Major Highlights of 38th GST council meeting

38th GST Council Meeting was held on 18th Dec 2019, the key highlights include: Grievance redressal committees (GRC) will be constituted at the Zonal/State level to address grievances of the specific/general nature of taxpayers at the zonal/state level.  Due date of annual return (GSTR 9) & reconciliation statement (GSTR 9C) for F-Y 2017-18 further extended… Continue reading Major Highlights of 38th GST council meeting

GST & Customs Communication to be quoted with DIN – CBIC

  CBIC on 5 November 2019 issued a circular instructing the procedure which needs to be followed for the generation and implementation of DIN ( Document Identification Number) on all GST and custom communications with taxpayers, effective from 8 November 2019. Objective of implementing DIN under GST Act In accordance with the government’s objective to… Continue reading GST & Customs Communication to be quoted with DIN – CBIC

Document Identification Number to be issued by Income Tax Department

DIN( Document Identification Number) : Income Tax Department’s new trail towards digitalization The tax filing season of 2020 will be witnessing certain commendable changes introduced by the income tax department of India. From now on, a system generated Document Identification Number (DIN) will be enforced for every notice issued by the income tax department. CBDT… Continue reading Document Identification Number to be issued by Income Tax Department

Faceless e-assessments: All you need to know

  The Income tax department has launched a Faceless e-assessment scheme with a mission that it can bring in a  “Paradigm shift” in taxation. This would be done by turning the income tax assessment system completely free of human interference. Ajay Bhushan Pandey, the revenue secretary of India said that the e-assessment scheme will provide… Continue reading Faceless e-assessments: All you need to know

MCA extends due date of filing Financial Statements

Ministry of Corporate Affairs vide its Circular no 13/2019 Dt. 29/10/2019 extends the due date for filing of financial statements. The e forms namely, AOC-4, AOC (CFS) AOC-4 XBRL for financial year 2018-19 can now be filed till 30.11.2019 and e-form MGT-7 till 31.12.2019. No additional fees shall be levied on companies while submitting the forms… Continue reading MCA extends due date of filing Financial Statements

World Students’ Day 2019: Know Tax Benefits for Students

October 15, 2019; on the birth anniversary of APJ Abdul Kalam, let’s remember this great personality who inspired each one of us to think beyond our imaginations. On this fortunate day when the world, especially India was gifted with this great mind; the United Nations decided to observe his birthday as The World Student’s Day.… Continue reading World Students’ Day 2019: Know Tax Benefits for Students