ITAT held: Addition of bogus F&O losses for Client Code Modification misuse
Jun. 20, 2019
Held: ITAT Mumbai has confirmed the addition of fictitious F&O losses being inflicted by misusing the Client Code Modification (CCM). The ITAT also confirmed the addition in respect of Commissions to the tune of 1% of the stated fictitious losses in the hands of the Assessee (LLP). ITAT Mumbai also upholds re-assurement for AY 2010-11 (within a 4 year period)
Evolution of GST - Curbing Tax Evasion
Jun. 18, 2019
In this ripple, we shall discuss about the proposed initiative of generation of e-invoicing for larger companies, validation of e-way bills (electronic permits issued for the movement of goods) with the data generated at toll plazas and geo-tagging of companies.
FAQ on GSTR 9 press release by CBIC on Jun 3 2019.
Jun. 05, 2019
As you know, Trade and Industry of India are filling and filing their 2017-18 GST Annual Return for the first time. They have to file it in Form GSTR 9 before June 30 2019.Trade and Industry has some queries on GSTR 9.CBIC's press release tries to address them.The PR generally clarified 8 matters. In this ripple, I have tried to break down the press release in small easy workable points.
CBIC's press release clarifies 8 important queries of trade & industry wrt form…
Jun. 04, 2019
The press release is published on Jun 3 2019. In it, the CBIC has clarified major queries like -
- in point 'f' CBIC states that you can correct the auto populated data in table 4 so that the data matches with your GST returns filed/books of accounts maintained.
- in point 'e', CBIC directs you to declare the outward supplies which you didn't declare earlier in GSTR 1 and GSTR 3B.You should declare it in Pt II of GSTR 9.
Please read them (and…
Summer Break From 03 Jun 2019 to 28 Jun 2019
Jun. 03, 2019
As an annual feature the Sales tax bar association takes summer break from 3 Jun 2019 to 28 Jun 2019. Officers generally don't issue ex-parte orders during this period. However, there are some exceptions to this. Officers use this time in weeding out files or clearing pending work or solving some other important matters.