Weekly updates - till 27.07.2019
Nikesh Sheth
Imaginarium, Business analytics, Financial reporting, 10x growth strategy, Investor
ICAI Takes Action After CA Exam Copies Found Being Checked By Unauthorised Person
The Kolkata Police found answer sheets are of a Chartered Accountancy (CA) exam conducted in recently in 2019 being checked by an unauthorised person, ICAI has come out with a clarification that it has already initiated action against the delinquent examiner.On 24 July, Kolkata Police found few CA exam answer sheets at the residence of an unauthorised individual named, an accountant who works at a CA firm.
Author : Expertmile Admin
Posted On: 2019-07-27
The Excise and Taxation Department on Friday sent a show-cause notice to JW Marriott hotel for levying a tax on two bananas that were purchased by actor Rahul Bose for a whopping Rs 442.Excise officials said it was not only a case of “illegal and exorbitant charge of GST”, but prima facie it was also a violation of the Consumer Protection Act, 1986 on the part of the hotel.
Posted On: 2019-07-27
GST rate on all Electric Vehicles reduced from 12 to 5 Percent and of charger or charging stations for EVs from 18 to 5 Percent. Know all decision taken in 36th GST Council Meeting
GST rate on all Electric Vehicles reduced from 12% to 5% and of charger or charging stations for EVs from 18% to 5%. The 36th GST Council Meeting was held here today Via Video Conference under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Revenue Secretary Shri Ajay Bhushan Pandey and other senior officials of the Ministry of Finance.
Author : Expertmile Admin
Posted On: 2019-07-27
Why Income tax department may send you notice?
A person can get Income tax notice for many reasons. Reasons could include non filing of income tax return (ITR) on time, errors at the time of calculation, not reporting income correctly or even claiming excessive losses than the actual losses.Notice to Taxpayers, in general, are issued under Section 139(9), 143(1), 143(2), 143(3), 245, 144, 147 and 148 of Income Tax Act, 1961 with regards non-filing of ITR, suppression of taxable income, claiming an in genuine tax refund, computing excessive tax losses, long term capital gains (LTCG), scrutiny etc.
Posted On: 2019-07-26
Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019
G.S.R._____ (E).— In exercise of the powers conferred by the second proviso to sub-section (1), sub-section (4) and clause (i) of sub-section (6) of section 149, sub-sections (3) and (4) of section 150, section 151, sub-section (5) of section 152, section 153, section 154, section 157, section 160, sub-section (1) of section 168 and section 170 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government .
Imposition of additional 50 percent duties on goods purchased on Chinese Sites
The government will introduce taxes and customs duties which will add up to as much as 50% on products ordered from Online Chinese ecommerce websites, which will further restrict on the purchase of such goods.Indian income tax department may impose a mix of integrated goods and services tax and customs duty on products ordered from Online Chinese ecommerce websites to restrain illegal imports.
Author : Expertmile Admin
Posted On: 2019-07-25
Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payers
The Union Minister of Finance & Corporate Affairs Smt Nirmala Sitharaman exhorted the Income Tax officers to be prompt in redressing the grievances of the tax payers and expand the tax base in a non-intrusive manner. Addressing officers at the Income Tax day celebrations here today , the Finance Minister asked the department to firmly deal with those who try to evade taxes and game the system while taking steps to provide better tax payer services to facilitate the honest taxpayers.
Posted On: 2019-07-25
Registration Requirement in GST for Housing Societies and Residential Welfare Association for providing services and goods for the common use of its members
Tax research Unit (Ministry of Finance) has issued a Circular No 109/28/2019- GST dated 22nd July 2019 clarifying some issued in the matter.. A number of issues have been raised regarding the GST payable on the amount charged by a Residential Welfare Association for providing services and goods for the common use of its members in a housing society or a residential complex.
Author : CA Chirag Chauhan
Posted On: 2019-07-24
GST fraud: 1 man, 90 firms, 173 bank accounts, Rs 7,672 cr worth invoices, Rs 660 cr worth evasion
In one of the biggest GST frauds unearthed in recent times, the authorities arrested a man for committing fraud worth Rs 660 crore through multiple bogus invoices, news agency PTI reported.The accused created nearly 90 fake companies to issue fraudulent invoices without any delivery of goods, the report also said citing the finance ministry. Anupam Singla from Sirsa Haryana was taken into custody by the officers of Directorate General of GST Intelligence (DGGI), Headquarters, on July 18 after raiding his residences and offices based out of Delhi.
