28 per cent GST will be levied on lotteries from 1st March
Posted Date : 24-Feb-2020 , 09:59:13 am | Posted By CASANSAAR
A 28 per cent Goods and Services Tax (GST) will be levied on lotteries from March 1, according to a notification. The GST Council had in December last year decided to impose a single rate of 28 per cent on state-run and authorised lotteries.
The revenue department notified the GST rate on supply ...
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GST |
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New Return filing System under GST| Clause by Clause Discussion
Posted Date : 22-Feb-2020 , 10:09:47 am | Posted By CASANSAAR
New Return filing System under GST| Clause by Clause Discussion| GST ANX-1| GST ANX-2| GST RET-1| GST RET-2| GST RET-3.
Comparision between GST Old and New System.
GSTR-1 vs ANX-1
GSTR-2 vs ANX-2
GSTR-3 vs RET1/2/3
Clause by Clause Discussion by CA.Mohit Gupta
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GST |
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Companies take taxman to court over denial of GST credit on gifts
Posted Date : 22-Feb-2020 , 09:45:59 am | Posted By CASANSAAR
A group of companies has dragged the government and the indirect tax department to court over denying input tax credit on gifts and samples given to customers and clients.
Under the Goods and Services Tax (GST) framework, companies can set off costs incurred on raw materials or input services aga...
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GST |
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Aadhaar card holders can now get a free PAN card in just 10 minutes
Posted Date : 22-Feb-2020 , 09:36:29 am | Posted By CASANSAAR
To get a new PAN card you need not fill up a 2-page application form and wait for a few days anymore as the income tax department has launched a new facility for taxpayers allowing anyone with an Aadhaar card to get an instant PAN card online and that too for free.
The instant e-PAN card ap...
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PAN |
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Procedure of Prosecution under Various Laws
Posted Date : 21-Feb-2020 , 10:35:14 am | Posted By CASANSAAR
Procedure of Prosecution under Various Laws such as PMLA, PBPT, Black Money Act, Income Tax Act etc explained by Advocate Amit Khemka.
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Income Tax |
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UK gets ready for new points-based visa system; Indians may benefit
Posted Date : 21-Feb-2020 , 10:24:11 am | Posted By CASANSAAR
Home Secretary Priti Patel announced the launch of the UK's new points-based visa system, aimed at attracting the "brightest and the best" from the world, including from India, and cutting down numbers of cheap, low-skilled workers coming to the country.
The new system will come int...
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International Business |
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Firm gets GST notice to pay up Rs 5.9858630140000004
Posted Date : 20-Feb-2020 , 09:29:15 pm | Posted By CASANSAAR
Faced with a revenue crisis of sorts, the government seems to have become penny-wise, especially when it comes to GST collection. The government is sending notices to taxpayers for dues as low as a few paise.However, that puts taxpayers in a jam.
The government recently clarified that those filin...
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GST |
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ESB of ICAI selected Faculties from Northern Region
Posted Date : 20-Feb-2020 , 12:22:05 pm | Posted By CASANSAAR
Ethical Standard Board of ICAI organised Two days Faculty development program in Oct 2019 and selected 10 eminent speakers as faculties for Code of Ethics.
List of empaneled faculties under Ethical Standard Board from Northeren Region are attached here with.
Faculties of E...
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ICAI |
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Interest Calculation under GST - Gross Vs Net
Posted Date : 20-Feb-2020 , 10:31:23 am | Posted By CASANSAAR
Interest Calculation under GST - Gross Vs Net explained by CA. Bhavesh Mittal with Latest Case Laws.
Confusion after CBIC Tweets
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GST |
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Canada Largest Express Entry draw ever issues 4,500 invitations
Posted Date : 20-Feb-2020 , 08:59:26 am | Posted By CASANSAAR
Invitations to apply for Canadian Permanent Residence have been issued to 4,500 Express Entry candidates in the largest draw ever held by the Government of Canada on February 19.
