Recent Post by Author taxtalk

Beyond Law & Logic: Introduction of Rule 36(4) the CGST Rules

Beyond Law & Logic: Introduction of Rule 36(4) the CGST Rules A reply to a question in the LokSabha revealed that during the FY 2018-19, 1,620 cases of fake invoices were detected wherein  fraudulent ITC to the tune of Rs. 11,251 crore was noticed by  GST Authorities. And, for the first 3 months of the…

Does Inclusive Method of Accounting have any impact on Profits or not?

Does Inclusive Method of Accounting have any impact on Profits or not? Under the Income tax Act, 1961 assessee is required to maintain books of accounts. Assessee can maintain books of accounts under cash basis or mercantile basis of accounting. Assessee should consistently follow the method of accounting. The Central Government had via power given…

TAX AUDIT DUE DATE EXTENSION: TO CHERISH OR NOT TO CHERISH?

TAX AUDIT DUE DATE EXTENSION: TO CHERISH OR NOT TO CHERISH? Finally, the tax audit & ITR filing date is extended from 30th September 2019 to 31st October 2019. There were lots of debate and stress over the last two days on whether the income tax department would extend the due date or not, for…

All about deduction towards Mediclaim payment u/s 80D

All about deduction towards Medi-claim payment u/s 80D There are options beyond section 80D which the taxpayers dont realises. One such option is in the form of section 80D which offer deduction towards mediclaim payment. The deduction is over and above deduction limit of Rs. 1.50 Lakh u/s 80C. Deduction u/s 80D is available towards…

Removal of Difficulty Order

Removal of Difficulty Order The GST Act gives an opportunity to Government for a period of 3 years from the date of its implementation to make such provisions that are not inconsistent with the provisions of this Act or the rules or regulations made thereunder as may be necessary or expedient for the purpose of…

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