CLICK HERE TO INSTALL OUR APP FOR IT, GST, MCA/ROC UPDATES CGST Delhi West and CGST Delhi North in a joint operation busted a racket of issuance of invoices without actual supply of goods. The taxpayer availed fraudulent Input Tax Credit for seeking IGST Refunds from Customs formations. Investigations revealed a novel modus operandi wherein …
RACKET OF FAKE INVOICES WITHOUT ACTUAL SUPPLY OF GOODS BUSTED IN DELHI Read More »
Exclusion of stay period in case which is stayed by court or tribunal for purpose for caluclating time limit for passing order u/s 73 or 74 In case of notice issued u/s 74 for fraud cases but for such fraud cases could not be estabilshed then PO will proceed u/s 73 by deeming to be …
GENERAL PROVISIONS IN CASE OF DETERMINATION OF TAX (SECTION 75 OF CGST ACT) Read More »
In this article, we will discuss the latest amendments in section 17 of CGST Act, 2017 (Apportionment of credit and blocked credit). Newly inserted explanation to Section 17(3) : ‘Explanation.—For the purposes of this sub-section, the expression ‘‘value of exempt supply’’ shall not include the value of activities or transactions specified in Schedule III, except …
Our Member & Author Mr. Vinay Reddy is receiving many queries and most of them are similar. After analyzing 100’s of queries received through comments to his article, mails and WhatsApp messages, he prepared 15 FAQ’s – Frequently Asked Questions with respect to certified copies under RTI. We hope, your queries were addressed through below …
Most of us are busy in F.Y. 17-18 itself. However we may miss the bus for compliance for F.Y. 18-19 It would be important to note the following important due dates for the F.Y. 2018-19 :- (A) In terms of section 16(4) of the CGST Act, 2017, the due date for availing input tax credit …
E-commerce Operator : E-commerce operator who is liable to collect only TCS, then registration is mandatory ; otherwise threshold limit is applicable. Eg : Titan selling own watches in his own website. He is qualified as a E-Commerce operator as per amended provisions. If he is not liable to collect TCS then registration u/s 24(x) …
PROVISIONS OF CGST ACT, 2017 APPLICABLE TO E-COMMERCE OPERATOR AT A GLANCE Read More »
Big win and proud moment for the entire CA students’ fraternity. The Institute of Chartered Accountants of India (ICAI) provides access to certified copies of answer sheets under RTI Act, 2005 at Free of Cost. After CBSE, ICSI, University of Delhi and ICMAI ; ICAI has now implemented the Supreme Court’s landmark judgement in the …
ICAI PROVIDES ACCESS TO CERTIFIED COPIES OF ANSWER SHEETS UNDER RTI ACT AT FREE OF COST Read More »
Synopsis : The Hon’ble Gujarat High Court in the matter of AAP & Co. vs Union of India has grants interim relief in writ challenging imposition of late fees for late filing of GSTR-3B under Section 47 of the CGST Act. Facts : M/s AAP & Co. (‘the Petitioner’) filed writ petition before the Hon’ble …
Its been 20 days now since the results of CA Final was declared and since CA is one of the Toughest Professional Course, I am sure many of students wouldn’t have made this Time. Never Mind!!! I am sure you will surely turn it around in next 2-3 months. No Need to loose Hope as …
STUDY STRATEGY FOR CA FINAL GROUP-1 (OLD SYLLABUS) Read More »
In the year 2017, Ministry of Corporate Affairs by taking the ambit of Section 248 which talks about ‘Power of Registrar to remove name of company from register of companies’ struck off more than 2 lakh companies which were not filing its returns for the last many years and the Government was of the view …
Our Member & Author Vinay Reddy finally succeeds in his incredible work, which he was started for the sake of CA students. He represented ICAI many times on the matter of prices for certified copies and now ICAI will provide certified copies at Rs. 2 per page under RTI Act, instead of charging Rs. 500. …
1. If UDIN could not be generated at the time of signing the Audit Reports Certificates, what steps should I follow? Ans : It is mandatory to generate UDIN while signing the Audit Reports/Certificates/Document. However, if any member is unable to generate UDIN as desired above, it has to be generated within 15 days of …
ADDITIONAL FAQs ON UDIN ISSUED BY THE ICAI ON 02.09.2019 Read More »
Notification 38/2019, Central Tax, Dated 31.08.2019 seeks to waive the liability to furnish the details in Form GST ITC-04 by a registered taxpayer for the period from July, 2017 to March, 2019. Provided that the said persons shall furnish the details of all the challans in respect of goods dispatched to a job worker in …
LIST OF 4 GST NOTIFICATIONS ISSUED BY THE CBIC ON 31.08.2019 Read More »
CBDT has issued a Press Release (on 30.08.2019) clarifying the “Period” and “Amount” to which section 194N will be applicable as under : (1.) Since section 194N (2% TDS on cash withdrawal exceeding Rs. 1 Crore) is applicable w.e.f. 01.09.2019. Therefore no TDS is to be deducted on cash withdrawal up to 31.08.2019 (2.) However, …
CBDT CLARIFICATION ON APPLICABILITY OF SECTION 194N W.E.F. 01.09.2019 Read More »
1st IMPLICATION : DEMAND AND RECOVERY (SECTION 73 AND 74 OF CGST ACT) : Proper officer can issue the order u/s 73 and 74 within 3/5 years of due date of annual return respectively. As the due date of annual return is extended to 30th Nov, 2019 for F.Y. 2017-18, so the department gets the …
“ANOTHER SIDE OF COIN” ON EXTENSION OF DUE DATE FOR ANNUAL RETURN Read More »
