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 Tax rate New Tax rate (optional) Domestic companies with annual turnover of up to Rs…
Month: October 2019
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 with a prototype of the offline tool being shared on the GST Portal. The Ministry…
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 is mandatory for unlisted companies where a. Turnover is >= Rs. 50 Cr. and b….