Uncategorized

Reduction in corporate tax rates to 22% for domestic companies and 15% for new domestic manufacturing companies

Reduction in corporate tax rates to 22% for domestic companies and 15% for new domestic manufacturing companies

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…

Read More
Different types of Audit under GST

Different types of Audits under GST

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…

Read More
Company Secretaries Unique Document Identification Number (UDIN)

Company Secretaries Unique Document Identification Number (UDIN)

In exercise of the powers conferred by clause (1) of Part II of the Second Schedule to the Company Secretaries Act, 1980 as amended by the Company Secretaries (Amendment) Act, 2006, the Council of the Institute of Company Secretaries of India (ICSI) has rolled out an initiative in the form of a Unique Document Identification Number (UDIN) in an attempt to pursue heightened sense of self-governance and strengthen the practicing side of company secretaries. UDIN will provide ease of maintaining…

Read More
https://uja.in/wp-content/uploads/2019/09/cbdt-issues-a-consolidated-circular-for-assessment-of-start-ups-for-better-clarification.pdf

CBDT issues consolidated Circular for Assessment of Startups.

In order to provide a hassle free tax environment to the Startup’s, a series of announcements have been made by the Hon’ble Finance Minister in her Budget Speech of 2019 and also on 23rd August 2019. To give effect to these announcements, the CBDT has issued various circulars/clarifications in the matter. On 30th August 2019, vide circular No. 22/2019, the CBDT has consolidated all circular and notifications in one circular. Complete Circular attached for your reading.

Read More
CBDT amends Rule 114 of Income Tax Rules 1962 to facilitate interchangeability of PAN with Aadhaar

CBDT amends Rule 114 of Income Tax Rules 1962 to facilitate interchangeability of PAN with Aadhaar

The Finance Act 2019 has amended s. 139A to make PAN and Aadhaar interchangeable. The CBDT has amended Rule 114 of the Income Tax Rules 1962 to provide that a person who has not been allotted PAN, shall be deemed to have applied for the same if he has intimated his Aadhaar in lieu of PAN. Further, assesses not possessing PAN can apply for it intimating Aadhaar only, no additional document shall be required. Notification attached for your reading.

Read More
CBDT - Sec. 194N TDS on cash withdrawals applicable from Sept. 1 with calculation rider

CBDT – Sec. 194N TDS on cash withdrawals applicable from Sept. 1

CBDT gives relief to taxpayers, clarifies that cash withdrawal prior to September 1, 2019 won’t be subject to 2% TDS under Sec. 194N ; However, Board adds that for the purpose of calculating the Rs.1 Cr limit for FY 2019-20 , the amount already withdrawn till Aug. 31 will be considered. Note : In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N to provide for levy…

Read More
Government rolled out red carpet for FDI

Government rolled out red carpet for FDI

India opened its doors further to foreign direct investment (FDI), diluting the stringent condition of local sourcing for single-brand retail, in continuation of measures aimed at reviving growth. Government has eased the norms for 30% local sourcing rule for FDI in single-brand trading. Government has now  allowed online sales even before a company sets up a brick and mortar presence in India. Bigger bite: Now, Apple will start selling iPhones directly to Indian consumers first through its own online store, irrespective…

Read More
Translate »