As a follow-up to the FAME scheme (Faster Adoption and Manufacturing of Hybrid & electric vehicles Scheme) launched in 2015 to promote EVs in the country, the government announced its second phase, i.e. FAME-2 on 1 April, 2019, with an outlay of Rs 10,000 Crore. Under the second phase of FAME India Scheme, subsidy on …
TAX BENEFITS ON ELECTRIC VEHICLES AS PER BUDGET, 2019 Read More »
On 20.08.2019 The Ministry of Finance has issued a notification (36/2019), which barred the applicability of rule 138E till 21.11.2019 The words of notification as follows : G.S.R. ….(E)— In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the …
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 statistics of uploading. So, what are …
HOW TO RESOLVE TECHNICAL GLITCHES WHILE UPLOADING GSTR-9C Read More »
In last couple of years, the audit profession has received the attention which no other profession has received due to corporate frauds which has surfaced, the kind of economic and regulatory changes taken place (which has not taken place for couple of decades). We have witness complete overhauling of Companies Act, Ind AS and Auditing …
APPOINTMENT OF JOINT AUDITOR : IMPACT ON THE CORPORATE WORLD Read More »
On 18th Aug, 2019, we have represented Finance Minister and GST Council for extension of due date for GSTR-9 and 9C. We have mentioned relevant problems and issues which have necessitated the extension. The words of Representation are as under : Ref : TC/19-20/1 Date : 18th August, 2019 To, Smt. Nirmala Sitharaman Hon’ble Union …
A special CBI court sentenced B Ramalinga Raju, his two brothers and seven others to seven years in prison in the Satyam fraud case. The court also imposed a fine of Rs 5 crore on Ramalinga Raju, the Satyam Computer Services Ltd’s founder and former chairman, and his brother B Rama Raju and Rs 20-25 …
SATYAM SCAM : ALL YOU NEED TO KNOW ABOUT INDIA’S BIGGEST ACCOUNTING FRAUD Read More »
On the request of All India Motor Transport Congress, CBDT has recently clarified regarding amendment in section 44AE of IT Act. Here, we are sharing the 2 pages clarification with you. Kindly read it carefully and examine in filing your/your client’s ITR.
CA Final results are declared! Congratulations to those who have passed and those who couldn’t make this time, analyze and learn from the mistakes committed in the past examination and this could be possible by verifying your answer sheet. But, incurring Rs. 500 per paper to obtain certified copies may add a financial constraint on …
HOW TO GET CERTIFIED COPIES FROM ICAI AT JUST RS. 2 PER PAGE UNDER RTI ACT, 2005 Read More »
First, the statutory auditors resign claiming the company did not provide satisfactory answers to their queries. Then the company’s shares nosedive. Now the company is suing the auditors for false claims and damaging the company’s reputation. This is the story between Price Waterhouse & Co (PwC) and Reliance Capital, a company within the Anil Ambani led Group. …
FIRST TIME IN INDIAN HISTORY : RS. 10,000 CRORE DEFAMATION SUIT AGAINST AUDITOR IN INDIA Read More »
Dear all CA students! First of all, best of luck for your upcoming results. You will get 100% of your hard work towards your goal. Now, we will discuss about this article. In this article, we are sharing an order of honorable Supreme Court which prescribes that “CA students can get answer sheet copies at …
NOW CA STUDENTS CAN GET ANSWER SHEET COPIES AT RS. 2 PER PAGE UNDER RTI : SC ORDER Read More »
This post is about Table-8 of Form GSTR-9, which is attached below : Please see carefully Column 8(A) to 8(D) of this picture and focus on Column 8(D). In general case, you have to pay tax through DRC-03, which is amounting to “Negative figure in column 8(D) of above picture”. But there is a guide …
HOW TO DEAL WITH NEGATIVE FIGURE IN TABLE-8 OF GSTR-9 Read More »
FORM GST ITC-04 is to be filed by those Manufacturers (Principal) who send their Inputs or Capital Goods for Job-Work Process. FORM GST ITC-04 is to be filed quarterly, it is to be filed on or before the twenty-fifth day of the month succeeding the said quarter, however due date has been extended vide Notification …
ALL ABOUT FORM GST ITC-04, WHICH REQUIRED TO BE FILE TILL 31st AUG, 2019 Read More »
TCS provisions has been made effective from 01.10.2018 TCS refers to the tax collected by electronic commerce operator when supplier supplies goods or services through portal and the payment for that supply is collected by the E Commerce operator. Eg : Flipkart, Amazon which sells products through their website and consideration is collected by E-commerce …
CONCEPT OF TCS UNDER GST (SECTION 52 OF CGST ACT) Read More »
As per the budget 2019, an additional Income Tax Benefit has been provided by introducing new section 80EEA of the Income Tax Act for boosting housing for all and affordable housing scheme. With the introduction of Section 80EEA, an individual taxpayer will now get an additional deduction of Rs 1.5 lakh, which is over and …
AFFORDABLE HOUSING : A BENEFIT FROM BUDGET, 2019 Read More »
Introduction: In this article we will discuss the treatment of following discounts under GST : Discounts at the time of supply/sale Post-sale discounts Discount agreed at the time of supply/sale Discount not agreed at the time of supply/sale Analysis :As per section 15(3) of CGST Act, 2017 the value of supply shall not include any …