E India CA

Professional Updates for Chartered Accountants

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GST Council working on possible changes, changes expected regardless of new govt

Regardless of who comes to power, the controversial Goods & Services Tax is set for an overhaul after the swearing-in of the new government. Top finance ministry officials said they have been working on the premise that more goods currently in the 28 percent luxury bracket would be brought down to a lower rate and that the GS...

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Kerala HC stays GST provisions on TCS

The GST provision has hit car dealers particularly hard as they collect 1% TCS from buyers purchasing cars worth over Rs 10 lakh. The Kerala High Court through an interim order has stayed the GST provision which mandates that tax collected at sources (TCS) by the supplier — according to provisions of the Income Tax Act — must be...

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E India CA: Seminar on GST and Income Tax on Tuesday, 20th Nov’18

Greetings from E India CA! E India CA invites you to Interactive Seminar on GST and Income Tax Assessment (including e-asssessment)/Re-assessment as per below details: on Tuesday, 20th November 2018 from 5.00 PM to 8.30 PM Session Details Precautions & Issues in Income Tax Assessments/reassessments (including e-asses...

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All About Proposed Simplified GST Returns – Sahaj And Sugam

With the introduction of Goods and Service Tax (GST), there had been a tremendous increase in the numbers of returns to be filed by the registered taxable person. Due to the increase in the number of returns and the complex return filing process, there had been a remarkable increase in compliance cost which is duly affecting the day ...

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Withdrawal rules for your provident fund account

Provident Fund is a product which helps salaried people to accumulate funds while they are earning for the period the income flow stops. So generally it is not supposed to be withdrawn before its maturity and jeopardise one’s retirement. However there are circumstances when resorting to the money accumulated in the Provident Fund a...

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Interest in GST: Whether on Gross Output Tax or Net Tax Liability

The interest is being charged by the Department on gross tax liability which is the output tax and tax payable on reverse charge mechanism without deducting any input tax credit i.e. net tax liability. Many taxpayers are getting notices from the GST Department regarding late filing of return. The GST Department is adding interest lia...

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How GST and demonetisation impacted govt finances

Widening the tax base and collecting more taxes has been a priority for the current government at the centre. This government’s two major economic disruptions—the introduction of goods and services tax (GST) and demonetisation—were justified in the name of raising tax compliance among other things. However, these moves have not...

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GST audit deadline is close! Types of Audit and All you need to know

After one year of Goods & Services Tax (GST) regime, it is now critical for the taxpayers to start focusing on various GST compliances such as reconciliations, annual return and GST audit certification. All of these compliances will form an important basis for the first audit/scrutiny/assessment under the GST law. The law prescr...