Weekly Articles 31 August

Cash withdrawal of more than 1 Cr will attract 2 percent TDS, limit to be calculated from 1 April 2019

The Central Board of Direct Tax said that if a person has already withdrawn Rs 1 crore or more in cash up to August 31, 2019, in the current fiscal, 2 per cent TDS shall apply on all subsequent cash withdrawals.The Budget 2019 has introduce new provision under section new section 194N said that the 2 per cent tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1.

Author : CA Chirag Chauhan

Posted On: 2019-08-31

Clarification on applicability of Tax Deduction at Source on cash withdrawals

In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act,1961 (the ‘Act’), to provide for levy of tax deduction at source (TDS) @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from one or more accounts maintained with it by the recipient. The above section shall come into effect from 1st September, 2019.

Author : Expertmile Admin

Posted On: 2019-08-31

CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups

One of the measures pertaining to taxation announced by the Hon’ble Finance Minister as part of the several measures to boost the economy, was the withdrawal of ‘Angel Tax’ provisions for Start-ups and their investors. As part of the measures for mitigating the genuine difficulties of Start-ups, it was decided that a dedicated cell would be set up under a Member of CBDT for addressing the specific problems of Start-ups.

Author : Expertmile Admin

Posted On: 2019-08-30

FM Smt. Nirmala SItharaman's Presentation on amalgamation of National Banks and it's benefits

Union Minister of Finance & Corporate Affairs Smt. Nirmala SItharaman's Presentation on amalgamation of National Banks

1.Banks to launch Repo rate linked loan products -8 PSBs have launched repo-linked

home/vehicle/mortgage/cash-credit loans.

Author : Expertmile Admin

Posted On: 2019-08-30

Interim Order of AP High Court allowed assessee to rectify GSTR-3B manually

Petitioner is permitted to rectify GSTR-3B statements for the months of August and December, 2017 and January and February, 2018 manually subject to the outcome of the writ petition. It is made clear that if the petitioner submits a rectified statements for the above purpose, the respondents shall process the same in accordance with the procedure established by law.

Author : Expertmile Admin

Posted On: 2019-08-30

Maharasthra GST issues guidelines to ensure correct reporting of ITC and ineligible ITC since July 2017

As you are aware that after implementation of Goods and Services Tax (in short GST) system, the State Tax revenue constitutes MVAT Tax collected (tax on non-subsumed items and old recovery of tax arrears), tax collection under non-subsumed tax laws, State Tax under GST (SGST) and fund transfer from Centre of Integrated Tax (for short IGST) on account of settlement and apportionment.

Author : Expertmile Admin

Posted On: 2019-08-30

Forensic Audit - Introduction, Type, Constituents of Forensic Audits and Auditors, Distinction between Forensic Auditing and Financial Auditing, How to prevent through Internal Audits

The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing.

Author : CA Rubneet Anand

Posted On: 2019-08-29

FAQ on Queries related to ITR Filing by CBDT release on 28th August 2019

Deduction u/c VI-A is not allowing may be because there is no Income being offered in the Return. Please fill some Income and then proceed to fill deduction(s) u/c VI-A, the same shall be allowed up to the maximum eligible amount.

Author : Expertmile Admin

Posted On: 2019-08-29

Know Income Tax Slab rates as per Direct Tax Code. Big relief proposed for individuals

Currently, personal income is taxed under income tax at 5 percent for income between Rs 2.5 to Rs 5 lakh, at 20 percent for income between Rs 5 lakh and Rs 10 lakh, and 30 percent for an income of over Rs 10 lakh. The proposed Direct Tax Code has been liberal to increase the slab and reduce the taxes. 

Author : Expertmile Admin

Posted On: 2019-08-29

CBDT clarifies differential regime between domestic investors

The Central Board of Direct Taxes (CBDT) said today that an incorrect perception is being created in a section of media as if announcements made by Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs, in a press conference on 23rd August 2019, which brought in a number of responsive structural measures to boost up the economy, have created a differential regime between FPIs and domestic investors including AIF category III.

 Author : Expertmile Admin

Posted On: 2019-08-28

Non-resident shall not be required to disclose details of his directorship in a foreign company - Clarification by CBDT

The Income-tax Return (ITR) forms for the Assessment Year (A.Y.) 2019-20 were notified vide notification bearing G.S.R. 279(E) dated the 01st day of April 2019. Subsequently, instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms were also released. After notification of the ITR forms, various queries were raised by the stakeholders in respect of the filling-up of the ITR forms.

Author : Expertmile Admin

Posted On: 2019-08-28

GSTR 9 / 9A /9C Annual Return and Audit Certificate due date extended till 30 November 2019

Representation has been made by ICAI, Tax Chambers, and many persons to FM for extension of due date of Annual Return GSTR 9/9A and Reconciliation Statement along Audit Certification GSTR 9C for the year 2017-18 by 3 months (30.11.19)There were also request by many individual via social media for date extension and also for simplification of forms and audit certification.

Author : Expertmile Admin

Posted On: 2019-08-26

Transfer Pricing - Secondary Adjustment and Amendment by Finance (No.2) Act 2019

India had introduced this concept of transfer pricing through Finance Act 2017. Secondary Adjustment arises due to “Primary Tax Adjustment” made to the transactions with Associated Enterprise to arrive at Arm’s Length Transaction as per the Income Tax Act,1961.

Author : Sarvesh Khandelwal

Posted On: 2019-08-26

22 Senior Tax Officers Facing Corruption Charges Made To Retire by Govt

Central Board of Indirect Taxes & Customs (CBIC) has compulsorily retired yet another 22 senior officers of the rank of Superintendent/AO under Fundamental Rule 56 (J) in the public interest, due to corruption and other charges. At least 22 senior tax officers have been forced into retirement for their alleged roles in corruption cases and links with other charges, sources said today, days after Prime Minister Narendra Modi told a newspaper the centre was aware of "some black sheep in the tax administration".

Author : Expertmile Admin

Posted On: 2019-08-26



Restrictions on carry forward and setoff of losses for startups as per finance budget 2019

As per section 79, which restricts carry forward and setoff of losses in the case of certain companies has been replaced with a new section to enable an eligible start up as mentioned in section 80IAC to carry forward and setoff its losses incurred during the first seven years even if there is a change in its shareholding. For companies other than start-ups the previous section is applicable as it is.

Author : Expertmile Admin

Posted On: 2019-08-26