Author : Expertmile Admin
Posted On: 2019-07-24
Do you own a property - Learn all about tax implication on Income from Property
The income tax statute defines property to be building or any land attached to such building. The reader shall understand that any portion of such building or land attached herewith used for business and profession shall not be considered for purposes of income from house property.The annual value earned on such property, of which the person is the owner or deemed owner, shall be taxed under the head INCOME FROM HOSUE PROPERTY.
Author : SANGEETA DHARIWAL
Posted On: 2019-07-24
Decisions taken in GST Council 35th Meeting
GST Council meeting was held on 21st June 2019. It is the 35th meeting of GST council and first after Lok Sabha elections.Trial period - New return system will be available as a trial from July 2019 to September 2019. Only Form GST ANX-1 and GST ANX-2 will be available. GSTR-3B and GSTR-1 are to be filed in a normal manner. The data filed in the trial period will be discarded.
Author : VIPUL AWAGHADE
Posted On: 2019-07-24
Incentives for start-ups under Income Tax Act
Section 79 of the Income Tax Act provides conditions for carry forward and set off of losses in case of a company not being a company in which the public are substantially interested. Clause (a) of this section applies to all such companies, except an eligible start-up as referred to in section 80-IAC, while clause (b) applies only to such eligible start-up.
Author : VIPUL AWAGHADE
Posted On: 2019-07-24
Interest Payable on Late Payment of GST on net cash tax liability
Budget 2019 has proposed Provision for charging interest only on the net cash tax liability. Now as per the Finance Bill, a new proviso in sub-sections (1) will be inserted in section 50 of the CGST Act so as to provide for charging interest only on the net cash tax liability, except in those cases where returns are filed subsequent to initiation of any proceedings under section 73 or 74 of the CGST Act.
Author : VIPUL AWAGHADE
Posted On: 2019-07-24
7 Amendments under Income Tax Act as per Finance Bill 2019 applicable from FY 2019-20 onwards
Section 9 of the Act relates to Income deemed to accrue or arise in India. Gifts made by residents to persons outside India (other than relative) on or after 5th July 2019 are now made taxable in India. In a treaty situation, the relevant article of applicable DTAA shall continue to apply for such gifts as well.
Author : VIPUL AWAGHADE
Posted On: 2019-07-24
New TDS provisions under Income Tax Act, 1961 Applicable from FY 2019-20
Levy of TDS at the rate of 5% on the sum, or the aggregate of sums, paid or credited in a year on account of contractual work or professional fees by an individual or a Hindu undivided family, not required to deduct tax at source under section 194C and 194J of the Act, if such sum, or aggregate of such sums, exceeds fifty lakh rupees in a year.
Author : VIPUL AWAGHADE
Posted On: 2019-07-24
Income Tax slab rates for F.Y 2019-20
The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act.
Author : VIPUL AWAGHADE
Posted On: 2019-07-24
Government extends Income Tax Returns filing deadline by 31 August from 31 July 2019
After representation from various professionals, chambers of professional body and Expertmile petition (which got signature of 800 professionals) government has finally extended deadline to file income tax returns to 31 August 2019.Thousands of tweets were marked to FM Nirmala Sitharaman requesting her to extend the date of filing of Income tax returns to 31 August by various Chartered Accountants and professional body.
Author : Expertmile Admin
Posted On: 2019-07-23
Loans sanctioned in 1,33,448 cases under 59-minutes Scheme to MSME
Out of 2,00,660 applications submitted, 1,59,583 applications for loans on the psbloansin59minutes.com portal have been accorded in principle approval since the launch of the portal. Sanctions have been made in respect of 1,33,448 cases. Bank wise details of loans accorded in principle approval and sanctioned by banks since launch of the portal as on 17th July, 2019 is given in the Annexure.
Author : Expertmile Admin
Posted On: 2019-07-23
Bugs & Error in ITR 2 and ITR 5 Forms of Income Tax Returns Identified
The Income Tax Department has taken lot of time this time to make changes in utilities. There are serveral Bugs and Errors. Further they changed the way LTCG – Long Term Capital Gains details requirement.On 22 July just 9 days before the due date, Income Tax Department has highlighted that there was Bug (Error in Code) in ITR-2 & ITR-5 in following Schedules.
Author : Expertmile Admin
Posted On: 2019-07-23
FAQs – Prefill of Income Tax Data and Import from Previous Version Utility in ITR forms
1 How to download and extract an ITR excel utility? ........................................................................3
2 How to download and import the prefilled XML to prefill all the personal and tax details to the ITR excel utility? ......................................................................................................................................5
Author : Expertmile Admin
Posted On: 2019-07-23