Posts by: rasik
Action point regarding GST notices
It is observed from last few days there are series of notices from the department in which it is instructed by the department to pay the excess ITC along with interest . In the first instance all these notice are without DIN ( Document Identification Number ) and department has itself declare that any communication
Read More*GST ITC restriction after the extended date of credit availment of GSTR 3B
As per Section 16(4) of the CGST Act, 2017 any of the registered persons filing their GSTR-3B return in respect of the last two financial years (July 2017-March 2018 and 2018-19) after 30.04.2019 and 20.10.2019 respectively, could not have availed any credit on invoices or a debit note pertaining to the relevant financial year except in
Read MoreLimits of cash transactions
How much cash can be kept at home by any person legally? A: There is no such limit for cash to be kept at home. But, in case of any inquiry, you need to explain the source of such cash balance. Unexplained source can lead to a penalty up to 137% of cash balance. Q:
Read MoreRegistration of trust in India
Budget 2020 has bring in certain change with regards to charitable trust NGO and other entities that are required to get income tax registration under sec 12A or 10(23C). The purpose changes in the budget 2020 are special down as under: Fresh Application under the new Provisions of sec. 10(23C) or 12(AB) need to be
Read MoreREFUND UNDER GST
Any person can claim the refund under GST ,or the interest paid thereon within 2 years from the relevant date .The relevant date depend on the nature of refund . Situation where refund is possible – Refund on tax paid on zero rated supplies of goods and services or both or input service
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Efiling Incometax Refund Form | Incometax 2018 – 2019
The ever changing Govt Legislation and complex business environment, requires organization and individual to be proactive in the way. So that They plan their compliance systems similarly An effective tax planning can reduce tax outgo . Let you know to discuss more about efiling incometax return form and their benefits. We at Progressus helps the
Read MoreForeign Liability and Asset Return (FLA)
As per the requirment of FEMA Act 1999 ,Every Company which has made Overseas Direct Investment abroad or has received Foreign Direct Investment from overseas need to file the FLA annual return . Companies has to report all the asset and liabilities abroad irrespective of the fact whether thet have made addtiion to the same
Read MoreTax Implication for NRIs selling property in India
There are fair amount of deals now a days where Non Resident Indian often sell their inherited or buyed property in India .There is fair amount of confusion regarding capital gain aspects and Tax deducted at source on these transactions . NRI who are selling their house property have to pay capital gain tax which
Read MoreNEW INCOME TAX RETURN FORMS NOTIFIED
The number of changes notified in the Income Tax Return Forms for the FY 2018-19 is probably the highest in the recent times . Several changes have been made in the forms seeking additional details, which will help in automatically validating or cross-checking the income and other details that the tax authorities may have from
Read MoreValuation of securities under Income Tax Act or Company Law
There has been a lot of confusion with regard to who is eligible to value and under what circumstances under Income Tax Act or Companies Act 1956 . The Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers section 247 of the Companies Act, 2013 (the Act)] and the Companies
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