Corporate and Professional Updates on 6th May 2019 Indirect Tax Updates: The Delhi High Court has directed the Goods and Services Tax Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for …
Corporate and Professional Updates on 4th May 2019 Direct Tax Updates: CBDT released data that after clocking steep growth of 25% in the three years to FY18, the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% lower than 6.74 crore filed …
Corporate and Professional Updates on 3rd May 2019 Direct Tax Updates: Income Tax Return for FY 17-18 cannot be revised now as the deadline for it was March 31, 2019. You can consider payment of tax and informing the tax department so that in the event of any enquiry by the tax department, you …
Corporate and Professional Updates on 2nd May 2019 Direct Tax Updates: The Income Tax Department will now share information such as reported turnover and gross income declared with the Goods and Services Tax Network to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central …
Corporate and Professional Updates on 6th April 2019 Direct Tax Updates: CBDT has amended Rule 12 of the Income Tax Rules, 1962 w.e.f 1.4.2019 which provides forms and manner of furnishing of return of income. The amendments have been made for AY 2019-20. CBDT with an intent to give effect to the Judgement(s)/order(s) of Hon’ble …
Corporate and Professional Updates on 5th April 2019 Income Tax Updates: The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20. While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 …
Corporate and Professional Updates on 4th April 2019 Direct Tax Updates: India and US will be signing an information-sharing agreement before the end of the fiscal year. Companies headquartered in the US but having operations and taxability in India now need not file country-by-country (CbC) reports in India, according to a pact signed between India’s tax …
Corporate and Professional Updates on 1st April 2019 RBI Updates: RBI has now clarified that the approval of the RBI is not required for opening of Branch Office or a Liaison Office or a Project Office, in case the approval or license/permission by the concerned Ministry / Regulators as the case may be, if …
Corporate and Professional Updates on 1st March 2019 Direct Tax Updates: Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN. In addition to that, you are also required to pre-validate your bank account with the income tax department e-filing portal to receive …
Corporate and Professional updates on 26th Feb 2019 FAQ’s On GST: Ques. Are services supplied without consideration to a recipient other than ‘related party’ / ‘distinct person’ taxable? Ans. Section 7 of the CGST Act, 2017 read with Schedule I thereto provides that services supplied without consideration to related persons or distinct persons only would …