CAclubindia Articles

RCM on renting of motor vehicles

Susmita Dutta, CA , CPA 06 January 2020 at 11:07

GST on supply of service by way of renting of any motor vehicle designed to carry passengers(cost of fuel included in the consideration charged from the service recipient) is paid if certian conditions are satisfied. Read the full article to know all the conditions.

Open letter to the Ministry of Finance and GST Council

Parag Lakhotia 06 January 2020 at 11:07

The GST council should consider that taxpayers are the real nation builders. If they will be burdened with such haste compliances and bureaucracy, there will be an adverse impact on trade as in general. The law should punish the evaders but shall not cause harassment to everyone in general who pay their taxes honestly, due to some minor non-compliances.

Advance Ruling in GST

ashish 06 January 2020 at 11:07

An advance ruling helps the applicant in planning his activities which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities.

Got an Assessment order this December? Heres how you can deal with it.

C.A Vivek Bindal 06 January 2020 at 11:07

With the last day of the decade and the start of new year, many taxpayers also must have received a letter from Income tax department. I would call it a 'Love letter' :).

CBIC notified the provisions of Finance (No. 2) Act, 2019 to amend CGST Act, 2017 - Part 1

Kusum Gandhi 06 January 2020 at 11:07

CBIC issued the Notification No. 01/2020 - Central Tax on dt. 01 Jan 2020 regarding the implementation of provisions of Finance (No. 2) Act, 2019 to amend the CGST Act, 2017.

NRI Taxation Tips For 2020 In Relation to Sale of Property In India

CA Arun Tiwari 06 January 2020 at 11:06

When an NRI sells its property Situated in India then his major concern is taxation. It is seen that when a person starts living outside India then subject to the provisions of the Income-tax act, 1961, he becomes the resident of such a foreign country and liable to pay his taxes in such a country.

Section 269ST : Penalty of Cash Transactions above Rs. 2 Lakhs

CA Piyush Agarwal 06 January 2020 at 11:06

You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance company) in cash provided each loan installment is less than Rs 2 lakhs.

Key findings of NFRA with regard to audit of ILFS

CA Amrita Chattopadhyay 06 January 2020 at 11:06

National Financial Reporting Authority (NFRA) constituted by Govt. of India to monitor and enforce compliance with Accounting and Auditing standard; had taken up the quality review of statutory audit of ILFS Financial Services Limited (IFIN) for the financial year 2017-18 to verify the compliance with the requirement of Auditing Standard.