The Taxation Laws (Amendment) Ordinance, 2019 was promulgated by President on 20.09. 2019 which has amended the Income Tax Act, 1961, and the Finance (No. 2) Act, 2019. Compendium of major propositions: Income tax rate for domestic companies: Particular Old…
New GST Return Format
1.1 Applicability: Major outcome of the 31st Council meet was to introduce new return system under GST. New return system will contain simplified return forms, for ease of filing. An insight of the new tool was provided in May 2019…
Internal Control Over Financial Reporting
INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR) can be defined as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. IFCR…
SIGNIFICANT BENEFICIAL OWNERSHIP “SBO”
Ministry of Corporate Affairs (MCA) has always been vigilant in curbing black money and round tripping of funds. A current measure to unearth the information, MCA has redrafted the provisions of Section 90 of the Companies Act 2013 to disclose…
Analysis of Central Goods and Services Tax (Fifth Amendment) Rules, 2019: Part-1
The Central Government exercising the powers conferred by section 164, has made an amendment to CGST Rules 2017 ,which is termed as CGST (Fifth Amendment) Rules, 2019. Rule 12 (1A): Grant of registration to persons required to deduct tax at…
GST E-invoice on Government Portal
GST was implemented with several unique provisions which intended to reduce the complexities of pre-GST era. One of such provision stated in rule 46 of CGST rules, 2017 which conferences about unique series of invoice under GST. As per law,a…
POEM in India: A New Perspective (Part-1)
Taxation of business profits on the basis of economic adherence has always been the underlying basis of existing international taxation rules as both the residence and source countries claim the right to taxation. Economists gave primacy to the economic allegiance…
MSME (Micro, Small and Medium Enterprises)
Understanding MSME as per the Law: The Government of India has devised the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 on 02nd October, 2006. As per the Act, categorization of enterprises is done into micro, small and medium enterprises based…
Inter-State Supplies to Unregistered Persons shall Report as Mandated by Law Table 3.2/ GSTR-3B & Table 7B/ GSTR–1
Under GST regime, separate returns namely GSTR-1 & GSTR -2 respectively were designed for reporting of sale and purchase details. But due to teething problems under GST law, GSTR -2 did not materialised since its inception. Also,initially GST law makers…
Form 16 (Part B): New Procedure, Format and Standards for Issuance
The provisions of Income tax Act, 1961 require an employer to file statement of tax deduction at source (TDS) with respect to its employees in Form 24Q, providing therein details of tax withheld in respect of his employees. Additionally, the…