News Update by CA Raj Chawla (28-12-2018)

Mistakes prove that we are trying, Tears prove that we have emotions, Fights prove that we are in relation, Hunger proves that we are alive. But Some Experiences prove the value of good ones in life.

Accept that you will never be perfect, life will always have challenges, and other people will disappoint you sometimes, acceptance is the first step toward peace.

File your Income Tax Return before 31st December 2018 to Avoid higher Late fee of upto Rs 10,000 if not filed yet.

Charges for cheque bounce collected by an entity from its customers are liable to be taxed with the applicable Goods and Services Tax (GST) rate, the Authority for Advanced Ruling (AAR).

You may soon get separate bills for taxable and non-taxable components in bills that include services exempt under GST regime. The GST Council has decided to extend the unbundling of bills beyond healthcare for all categories of services currently exempt from the tax, such as education

Gujarat tops the list of States in number of violations of the e-Way bill system, introduced in April. The highest amount of tax evasion, meanwhile, took place in Tamil Nadu. The data, presented by the Ministry of Finance to the Lok Sabha.

31st Dec Last Date – ROC (Form AOC-4/4 CFS, Form MGT-7) & XBRL (E-form AOC-4 & CRA-4) without Additional Fee.

RBI has formed an expert committee under former governor Bimal Jalan to decide the appropriate level of reserves that the regulator should hold. This comes more than a month after the bank’s central board proposed the panel’s formation following a dispute between then governor Urjit Patel

UDIN: Central Council of ICAI has decided to mandate UDIN w.e.f 1st Feb., 2019 as against the earlier announced date of 1st Jan., 2019 in a phased manner.

CA Raj Chawla