E India CA

Professional Updates for Chartered Accountants

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What are the limits provided for Audit under GST?

When Audit under GST is required? 1. If Turnover of the registered person crosses the threshold limit for audit under GST i.e. Rs. 2 cr in a financial year 2. An audit by Tax Authorities General Audit Special Audit What is the GST audit limit under GST for a financial year? The limit prescribed under the G...

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Invest in debt funds for at least 3 years for income tax benefit

If you invest for a period of at least three years in debt funds, you will get the benefit of capital gains indexation that will lower taxes on the profits from your portfolio. When this happens, the odds of beating FD returns (which do not get indexation benefits) improve dramatically. So, to answer your last question first, do con...

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CBDT releases revised Form 3CD for FY 2017-18| AY 18-19

CBDT has revised Tax Audit Form 3CD Revised vide Notification 33/2018 dated 20.07.2018 (effective from 20.08.2018) by which it has made  6 Amendments and  9 Insertions  in Tax Audit Report Form 3CD. The major changes are as follows:- Taxpayer to give GSTN number along with details of other indirect Tax registrations like ...

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Filing of Income Tax Return for FY 2017-18 i.e. AY 2018-19

Kindly note that for Salaried/Non-Corporate Assessee whose accounts are not required to be audited, the last date of filing Income Tax Return is 31st July, 2018. and for Company Assessee or Assessee required to undergo audit under income tax act, the last date of filing Income Tax Return is 30th September 2018. Penalty for late f...

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Angel Tax – Changing Paradigm of Taxation for Startups

Ministry of Commerce and Industry, Govt. of India through Department of Industrial Policy and Promotion (DIPP), with an intent to building a stronger eco-system for nurturing innovation and growth of the Start-ups in the country, has come up with a new notification (G.S.R. 364(E)) on 11th April, 2018 (“Notification”) dealing wit...

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7 Common Reasons Why Get Income Tax Notices

1. Due to TDS You may be slapped with a notice by the department if there is any mismatch in the amount of TDS which you have shown in your return and the actual TDS that has been deducted during the year. For example, In case, your employer forgot to file TDS return but the same amount is shown in your income tax return then ther...

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What if you forget to verify your Income Tax return?

NEW DELHI: Filling of income tax returns on time is not only a moral and financial obligation but also a way to ensure optimum financial health. Income tax return has two dedicated components of ITR filling and ITR verification. Filling of the ITR must be done as per the designated time frame allocated each year. For example, for...

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Analysis on Recent Amendments in Deemed Dividend u/s 2(22)(e)

 Is the Proposed Amendment in Finance Bill 2018 Concerning Levy of Dividend Distribution Tax (DDT) on Deemed Dividend u/s 2(22)(e), Resulting in Double Taxation? The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distribution tax @ 30%, u/s 115-O of Income Tax Ac...