Indirect Tax Updates: CBIC comes out with another set of Frequently Asked Questions (FAQs) to clear the air on GST on Real Estate. If you’ve got an Occupancy Certificate (OC) for your house before April 1 this year, the payment of Pending Dues would draw 12% GST rate and the builder will be able to …
The income tax department Tuesday deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax and GAAR. The reporting requirement of these details in the income tax audit form has been kept in abeyance till March 31, 2020 — meaning that …
Indirect Tax Updates: The Goods and Services Tax (GST) Council has added flexibility into the way a company can utilize the available input tax credit. Any company would now be eligible to use credit available against paid integrated GST (IGST) to set off tax liabilities of state GST (SGST) and central GST (CGST) in any …
Corporate and Professional Updates on 13th May 2019 Direct Tax Updates: ITR-3 (Excel Utilities) has been issued by CBDT on 10/05/2019 for the assessment year 2019-20 (i.e. for the financial year 2018-19) Now Tax audit can be done by Chartered Accountants for Individual & HUF. Managerial remuneration: Where a company made provision for payment of …
Corporate and Professional Updates on 11th May 2019 Direct Tax Updates: CBDT vide order dated 30th April 2019 stated that Income Tax dept. to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR. …
Direct Tax Updates: ITAT Pune in the matter of Ayushi Patni Vs DCIT Has decided that Date of possession of flat is date of actual purchase for claiming exemption u/s 54F of the Income Tax Act. CBDT released data that after clocking steep growth of 25% in the three years to FY18, the number of …
CBIC has issued 41 Clarifications on FAQs/ Issues relating to new GST rate structure notified for Real Estate sector applicable from 1 April 2019. Goods and Services Tax regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well …
Direct Tax Updates: CBDT said that every CIT has to file 10 prosecution cases for default in the filing of return of income. Considering the Rs 60,000 crore shortfall in direct tax collection in the last fiscal. CBDT wants all IT commissioners to ensure that each AO disposes off at least 25 domestic cases or …
Corporate and Professional Updates on 7th May 2019 Direct Tax Updates: The finance ministry on Monday said there was growth of 19 per cent in income-tax returns (ITRs) electronically filed for the assessment year 2018-19 (AY19), compared to those in 2017-18 (AY18).The ministry said a total of 66.8 million returns were e-filed in FY19, which included …
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 …