Tejas D. Rathi & CO

14/05/2019

*CBDT further deferred furnishing of GST & GAAR details in Form 3CD till March 31, 2020*

Circular no. 09/2019, dated 14-05-2019
Section 44AB of the Income-tax Act, 1961 requires specified persons to furnish the tax audit report along with the prescribed details in Form no. 3CD. The existing Form 3CD was amended by the Central Board of Direct Taxes (CBDT) vide notification no. 666(E) dated 20-07-2018. Various clauses have been amended and a few new clauses have been inserted in the new Form 3CD. However, the reporting under clause 30C (pertaining to GAAR) & clause 44 (pertaining to GST) was kept in abeyance till March 31, 2019 vide Circular No. 6/2018 dated 17-08-2018.
Now, considering the representations with regards to further deferment of such reporting, the CBDT has decided that the reporting under clauses 30C & 44 of tax audit report shall be kept in abeyance till March 31, 2020.

02/05/2019

*IT Deptt has released Excel Utility for e-filing of ITR 2 on 2nd May 2019 and has updated utility for ITR 1 Sahaj & ITR 4 Sugam on 24 April 2019, in respect of FY 2018-19/ AY 2019-20*

IT Deptt has released/ updated Excel Utility for e-filing of Income Tax Return (ITR) Forms (FY 2018-19/ AY 2019-20), i.e. ITR 1 Sahaj, ITR 2 and ITR 4 Sugam recently (as detailed below) and e-filing thereof has been enabled at e-filing website. Further, JAVA Utility in respect of ITR 1 Sahaj and ITR...

09/02/2019

The key takeaways of the 32nd GST Council meeting are as follows:

Increase in GST registration limit from Rs 20 lakhs up to Rs 40 lakhs for suppliers of goods.

Changes in the existing composition scheme made by increasing the turnover limit to join the scheme up to Rs 1.5 crores, tax payments to be made quarterly and returns to be filed annually starting 1st April 2019.

New composition scheme is introduced for service providers and those who supply services along with goods; the Turnover limit set is Rs 50 lakhs and the Tax rate is fixed at 6%.

No rate cuts were announced this time. GoMs were formed to study taxation of under-construction properties & lotteries.
Calamity cess up to 1% for up to 2 years will be charged for supplies made within the State of Kerala.

REGARDS,
TEJAS D. RATHI AND COMPANY