Daily Archives: December 12, 2018

GST Annual Return date Extended : Order No 1/2018 Central Tax

By | December 12, 2018

GST Annual Return date Extended for FY 2017-18 GST Annual Return date Extended :Notification MINISTRY OF FINANCE (Department of Revenue) ORDER New Delhi, the 11th December, 2018 No. 1/2018-Central Tax S.O. 6109(E).––WHEREAS, sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this Order referred to… Read More »

Management Representation Letter (MRL) Format for GST Audit

By | December 12, 2018

Management Representation Letter Download Management Representation Letter Format Suggested format of letter of management representation to be obtained from the client in respect of each registered person separately viz., State wise / GSTIN wise (suitable modifications may be made as required)** Dear Sir, Sub: Letter of Management Representation – GST Audit for the financial year… Read More »

Income Tax Appeal should be contested on merits : CBDT Instructions

By | December 12, 2018

F. No .  279/Misc/M-93/2018-ITJ Government of India Ministry of Finance Department of Revenue Central Board Direct Taxes Judicial Section New Delhi,  11th December 2018 To All Pr. Chief Commissioners of Income tax Madam/Sir, Sub:-  Clarification w.r.t para 10 of Circular 3 of 2018 -Reg. Instructions were issued vide CBDT Circular No. 3 of 2018 dated 11.07.2018,… Read More »

Prosecutions and Punishments under Income Tax Law of India

By | December 12, 2018

PROSECUTIONS AND PUNISHMENT UNDER THE INCOME-TAX LAW [As amended by Finance Act, 2018]  Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the… Read More »

TDS on Rent of Property : Section 194IB: FAQs : Form 26QC & Form 16C

By | December 12, 2018

TDS on Rent Section 194IB of Income Tax Act What is TDS on Rent? The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding Rs 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord. Who… Read More »

How to opt and Submit response for e-Proceeding on IncomeTaxIndiaEfiling

By | December 12, 2018

e-Proceeding – Plan for Paperless Proceeding The process of managing the ITD-related proceedings electronically is known as e-proceedings. In place of handling the proceedings manually, user can manage their proceedings online through assigned Income Tax Officer (ITO). With an assigned ITO, assessee can communicate online to reduce visits in IT office for regular issues. The… Read More »

TDS on Interest , Professional Fees , royalty under Income Tax [FA 2018]

By | December 12, 2018

Tax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193) [As amended by Finance Act, 2018] For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation… Read More »

TDS Rates for AY 2019-20 (FY 2018-19) : As amended by Finance Act 2018

By | December 12, 2018

TDS Rates for AY 2019-20 (FY 2018-19) [ TDS Rates for AY 2019-20 (FY 2018-19) As amended by Finance Act, 2018  / Rates for tax deduction at source ] [For Assessment year 2019-20] Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident in… Read More »