Ashraf and Associates- Chartered Accountants

21/03/2022

01/08/2020

Eid Mubarak

01/02/2020

New individual tax payer slabs
2020

Upto 5 Lakh - No Tax
5 Lakh to 7.5 Lakh - 10%
7.5 Lakh to 10 Lakh - 15%
10 Lakh to 12.5 Lakh - 20%
12.5 Lakh to 15 Lakh - 25%
Above 15 Lakh - 30%

05/06/2019

Eid Mubarak everyone.😊

31/03/2019

1. Govt relaxed the norms for e-way bills. Rules regarding validity have been changed, while a facility has been provided for auto-calculating the route distance. Under the GST regime, an e-way bill has to be generated if goods worth over Rs 50,000 are transported.

2. SEBI said transfer of shares of listed companies can be done only in the dematerialised form from April 1 but investors are not barred from holding shares in the physical form.

23/03/2019

GST: Real estate developers have the option to adopt a lower rate of GST without ITC, or go for the existing rate with ITC. This applies to ongoing projects started before April 1, 2019. Projects beginning on or after April 1 will fall into the lower GST rate regime.

16/03/2019

*COMPOSITION SCHEME UPDATE*

Conversion scheme for Regular taxable person to Composition taxable person has been available on GST Portal.

Those taxpayer who wants to convert themselves from Regular taxable person to Composition taxable person can apply for conversion to Composition scheme before 31.03.2019.

*Last date for applying is 31st March 2019.*

14/03/2019

GST Network has provided a facility to the taxpayers to view and download a report on tax liability as declared in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return).

01/03/2019

1. Finance ministry has asked the direct tax code (DTC) panel to revise the existing income-tax (I-T) slabs, especially in the 20 per cent bracket. The panel has sought three months to incorporate the suggestions.

2. CBIC has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance and recovered @ 10,000 crore till now.

28/02/2019

Income tax refunds will be credited only to bank accounts (savings/current/cash/OD) From March 1, 2019 and will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.

01/02/2019

*Wrong perception about NO Income Tax upto Rs 5 lakh to all tax payers, Income Tax is still payable @5% on Income upto Rs 5 lakh*

Finance Minister while presenting the Budget speech has clearly stated that there will not be any Income Tax to the on Income up to Rs 5 lakh, but when Finance Bills came on the records it clear the myth spread on the news media and other websites.
As per the Clause 8 of the Bill seeks to amend section 87A of the Income-tax Act to provide relief to the individual taxpayers by increasing the maximum amount of tax rebate to twelve thousand five hundred rupees from existing two thousand five hundred rupees. The tax rebate shall now be admissible to taxpayers having total income up to five hundred thousand rupees, instead of existing three hundred fifty thousand rupees.
*No tax upto total taxable Income of 5Lakh is in the form of rebate under section 87A which means It will be available to only those Individuals whose Total Taxable Income is less than or equal to 5Lakh (after availing all available deductions).*
There is no change in Tax slabs and there is no exemption to those Individuals whose total Taxable Income (after all deductions) is more than 5Lakh.