TaxMitr India

(Disclaimer : Taxmitr India does not own this content. This content contains extracts from  this  article of  Business Standard  ) SEBI  Circular No.: CIR/CFD/CMD1/114/2019. Click here to download The market regulator has said that an auditor will have to provide review - limited or complete audit report - for the quarter during which it resigns The market regulator has said that an auditor will have to provide review — limited or complete audit report — for the quarter during which it resigns. For instance, if the auditor decides to resign in August 2019, it will have to issue the review for the quarter ended September 30, 2019. Sebi’s latest circular on resignation of statutory  auditors  comes following a spike in  auditors  at listed firms in recent years. According to data provided by NSE Infobase, the year 2018 saw mid-term cessations of 48 auditors and another 16 so far this year. In the past,  Sebi  has fumed ov...

(Disclaimer : Taxmitr India does not own this content. This content contains extracts from  this  article of  Financial Express  ) Key figures in a nutshell  Revenue increased by 4.8 % to Rs 163,854 crore ($ 23.1 billion) PBDIT increased by 15.5% to Rs 25,820 crore ($ 3.6 billion) Profit Before Tax increased by 14.1% to Rs15,055 crore ($ 2.1 billion) Cash Profit increased by 18.0% to Rs 18,305 crore ($ 2.6 billion) Net Profit increased by 18.3% to Rs11,262 crore ($ 1.6 billion) Meanwhile, shares of  Mukesh Ambani -led Reliance Industries touched a fresh record today, propelling the firm’s market capitalisation to hit the crucial Rs 9 lakh crore mark. The rally in shares came ahead of the Q2 results. Reliance Industries shares jumped by more than 2 per cent to hit the day’s high at Rs 1,428. Reliance Industries market capitalisation has swollen to Rs 9.03 lakh crore, making it India’s most valuable firm by market capitalisation. IT giant T...

(Disclaimer : Taxmitr India does not own this content. This content contains extracts from this article of Financial Express  ) In a major crackdown against the tax evasion, the income tax department carried out raids at several places linked to wellness guru Kalki and his son. The raids were conducted at several locations in Varadaiahpalem in Andhra Pradesh and also in Chennai and Bangalore. The Income Tax Department conducted searches on a group of trusts and companies that run year-round wellness courses and training programmes at several locations in Andhra Pradesh, Karnataka and Tamil Nadu, the Central Board of Direct Taxes (CBDT) said in a statement. “A preliminary estimate of such unaccounted cash receipts is Rs. 409 crore from FY 2014-15 onwards. Such unaccounted cash receipts are also evidenced by huge quantities of cash and other valuables found at the residences of the founder and his son, and at one of the campuses,” the CBDT said. Click here to read complete ...

Click here to view/download notification 29/2019 DOWNLOAD A new sub-rule (4) is inserted w.e.f October 9, 2019 which states that a registered person can claim ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-01 (i.e. not getting reflected in Form GSTR-2A) only to the extent of 20% of the eligible credit available in respect of invoices or debit notes, the details of which have been uploaded by the suppliers “(4) Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 20 per cent. of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers under sub-section (1) of section 37.”. Read complete notification for further clarification

FM Nirmala Sitharaman during an interaction with CAs in Pune says : ‘You just can’t dam the GST now, sorry if its probably giving you some difficulties but it’s the kanoon of the country now and you all of have to work towards its compliance’. Read more at ET now

(Disclaimer : TaxMitr India does not own this content. The content is the property of   Taxmann . Click on the link to view the original content) No abuse of dominance by ONGC in terminating charter hire agreement due to exceptional falling of crude oil price Read full story here

(Disclaimer : TaxMitr India does not own this content. The content is the property of  Financial Express . Click on the link to view the original content) Despite his credentials as an economist and a former secretary general of Ficci, most tend to dismiss West Bengal finance minister Amit Mitra’s warning on the stagnant GST revenues as pure politics. At an Express Group event, Mitra spoke of India’s federal polity being at risk if the Centre didn’t extend the guarantee of a 14% growth in the states’ revenue from GST; right now, if the state GST revenues don’t rise by 14%, they are to be compensated for the shortfall. The states would fall off a cliff, Mitra said, if this guarantee wasn’t extended for another five years after 2022. While the situation may be more serious, in one critical aspect, than Mitra pointed out, the good news is that this may also result in much-needed GST reform. Click here to read more.

No penalty can be levied if amount wrongly mentioned in E-Way bill when taxes have been paid correctly Read more here 

(Disclaimer : TaxMitr India does not own this content. The content is the property of  CAinindia . Click on the link to view the original content) October, 07th 2019 The indirect tax board had removed a “controversial” circular that imposed goods and services tax (GST) on post-sale discounts by dealers, but it has done little to clear the confusion around the many issues that arose with the circular. In June, the Central Board of Indirect Taxes and Customs (CBIC) had issued a circular which said that dealers will have to pay 18 per cent GST on the post-sale discount that they get from the suppliers of goods, if the supplier asks them to pass on the concessions to the end consumer. The circular came out with different situations where GST should be paid and where it should not. For instance, imagine that a company sells a car to a dealer for Rs 10 lakh and later gives a discount of Rs 50,000. In doing so, the firm did not put any obligation on the dealer to pass on the be...