Money saving tip of the day - 11/01/2020
There is a saying " Money saved is Money Earned". The saying is very much relevant even today and if one applies this principle in everyday life a surprisingly significant amount can be saved over a period of time. So here we are with our new series which we call Money saving tip of the Day. Our today's money saving tip is
Friday, January 10, 2020
GSTR-1 late free deadline extended by another 7 days; check new date
In December 2019, the GST Council Council extended
the deadline for filing Form GSTR-9 (Annual Return) and GSTR-9C
(Reconciliation Statement) for FY18 to January 31, 2020.
The government on Friday extended the deadline to avail waiver of fee chargeable on GSTR-1 from July 2017 to November 2019 from January 10 to January 17. In December 2019, the GST Council
The government on Friday extended the deadline to avail waiver of fee chargeable on GSTR-1 from July 2017 to November 2019 from January 10 to January 17. In December 2019, the GST Council
Tuesday, January 7, 2020
DRC-03: Applicability and Procedure to pay Additional TaxDRC-03: Applicability and Procedure to pay Additional Tax, How to pay additional liability arising out of GST Audit in form GSTR 9C
This article covers the circumstances under which the payment in form DRC-03 is required to be filed along with the time limits. Also, learn the steps on how to file the same on the government GST portal in detail.
What is form DRC-03?
DRC-03 is a payment form in which a taxpayer can pay the tax by raising its liability
Monday, January 6, 2020
Not issuing GST bills to buyers will attract penalty of ₹25,000
Not issuing GST bills to buyers to cost Chandigarh retailers ₹25,000
Launching a crackdown on evasion of goods and services tax
(GST), the UT excise and taxation department has formed teams to challan
retailers not issuing bills to customers.
At the same time, the department is working on launching a mass awareness campaign to exhort
At the same time, the department is working on launching a mass awareness campaign to exhort
More than 1,000 individuals have so far registered with the independent directors'' database portal established under the Companies Act
More than 1,000 individuals have so far registered with the independent
directors'' database portal established under the Companies Act,
according to an official.
The databank is expected to become a comprehensive repository of both existing independent
The databank is expected to become a comprehensive repository of both existing independent
6 key changes in ITR-1 you need to know
Effectively, the government will now be able to link the passport number and PAN
of all those filing ITR 1 for current financial year. This is because
the income tax return form 1 notified for financial year 2019-20
requires the filer to mandatorily mention passport number if any and of
course the form
Sunday, January 5, 2020
Late Fee,Interest under GST
Offence
in general means a breach of Law or Act or any illegal act and penalty
is defined as the punishment for committing an offence. Section 
Late Fee
The GST late filing penalty has been specified as follows:
| ♦ | A person fails to furnish details of outward or inward supplies, monthly return |
CBIC notifies certain sections in the Finance (No.2) Act, 2019 pertaining to CGST & IGST Act, effective from 1st January 2020
The Central Board of Indirect Taxes & Customs ("CBIC") has
notified the following Sections of the Finance (No.2) Act, 2019 which
pertain to various sections in the Central Goods and Services Tax Act,
2017 ("CGST Act") w.e.f January 1st, 2020 vide Notification No. 01/2020 -
Central Tax dated January 1st, 2020 -
Saturday, January 4, 2020
Govt releases FAQs on e-invoicing under GST
The Finance Ministry has come up with ‘Frequently Asked Questions (FAQs) on ‘e-invoicing’ under the GST system, reaffirming the government’s intent to implement ‘e-invoicing’ for GST.
This also reaffirms the fact that the government is ready from a technology stand point to introduce e-invoicing as planned, said GST experts.
The introduction of e-invoicing — for B2B businesses — is also expected to curb
Wednesday, January 1, 2020
Vacancy for Accountants in Asian Paints
Click here to apply
Pls click on the above link twice if doesnt open in one click
Winner of Top commentator contest for the month of December 2019
The winner of Monthly Top commentator Award for the month of December 2019
is Nirav with 110 comments on various post. Congratulations! Nirav you
are eligible for winning Rs.1000/- from
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