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The CBDT in respect vide circular no 29/2019 dtd. 2nd October 2019 has issued clarifications incase the taxpayer opts for s. 115BAA of the Income Tax Act inserted through The Taxation Laws (Amendment) Ordinance, 2019. The Ordinance states that once, the taxpayer exercises the option to pay tax under s. 115BAA, it cannot be subsequently withdrawn and applies to all subsequent assessment years. The CBDT circular attached addresses, the following concerns raised by taxpayers : –          Allowability of brought forward loss on…

The CBDT in respect vide circular no 29/2019 dtd. 2nd October 2019 has issued clarifications incase the taxpayer opts for s. 115BAA of the Income Tax Act inserted through The Taxation Laws (Amendment) Ordinance, 2019. The Ordinance states that once, the taxpayer exercises the option to pay tax under s. 115BAA, it cannot be subsequently withdrawn and applies to all subsequent assessment years. The CBDT circular attached addresses, the following concerns raised by taxpayers : –          Allowability of brought forward loss on…

The due date for filling e-form DIR-3 KYC and DIR-3 KYC-WEB has been extended from 30th September, 2019 to 14th October, 2019.   Notification of same is attached herewith.

The CBDT has further extended the due date for linking of Aadhaar with PAN till 31st December 2019.   Complete notification attached for your reference.

Clarifications in respect of filling-up of return forms for the Assessment Year 2019-20 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 1st day of April, 2019. Subsequently; instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms was also released. After notification of the ITR forms, various queries were raised by the stakeholders in respect of filling-up of the ITR…

zON GST RATE ON SERVICES AS RECOMMENDED BY THE GST COUNCIL IN ITS 37th MEETING HELD ON 20th SEPTEMBER, 2019   Rate reduction sector wise recommended for: –        GST on hotel accommodation service and outdoor catering services. –        Supply of job work services in relation to diamonds. –        Supply of machine job work services in engineering industry except bus body building.   Exemption sector wise: –        Recommended for processed agricultural product warehousing / storage service.   Clarification related to place of supply for: –        R&D…

New evolving business eco-systems and global connectivity has given rise to many business models unheard of in the age of traditional business structures.  The rapid expansion of the services sector, especially the IT sector, created an imbalance in talent demand-supply. This gave rise to the outsourcing model. Virtual CFOs are offshoots of the KPO sector which has found suitors across varied spectrum of businesses ranging from startups, SMEs to established business organizations requiring CFO services as an interim/medium term measure…

With an aim to promote growth and investment & thereby further boost the Make – In – India initiative of the Government, the Government has brought in Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in Income Tax Act 1961 and Finance (No. 2) Act 2019. This was announced by the Finance Minister – Ms. Niramala Sitharaman during a Press Conference in Goa. As per the new amendments, the corporate tax rates slashed to 22% for domestic companies and 15% for new…

Different types of Audits /Reviews under GST Introduction: In a conventional sense, audit means scrutiny, verification of documents, events and processes in order to verify facts and to draw conclusions regarding the correctness of recording of facts and the efficiency of system under study. Today, the concept of audit in general has under gone change from a transactional audit to a risk based one. GST law mainly functions under the principles of self-assessment wherein the tax payers assess / determine…

The CBDT has notified the Cost of Inflation Index as “289” for FY 2019 – 2020. The complete notification attached for your reference.