SHOCKING : ONE TIME BILLIONAIRE ANIL AMBANI SAYS ‘HE IS NOW WORTH NOTHING’

“The value of my investments has collapsed. I don’t hold assets which can be liquidated,” Ambani said. The brother of Asia’s richest man was ordered to set aside $100 million in his dispute with three Chinese banks, even as he pleaded poverty. “The value of my investments has collapsed,” Anil Ambani said, according to a …

SHOCKING : ONE TIME BILLIONAIRE ANIL AMBANI SAYS ‘HE IS NOW WORTH NOTHING’ Read More »

Sahin Bagh

JUST IN : SUPREME COURT REFUSES TO INTERFERE IN ORDER PASSED BY RAJASTHAN HC FOR GSTR-9 AND 9C

In the matter of UOI vs Tax Bar Association, Hon’ble Supreme Court through its bench comprising of Hon’ble Justice R F Nariman & Hon’ble Justice Ravinder S Bhatt, at the outset, refused to interfere in order as passed by Hon’ble Rajasthan High Court and also clarified that there would be no penal consequences for delayed …

JUST IN : SUPREME COURT REFUSES TO INTERFERE IN ORDER PASSED BY RAJASTHAN HC FOR GSTR-9 AND 9C Read More »

PRACTITIONER’S GUIDE TO AUDIT OF SMALL ENTITIES (UPDATED 2020) : BY ICAI

PREFACE As we all are aware that smaller entities make a substantial contribution to our Indian economy, and quantitatively the majority of audits are also audits of smaller entities. In India, all entities particularly those in the corporate sector are required to get their accounts audited and even in case of non-corporate sector also, audit …

PRACTITIONER’S GUIDE TO AUDIT OF SMALL ENTITIES (UPDATED 2020) : BY ICAI Read More »

THEN AND TODAY’S QUESTION : WHY ADVOCATE SHANTI BHUSHAN MOVED TO SUPREME COURT ON INCOME TAX DEDUCTION FOR HEART SURGERY ??

Income Tax cases are often sordid matters involving deceit, dishonesty and general untasteful behavior. Once in a blue moon though, one may stumble upon a heartwarming story in tax, like the case of Shanti Bhushan vs. CIT. The eminent lawyer Shanti Bhushan, in this particular case, claimed that the expense of having a coronary surgery …

THEN AND TODAY’S QUESTION : WHY ADVOCATE SHANTI BHUSHAN MOVED TO SUPREME COURT ON INCOME TAX DEDUCTION FOR HEART SURGERY ?? Read More »

STEP BY STEP PROCESS TO FILE ECR

STEP BY STEP PROCESS TO FILE ECR

Point 1: Login to EPFO portal using your ECR portal credentials: Once logged in, you can check the details of Establishment Name,Establishment ID, Exemption Status (PF, Pension, EDLI), Establishment Address and PF office. Point 2: To upload ECR, go to Payments tab >> ECR [UPLOAD] Point 3: On next screen, i.e. ECR File Upload, click on ‘ECR Help File’ to …

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MCA

COMPANIES (INCORPORATION) AMENDMENT RULES, 2020 WHICH WILL COME INTO FORCE W.E.F. 15th FEB, 2020

G.S.R……..(E)._ In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (lncorporation) Rules, 2020, namely: Short title and commencement- (1) These rules may be called the Companies (lncorporation) Amendment Rules, …

COMPANIES (INCORPORATION) AMENDMENT RULES, 2020 WHICH WILL COME INTO FORCE W.E.F. 15th FEB, 2020 Read More »

Here's how you can upload your TDS statement on the income tax portal:

TDS RATE CHART FOR F.Y. 2020-21 (A.Y. 2021-22)

Section Particulars TDS Rate Individual/ HUF (Indian Resident)(in %) TDS Rate for  (NRI) in India (in %) Domestic Company (in %) Other than domestic Company (in %) 192 Payment of salary Normal Slab Rate Normal Slab Rate – – 192A Payment of accumulated balance of Provident fund which is taxable in the hands of an …

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INCOME TAX DEPARTMENT LAUNCHES E-CALCULATOR FOR COMPARISON OF TAX BETWEEN OLD AND NEW TAX REGIME

The Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as announced in the recent Budget, officials said on Thursday. The calculator, with a comparative table to compare taxes in the old and the new …

INCOME TAX DEPARTMENT LAUNCHES E-CALCULATOR FOR COMPARISON OF TAX BETWEEN OLD AND NEW TAX REGIME Read More »

RAJASTHAN HIGH COURT

TAXPAYERS OF RAJASTHAN CAN FILE GSTR-9 AND 9C (F.Y. 2017-18) WITHOUT LATE FEES UP TO 12th FEB, 2020 – RAJASTHAN HC

In PIL No. 1805/2020, Adv. Sanjay Jhanwar, Adv. Rahul Lakhwani and Adv. Prateek Gattani appeared for the Petitioner (Tax Bar Association, Jodhpur) before the High Court of Rajasthan regarding technical glitches being faced by the taxpayers in filing of GSTR-9/9C on the GSTN portal.  The counsels also informed the court regarding new ways of extension of …

TAXPAYERS OF RAJASTHAN CAN FILE GSTR-9 AND 9C (F.Y. 2017-18) WITHOUT LATE FEES UP TO 12th FEB, 2020 – RAJASTHAN HC Read More »

CBIC NOTIFIES DUE DATES FOR GSTR-3B OF JAN, 2020 TO MARCH, 2020 IN A STAGGERED MANNER (FOR TAXPAYERS UP TO TURNOVER OF 5 CRORE IN PREVIOUS F.Y.)

Notification No. 07/2020 – Central Tax, Dated 3rd February, 2020 In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the …

CBIC NOTIFIES DUE DATES FOR GSTR-3B OF JAN, 2020 TO MARCH, 2020 IN A STAGGERED MANNER (FOR TAXPAYERS UP TO TURNOVER OF 5 CRORE IN PREVIOUS F.Y.) Read More »

CBIC FURTHER EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER

Notification No. 06/2020 – Central Tax, Dated 3rd February, 2020 In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with rule 80 of the Central Goods and Services Tax …

CBIC FURTHER EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER Read More »

CORPORATE COMPLIANCE CALENDAR FEBRUARY 2022

CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020

ABOUT ARTICLE : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER : Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications …

CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020 Read More »

CHANGES IN CGST ACT AFTER UNION BUDGET, 2020

Clause No. Of Finance Bill 2020 Section of GST Act 2017   Present Provision   Proposed Provision   Remarks                 116                 2(114) ―”Union territory” means the territory of— the Andaman and Nicobar               Islands;Lakshadweep;Dadra and Nagar Haveli [and Daman and Diu]; …

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CBIC EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER

Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided to extend the due dates in a staggered manner for different groups of States to 3rd, 5th and 7th February 2020 as under. Group 1: Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Telangana, Andhra Pradesh, Other …

CBIC EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER Read More »

STANDARD OPERATING PROCEDURE TO BE FOLLOWED BY EXPORTERS TO GET THEIR REFUND

(1.) As you are aware, several cases of monetisation of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Service Tax (IGST) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of cases. In all these cases …

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REPLY FORMAT FOR NOTICE UNDER SECTION 50

REPLY FORMAT FOR NOTICE UNDER RULE 36(4) OF THE CGST RULES, 2017

In previous article, we have discussed about the notices send by GST department under Rule 36(4) of the CGST Rules, 2017. After sharing of that article, we have received various queries from professionals across the country that what is required to be done in case of these notices. So, in this article ; we will …

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GST DEPARTMENT STARTED SENDING NOTICES UNDER RULE 36(4) OF THE CGST RULES, 2017

We know that w.e.f. 09th Oct, 2019, the GST department has restricted ‘the ITC to be claimed in GSTR-3B return to 120% of the eligible credit based on invoices/debit notes uploaded by the suppliers in their GSTR-1 [Rule 36(4) of the CGST Rules, 2017].’ The extract of above rule is as under : “(4) Input …

GST DEPARTMENT STARTED SENDING NOTICES UNDER RULE 36(4) OF THE CGST RULES, 2017 Read More »

REPLY FORMAT FOR NOTICE UNDER SECTION 16(4) OF THE CGST ACT, 2017

In previous article, we have discussed about the notices send by GST department under section 16(4) of the CGST Act, 2017. After sharing of that article, we have received various queries from professionals across the country that what is required to be done in case of these notices. So, in this article ; we will …

