CBIC further extends enabling New Changes in GSTR-9 and GSTR-9C to Dec 21

The Central Board of Indirect Taxes and Customs ( CBIC ) has further extended the enabling new changes in Annual Return (GSTR-9) and the Reconciliation Statement ( GSTR-9C ) to December 21st, 2019.
Recently, the Central Government has made some changes in the forms of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) vide Notification No. 56/2019 dated 14.11.2019. Accordingly, the changes in the application software and the offline tools are likely to be made

Coming from January 1, machine-readable GST e-invoices

Beginning January 1, a game changing invoicing system will be introduced in the Goods and Services Tax (GST) system. A standardised protocol, powered by the Institute of Chartered Accountants of India (ICAI) and information technology,

Insist on GST Bill next time Govt is likely to award you five times the bill value

Taking a copy of the bill from the seller may turn rewarding, with the government planning a lottery scheme for customers to improve compliance. The measure is being explored by the revenue augmentation officers committee to boost collections and it may be put before the Goods and Services Tax (GST) Council during its meeting on December 18.

The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.

“The idea is to encourage consumers to ask for a bill, which will push sellers to become GST compliant and pay tax. A lot of beauty parlours and small hotels, for

Chartered Accountants joining Unrecognized ‘Networks’ for Professional Work amounts may result in Disciplinary Proceedings: ICAI

The Institute of Chartered Accountants of India (ICAI) today clarified that, Chartered Accountants joining Unrecognized ‘Networks’ for Professional Work amounts may result in Disciplinary Proceedings.

The ICAI has said that, It has come to the knowledge of the Institute that many members in practice are joining/associating themselves with “Networks” which are other than the Networks registered with the Institute, with the mutual referral

Union ministry of corporate affairs disqualifies 5,023 directors of companies in Andhra Pradesh

 The Registrar of Companies (RoC) has disqualified 5,023 directors, including honchos of Akshaya Gold Farms and Villas India Limited, of Andhra Pradeshfor violating the provisions of the Companies Act. 
The director identification number(DIN) of these individuals has also been deactivated. They have been barred from being a director for non-filing of annual returns and balance sheets. According to the Union ministry of corporate affairs

Piyush Goyal to Replace Nirmala Sitharaman as Finance Minister? Social Media Abuzz With Speculation Amid Economic Crisis

Union Minister Piyush Goyal, Ministry of Finance and FM Nirmala Sitharaman. (Photo Credit: File Image)

New Delhi, December 10: With the country reeling under the pressure of slow economic growth and opposition taking jibes at the ruling dispensation, speculation is rife on social media that present

ICAI: Announcement on Applicability of “Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” to Statutory Auditors of Listed Entities and their Material Subsidiaries

Announcement on Applicability of “Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” to Statutory Auditors of Listed Entities and their Material Subsidiaries

1    The Auditing and Assurance Standards Board of ICAI issued “Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” on 30th November 2018. Paragraph 25 of the aforesaid Implementation Guide which prescribes applicability

Key changes and simplifications of GSTR-9 & GSTR-9C for taxpayers

GSTR-9 and GSTR-9C simplification have surely given the taxpayers much-needed relief.Geet

Highlights

• In addition to the extension, CBIC also simplified forms GSTR-9 and GSTR-9C by making

ITR’S TRIBUNAL TAX REPORTS

 ONLINE EDITION

(Issue dated : 2-12-2019)

SUBJECT INDEX TO CASES REPORTED

Business expenditure --Setting up and commencement of business--Expenditure incurred relating to setting up of inland clearance depot, container freight station and warehousing

ICAI submits Pre-Budget Memoranda-2020

Click here to download the Memoranda

 

 

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CBDT notifies 14th ​Amendment of Income-tax Rules, 1962

Click here to download

 

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Exchange Rates Notification No.88/2019-Customs (NT) Dated 05.12.2019

Click here to download the notification

 

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Winner of Top commentator contest for the month of November 2019

The winner of Monthly Top commentator Award for the month of November is Nirav with 110 comments on various post. Congratulations! Nirav you are eligible for winning Rs.1000/- from

PMC Bank case: One more auditor held

A third auditor was arrested by the Economic Offences Wing (EOW) of the Mumbai Police in the Rs 4,355-crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case on Tuesday. This is the eighth arrest in the case. Investigators suspect that the auditors have received Rs 40-60 lakh from the

GST panel to raise 5% slab to 6%

The Goods and Services Tax (GST) panel is mulling various methods to boost revenue collections, among which one suggestion is to raise the 5 percent tax slab to 6 percent, as per a Business Standard report.

The slab-restructuring is expected to bring in additional

An examiner was found evaluating standard sample answer books of CA EXAMS while travelling in a bus/tram

An Important Announcement for General Public

It has come to the notice of the Institute that an examiner was evaluating standard sample answer books while travelling in a bus/tram. The Institute has instructed all its examiners to not to evaluate and carry answer books while travellin

How Indian students can become US CPAs

Chartered Accountancy(CA) is one of the most sought-after professions. Though it is considered India's highest accounting degree, it is not recognized in all countries.

The Certified Public Accountant (CPA) course, which is the highes

Deloitte Touche Tohmatsu Limited charging the Government Re 1 as disinvestment advisory for Bharat Petroleum Corporation Ltd (BPCL

Deloitte Touche Tohmatsu Limited charging the Government Re 1 as disinvestment advisory for Bharat Petroleum Corporation Ltd (BPCL) has not gone down well with the investment banking community.

"Deloitte charging Re 1 is not a healthy competition. Regulator should not allow such low bids," said an investment banker on condition of anonymity. Investment bankers said that the regulator must put a minimum cap on the advisory fee.

Deloitte is helping the government sell its stake in BPCL. According to media reports, SBI Caps was the second-lowest bidder, quoting Rs 15-17 crore.

Deloitte declined to comment on the story. 

This is not the first time such aggressive bidding has been done by an investment bank. Deloitte had quoted a similar price for its services in the divestment process of Container Corporation of India (CONCOR).

JM Financial had charged Re 1 for ONGC's purchase of the government's 51.11 percent stake Hindustan Petroleum Corporation (HPCL).

The trend of financial advisers quoting low prices began with the listing of Coal India on the stock exchanges roughly a decade ago. The advisers were paid only Rs 1,500.

Why Re 1 fee?

Bankers told Moneycontrol that the Re 1 pricing has nothing to do with any tangible measure, but has been determined by 'other factors.'

"Such low bids of Re 1 is largely done for goodwill and since it was a government deal it adds value to company's profile," another investment banker said.

Generally, consultation fees varies from sector to sector and company to company.

However, investment bankers said the only tangible measure for fixing fees for large deals is decided based on the expected time spent on the deal, calculated on hourly basis.

"Fee quotations/pricing for contracts of such large nature by

Income Tax changes in the month of Nov 2019

1. Tax deducted u/s 194M (TDS by Individual/HUF) to be deposited within 30 days from the end of the month in which tax deducted [1]
a. Sec 194M:

Clarification in respect of option exercised under section 115BBA of the Income-tax Act, 1961

https://www.incometaxindia.gov.in/communications/circular/circular_29_2019.pdf