New Update by CA Raj Chawla (27-12-2018)

Don’t feel bad if people remember you only when they need you. Feel privileged that you are like a candle that comes to their minds when there is a darkness.

Money is numbers and numbers never end. If it takes money to be happy your search for happiness will never end.

CBDT issued instruction no F.No.173/14/2018-ITA-I dated 24.12.2018 that No Coercive measure to recover demand in case of addition u/s 56(2) (viib) under IT Act 1961 in case of start up

Bogus Purchases: The fact that the vendors are not available at the given address is not sufficient to treat the purchases as bogus if the assessee has discharged primary onus and substantiated the purchases through documentary evidence and payment is made through banking channels. ACIT vs. Karam Chand Rubber Industries (ITAT Delhi)

The 31st GST Council meeting has waived the late fee for some returns such as FORM GSTR-1, FORM GSTR-3B & FORM GSTR-4 for the periods July 2017 to September 2018.

Union government plans to create a backstop facility for states to receive compensation for three additional years to implement the nationwide GST after the expiry of the first five years as mandated by the Constitution.

Group of state finance ministers might recommend raising the turnover threshold for the GST from the current Rs 20 lakh to Rs 75 lakh, in a move that would give lakhs of micro and small enterprises the option to be outside the ambit of GST: Sushil Kumar Modi, deputy chief minister of Bihar

Regards
CA Raj Chawla