The minimum Comprehensive Ranking System (CRS) score in this latest invitation round was 470, a decrease of 2 points o...
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International Business |
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GST biggest madness of the 21st century - Subramanian Swamy
Posted Date : 20-Feb-2020 , 08:31:45 am | Posted By CASANSAAR
Describing India's latest tax reform GST as "the biggest madness of the 21st century," BJP leader and Rajya Sabha MP Subramanian Swamy said that the country needs to grow at 10 per cent per annum to become a superpower by 2030.
He also demanded that former Prime Minister, late P V N...
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GST |
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CGST wing detects Input Tax Credit fraud of more than Rs 214 Cr in Delhi
Posted Date : 20-Feb-2020 , 08:14:25 am | Posted By CASANSAAR
The Anti Evasion wing of CGST Delhi South Commissionerate has detected a case of Input Tax credit fraud through fake invoices issued by bogus firms.
Investigations led to discovering the accused had also been generating bogus e-way bills to back the fake invoices. Over 35 entities are invol...
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GST |
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0 | Hits : 1953
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Faceless tax assessment system prone to errors: HC
Posted Date : 19-Feb-2020 , 03:56:11 pm | Posted By CASANSAAR
The Madras High Court in a recent order has opined that the faceless tax-assessment system “can lead to erroneous assessment, if officers are not able to understand the transactions and statement of accounts of an assessee without a personal hearing”.The court, however, said electronic-a...
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Income Tax |
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Filing of forms by IRP, RP or Liquidator in Registry (MCA21)
Posted Date : 19-Feb-2020 , 09:25:10 am | Posted By CASANSAAR
MCA Circular regarding Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016).
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MCA |
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GST returns can now be filed in a staggered manner
Posted Date : 19-Feb-2020 , 09:18:01 am | Posted By CASANSAAR
In a moved aimed at de-stressing the GST system, the finance ministry staggered last dates of filling GSTR-3B, a monthly return form, and has provided three dates for different categories of taxpayers.
Currently, the last date for filing GSTR-3B is 20th of every month. With the changes, there wil...
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GST |
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Income Tax dept issues notices to directors of defaulting Cos
Posted Date : 19-Feb-2020 , 09:12:25 am | Posted By CASANSAAR
Income Tax officials are increasingly issuing notices to directors of private limited companies which default on their tax dues, experts said.
Directors are being held accountable for the tax compliance of the companies they work for under section 179 of the Income Tax Act dealing with recovery o...
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Income Tax |
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0 | Hits : 1882
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ICAI releases CA exam policy draft, Omits scope of Re-Evaluation
Posted Date : 19-Feb-2020 , 09:09:29 am | Posted By CASANSAAR
Months after forming a high level committee for looking into CA exam process and regulation, the Institute of Chartered Accountants of India (ICAI) has released the draft report based on the recommendations given by the committee. The ICAI had formed the committee and invited suggestions from stakeh...
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ICAI |
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CBDT notifies Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes
Posted Date : 18-Feb-2020 , 10:09:14 am | Posted By CASANSAAR
CBDT notifies Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes
Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes explained by CA. Shivangi Mittal.
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CBDT |
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MCA seeks views on change in laws to hold auditors more accountable
Posted Date : 18-Feb-2020 , 10:06:36 am | Posted By CASANSAAR
Drawing lessons from the alleged role of auditors and their failure to flag irregularities at companies such as Infrastructure Leasing & Financial Services (IL&FS), the Ministry of Corporate Affairs (MCA) has floated a consultation paper seeking industry comments on various aspects of auditi...
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MCA |
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Fire at GST Bhavan damages documents; inquiry ordered
Posted Date : 18-Feb-2020 , 10:02:30 am | Posted By CASANSAAR
Several important documents, including those belonging to audit section of the Department of Goods and Services Tax and files related to the appellate authority — which handles disputes on recovery and payments — were damaged in a fire at GST Bhavan in Mazgaon on Monday. Deputy Chief Min...
