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07/11/2021

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04/11/2021

May millions of lamps illuminate your life with endless joy, prosperity, health and wealth forever. Wishing you and your family a very happy and safe Diwali!

23/06/2019

FOR CA IN PRACTICE
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Negligence in reporting 40A(3) & 40(a)(ia) violation is Professional Negligence – CA awarded punishment of removal of his name from the Register of Members Ignorance & casualness may be a costly. There is not only penalty u/s 271J but also chances of Disciplinary action by ICAI.

Income Tax Department is taking all such matters for disciplinary action with ICAI.

One such instance was found in CA Ishaq Esmail Lakkadghat Versus Income Tax Officer, 11 (3) -1 Mumbai case wherein the Tax auditor was held guilty by the disciplinary committee of ICAI of lack of exercising due diligence, or gross negligence in the conduct of his professional duties.
The Reporting Auditor (CA) stated NIL in the column “amount admissible u/s 40A (3) read with rule 6DD and computation thereof”
The error was deducted in scrutiny assessment for AY 2007-08, when it was found that the assessee has made payment of consultancy charges amounting to Rs.5,45,715/- to various Doctor which exceeds Rs.20,000/-. The assessee has made this payment in cash which is exceeding Rs.20,000/– and no tax has been deducted which is required u/s 194J of the Income Tax Act, 1961. These facts have not been mentioned in the Tax Audit Report certified by the CA.

The matter was reported to the Disciplinary Committee of the ICAI which that on perusal of Profit & Loss Account of the Hospital vis-à-vis working papers of the Respondent, it has been noted that consultancy charges were shown as expenses in the Profit & Loss Account of the Hospital.

12/06/2019

*No Eway bill w.e.f. 21st June 2019, if GST returns of last 2 months are pending*

Dear All,

A new rule 138E was inserted by the Govt vide its notification no 74/2018 dated 13.12.2018, which has salient features as follows:-

1. If the GST returns for the last 2 months have not been furnished by the regular dealer or

2. If the GST returns for last 2 quarters have not been furnished by the composition dealer

Then

*HE WILL NOT BE ALLOWED TO GENERATE EWAY BILL ON THE GST-EWAY BILL PORTAL.*

In such cases only Commissioner would be able to allow such generation in select cases that too with an order.

Now, What should you do??

1. Please file all your returns upto April 2019 by 20th June 2019.

2. In case if returns are not filed, then the Eway bill will not be generated.

3. In case if you think that if you won’t be able to file then the other person will generate on your behalf then that also won’t be possible.

*Thus in the end, each and every registered taxpayer who generates eway bill is requested to file all their pending returns till April 2019 by 20th June 19, in order to avoid any last minute hassles.*

02/04/2019

NEW UPDATE FOR ALL HARYANA GOVERNMENT EMPLOYEES:

All Haryana Government employees (including teachers and HCS) have to now file a property return before 30th April of each financial year. This year two property returns are to filed (For 17-18 and 18-19).

The same is filed on intraharyana website: (http://intrahry.gov.in)

The particulars needed for this filing are:
1. Payee code of employee
2. Salary bank account number
3. Details of immovable property (constructed or otherwise) in name of employee.
4. Details of cash, jewellery, vehicles (movable properties) with the employee.
4. Details of any loan given by the employee.

Intra Haryana is a single point gateway which integrates all government transactions and services within and across the various ministries and departments as well as those between the government and it's employees.

09/02/2019

Impact of Change in setoff rules

07/02/2019

03/02/2019

01/02/2019

BUDGET 2019

1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
6. Full Tax rebate upto 5 lakh annual income after all deductions.
7. Standard deduction has increase from 40000 to 50000
8. Exempt on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has given to unsold inventory has increased to one year to two years.

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