New Income Tax Depreciation Rates for Motor Vehicles : CBDT Notification No 69 /2019

By | September 22, 2019

New Income Tax Depreciation Rates for Motor Vehicles The Central Board of Direct Taxes (CBDT) has notified new depreciation rate of 30% on motor cars (other than those used in a business of running them on hire) & 45% on Motor buses, motor lorries and motor taxis used in a business of running them on… Read More »

Changes in GST Rate on Goods as Recommended by 37th GST Council Meeting

By | September 21, 2019

Ministry of Finance GST Rate on Goods as Recommended by The GST Council in Its 37th Meeting Posted On: 20 SEP 2019 The 37thGST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman  . The meeting was also attended by Union Minister of State for Finance &… Read More »

37th GST Council meeting Decisions on 20.09.2019

By | September 20, 2019

37th Meeting of the GST Council, Goa 20 September, 2019 *** PRESS RELEASE (Law and Procedure related changes) The GST Council, in its 37th meeting held today at Goa, recommended the following: 1. Relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under: a. waiver of the requirement of… Read More »

Category: GST

Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs

By | September 20, 2019

Ministry of Finance Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs Posted On: 20 SEP 2019 The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019.… Read More »

FAQ on ‘Presentation of Dividend and Dividend Distribution Tax'(Revised September, 2019)

By | September 18, 2019

FAQ on ‘Presentation of Dividend and Dividend Distribution Tax'(Revised September, 2019) – (17-09-2019) by ICAI Question: What is the presentation requirement as per Ind AS in India for dividend and dividend distribution tax thereon? Response: Presentation of Dividend The paragraphs 35 and 36 of Ind AS 32, Financial Instruments: Presentation, reproduced hereunder relate to recognition… Read More »