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GST |
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SEBI tightens norms for investment advisers to prevent mis-selling
Posted Date : 18-Feb-2020 , 09:58:11 am | Posted By CASANSAAR
The markets regulator on Monday barred investment advisers from simultaneously selling financial products and advisory services, and capped the fees they can charge their clients, in an attempt to curb mis-selling and protect investors.
From now on, an entity can provide either advisory services ...
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SEBI |
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Saskatchewan issues 646 invitations to Express Entry and Occupations In-Demand candidates
Posted Date : 18-Feb-2020 , 09:53:43 am | Posted By CASANSAAR
Saskatchewan invited immigration candidates to apply for a provincial nomination for permanent residence.
The Saskatchewan Immigrant Nominee Program (SINP) sent out a total of 646 invitations to candidates in the Express Entry and Occupations In-Demand categories.
In order to be selected, cand...
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International Business |
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SEBI decides to permit the use of regulatory sandbox
Posted Date : 18-Feb-2020 , 09:27:35 am | Posted By CASANSAAR
Securities and Exchange Board of India (SEBI) has decided to permit the use of regulatory sandbox, a system that will allow live testing of new products, services and business models by market players on select customers. The decision was taken at SEBI’s board meeting held in Mumbai yesterday....
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SEBI |
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CBIC starts capturing district-wise data or origin of export goods
Posted Date : 18-Feb-2020 , 09:22:40 am | Posted By CASANSAAR
Keeping with the Hon’ble PM’s objective of turning districts into export hubs, Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech....
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CBDT |
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Deloitte also stops Non-Audit services to clients in India
Posted Date : 17-Feb-2020 , 08:52:09 am | Posted By CASANSAAR
The Indian affiliate of Deloitte Haskins and Sells on Sunday said the auditor and its network firms in the country will no longer offer non-audit services to “public interest entities" they audit in India, three days after Price Waterhouse India made a similar announcement.
“We b...
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Auditing |
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Revised IFRS 16 - Finance Lease
Posted Date : 16-Feb-2020 , 09:59:43 am | Posted By CASANSAAR
Discussion on Revised IFRS 16 - Finance Lease by CA. Bhawna Dawar.
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IFRS |
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RBI board recommends aligning accounting year with fiscal year from 2020-21
Posted Date : 16-Feb-2020 , 09:45:46 am | Posted By CASANSAAR
The Reserve Bank board on Saturday recommended aligning the central bank's accounting year, beginning July, with the financial year from 2020-21, an official statement said.
The Central Board of Directors of the RBI at its 582nd meeting reviewed the current economic situation, global and dome...
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RBI |
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Interest on delayed GST payment will now be calculated on net tax liability - CBIC
Posted Date : 16-Feb-2020 , 09:40:36 am | Posted By CASANSAAR
Interest payable on delayed payment of GST will henceforth be calculated on net tax liability and the law is being amended to give effect to it, the Central Board of Indirect Taxes and Customs (CBIC) said on Saturday.
Amid worry in the industry regarding CBIC's recent directive to field forma...
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GST |
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PAN to become inoperative after March 31 if not linked with Aadhaar - CBDT
Posted Date : 15-Feb-2020 , 10:18:58 am | Posted By CASANSAAR
Permanent Account Number (PAN) will become inoperative if it is not linked with Aadhaar by March 31, 2020, the Income Tax department has said.
The deadline for linking of PAN and Aadhar has been extended several times and the current deadline ends on March 31, 2020.
Till January 27, 2020, over...
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PAN |
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SEBI rolls out system to detect misuse of client securities by brokers
Posted Date : 15-Feb-2020 , 10:02:20 am | Posted By CASANSAAR
Securities and Exchange Board of India (Sebi) on Thursday introduced a system to monitor and detect misuse of client securities by stock brokers, following the debacle at Karvy Stock Broking Ltd.
Under the new system, an online register will record brokers’ holdings of client securities, a ...
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SEBI |
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