Recent News
CHANGES IN THE FDI POLICY OF INDIA WITH RESPECT TO THE CORONAVIRUS OUTBREAK
The result of the novel coronavirus pandemic on the global economy is something beyond comprehension until countries, including India, come out of lockdown mode. In a move which is being received with enthusiasm for the most part in India amid fears of takeovers of...
CHANGES IN FORM 26AS W.E.F 01.06.2020
Form 26AS will now be a complete profile of the taxpayer w.e.f. 01.06.2020 CBDT vide Notification dated May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. Key takeaways are: New form 26AS will provide information in respect of “Specified financial...
COMPANIES FRESH START SCHEME, 2020 – A GOLDEN OPPORTUNITY FOR DEFAULTERS
The world, as a whole, is on a lockdown currently due to the exceptional situation regarding public health and safety caused by the Coronavirus (COVID-19) pandemic. The Ministry of Corporate Affairs, in order to ease matters for the companies, recently announced a new...
INCOME TAX & MCA Deadline EXTENDED
Income Tax Returns Due Dates extended up to 30th June 2020 The news of extension of last date of filing the Income Tax Return for the F.Y. 2018-19 comes as a relief to many taxpayers across the country. This decision has been taken on account of the increasing spread...
Extended Due Dates for GST
With the increasing spread of COVID-19 and for the ease and benefit of the tax-payers the GST Department, Govt. of India has introduced several notifications, delaying the due date of filing of various returns. This step has been taken keeping in mind that it would...
Financial Year 2019-20 – NOT Extended
The government, Ministry of Finance has clarified that there is no change in Financial Year 2019-20 and it ends on 31 March 2020 In Social Media there are fake circulars or notifications being shared. Government clarified all such documents are fake. The document in...
Are you aware about the changes in Income Tax Return?
Tax season generally coincides with monsoon, unlike the latter, the former is not a season that taxpayer look forward to. Taxation by itself is complex. For the layman, it gets even more so when they have to file their ITR. The ITR forms are complicated as there are...
Inception of Manual Checks in IGST Refunds
In a bid to minimize tax fraud using bogus invoices, the CBIC introduces ‘Manual Check’ for its customs and GST formation before the issuance of IGST refunds. However the notion was perceived as a setback to the automated refund process by many creating a misleading...
GST RISK SCORES and AUDIT PARAMETERS
The Revenue department has come out with the first audit exercise under the GST System, two years after its launch, a plan to audit accounts of registered business based upon their risk parameters. The risk parameters of businesses are based upon the history of tax...
GST ANNUAL RETURNS
GSTR-9 is the GST Annual return that has to be filed under the GST laws every year. It must be filed by the GST registered taxpayers (including those registered under composition levy scheme). It consists of details regarding the outward and inward supplies...
PROCEDURE FOR RELEASE OF DETAINED GOODS UNDER GST – CA DINESH BATRA
Procedure for Release of Goods Detained by the GST Officer while in transit. Please see the video till the end to understand the mechanism which is prescribed under the law to detain the goods and also the ways to get it released by representing before the Department...
Taxpayers can now compare tax liability declared in final, summary GST returns forms
The GST Network informed businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms. The GSTN, which handles the technology backbone for the new indirect tax, has...
GSTN develops system to fetch e-way bill data into monthly sales returns
Now, businesses supplying goods worth more than ₹50,000 will have option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data. “Matching...
Supreme Court Rules Verdict In Regard To Employees’ Provident Fund
In what can be said to be a great development for Employees’ Provident Fund, the Supreme Court recently ruled a verdict which will now disallow companies from exempting special allowance from the basic salary. Therefore, they will have to include the special allowance...
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