Nandhakumar & Sundaran
Chartered Accountants, Auditors

By: Nandhakumar & Sundaran | April 17, 2019

Tax authorities have set a deadline of June 30 to clear up all demonetisation-related cases. In its interim action plan for the first quarter of 2019-20, the Central Board of Direct Tax (CBDT) has instructed its officials to “dispose of all cases related to demonetisation where assessment is required to be framed”.


Source: The Hindu Business Line

Category: News 

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By: Nandhakumar & Sundaran | April 17, 2019

The Central Board of Direct Taxes (CBDT) has notified amendments in Form 16 — which acts as certificate for tax deducted at source (TDS) —and Form 24Q — quarterly TDS statement for salaries. The new forms require taxpayers to provide more details related to bifurcation of exemptions under Section 10 of the Income Tax Act, various deduction under Chapter VI-A, disclosure of standard deduction amount and other income. Section 10 covers several tax-free allowance as part of the salary, including leave travel, uniform, travelling and house rent.


Source: Financial Express

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By: Nandhakumar & Sundaran | March 23, 2019

The Reserve Bank of India on Friday deferred the implementation of new accounting rules for banks till further notice. The Indian accounting standards or the Ind-As were proposed to be effective April 1, 2019. "The legislative amendments recommended by the Reserve Bank are under consideration of the Government of India. Accordingly, it has been decided to defer the implementation of Ind AS till further notice," the Central Bank said.


Source: https://cfo.economictimes.indiatimes.com/news/ind-as-implementation-for-banks-deferred-again/68528057 

Category: RBI 

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By: Nandhakumar & Sundaran | March 23, 2019

To boost ease of doing business, especially for small and medium enterprises (SMEs) and start-ups, the ministry of corporate affairs (MCA) has exempted incorporation fee for firms having share capital up to Rs 15 lakh. Earlier, the limit was Rs 10 lakh. The amendment to the Companies (Incorporation) Rules, 2014 to this effect was notified earlier this month. An MCA official said this is part of the government’s efforts to make India a start-up hub. The ministry has also relaxed the requirement to publish the notice of shifting of registered office by any firm in any principal local-language and English newspaper having ‘wide’ circulation, rather than the earlier requirement of ‘widest’ circulation.


Source: FinancialExpress

Category: News 

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By: Nandhakumar & Sundaran | March 21, 2019

The GST Council in its 34th meeting held on March 19, 2019 discussed on implementation of recommendations made by the council in the 33rd council meeting. In the said meeting, the Council had recommended that to boost the real estate sector the GST Rate should be 1% in case of affordable houses and 5% in other cases. The key takeaways of 34th GST council meeting regarding the GST Rates on Real Estate Sector are as follows:

  1. The promoters shall be given an one -time option to continue to pay tax at the old rates (i.e., at 8% or 12% with ITC) on ongoing projects (if construction and actual booking have started before 01-04-2019) which have not been completed by March 31, 2019. The option shall be exercised once within a prescribe...

Category: GST 

Tags: News 

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