REPLY FORMAT FOR NOTICE UNDER SECTION 16(4) OF THE CGST ACT, 2017 Read More »

GST DEPARTMENT STARTED SENDING NOTICES UNDER SECTION 16(4) OF THE CGST ACT, 2017

We know that the due date of claiming ITC for F.Y. 2017-18 and F.Y. 2018-19 was 30th Apr, 2019 (March, 2019 GSTR-3B) and 20th Oct, 2019 (Sep, 2019 GSTR-3B) respectively [Section 16(4) of the CGST Act, 2017]. Some taxpayers have filed their GSTR-3B for such F.Y. after due date as mentioned above and have claimed …

GST DEPARTMENT STARTED SENDING NOTICES UNDER SECTION 16(4) OF THE CGST ACT, 2017 Read More »

FINANCE MINISTRY ANNOUNCES 3 DIFFERENT DUE DATES FOR FILING GSTR-3B

Considering the difficulties faced by trade and industry in filing of returns, the government has decided to introduce several measures to ease the process. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Presently the last date of filing GSTR-3B returns for every taxpayer is 20th …

FINANCE MINISTRY ANNOUNCES 3 DIFFERENT DUE DATES FOR FILING GSTR-3B Read More »

OUR REPRESENTATION TO HON’BLE FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR GSTR-3B OF DEC, 2019

Ref : TC/19-20/3 ; Date : 20th January, 2020 To, Smt. Nirmala Sitharaman Hon’ble Union Minister of Finance, Govt. of India & Chairperson – GST Council 134, North Block, New Delhi – 110 001 The Office of GST Council Secretariat, 5th Floor, Tower II, Jeevan Bharat Building, Janpath Road, Connaught Place, New Delhi – 110 …

OUR REPRESENTATION TO HON’BLE FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR GSTR-3B OF DEC, 2019 Read More »

FROM ACADEMICS TO CA FINAL : THE INSPIRATIONAL STORY OF A CHARTERED ACCOUNTANT

FROM ACADEMICS TO CA FINAL : THE INSPIRATIONAL STORY OF A CHARTERED ACCOUNTANT

From Academics to CA Final : The Inspirational Story of A Chartered Accountant The harder you work, the luckier you get. Because there is no shortcut to success and in the end, everything is worth it! Today I chase my passion for writing, I am developing a start up for some fintech company and work …

FROM ACADEMICS TO CA FINAL : THE INSPIRATIONAL STORY OF A CHARTERED ACCOUNTANT Read More »

AWARE FOR YOUR IDENTITY DETAILS : RS. 3.49 CRORE IT NOTICE TO SALARIED PERSON

BHOPAL : A 29-year-old man from Bhind district of Madhya Pradesh, presently working with a Business Process Outsourcing (BPO) company in Ludhiana is in a state of shock following an Income Tax department notice, asking him to pay Rs 3.49 crore penalty for alleged transactions worth Rs 132 crores done via a current account in …

AWARE FOR YOUR IDENTITY DETAILS : RS. 3.49 CRORE IT NOTICE TO SALARIED PERSON Read More »

INCOME TAX SLABS & RATES FOR THE A.Y. 2020-21 (F.Y. 2019-20)

For : Individual resident (Aged below 60 years) or Any NRI or HUF or AOP or BOI or AJP Income Slab Income Tax Upto Rs. 2,50,000 NIL Rs. 2,50,000 – Rs. 5,00,000 5% Rs. 5,00,000 – Rs. 10,00,000 20% Above Rs. 10,00,000 30% Surcharge( subject to Marginal Relief ) 10% (If taxable income > Rs. …

INCOME TAX SLABS & RATES FOR THE A.Y. 2020-21 (F.Y. 2019-20) Read More »

CORPORATE UPDATES FOR THE PERIOD 1st JANUARY TO 10th JANUARY, 2020

Good Evening Professionals! This is new Knowledge Initiative by our author CS Lalit Rajput to promote Corporate Governance. We will provide corporate updates after every 10 days to empower professionals. MCA/ROC UPDATE : (1.) Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under …

CORPORATE UPDATES FOR THE PERIOD 1st JANUARY TO 10th JANUARY, 2020 Read More »