Current Issues


  

Deduction Under Section 80C

Tax deductions allow taxpayers to cut down their tax liability. Tax deductions under Section 80C of the Income Tax Act, 1961 are the most preferable among different tax-saving schemes. A tax deduction of up to INR 1,50,000 is allowed to be claimed u/s 80C by an Individual or Hindu Undivided Family for making certain investments and payments. This deduction is subtracted from the gross total income to ascertain the total taxable income and hence it brings down the tax burden of the taxpayer. Deductions Under Section 80C Investments and payments allowed as deductions u/s 80C of the Income Tax Act, 1961 are as follows: Life Insurance Premium Section 80C allows individuals to claim premiums paid against as tax benefits available u/s 80C. This deduction is claimable for the premiums paid toward...

All about GST e-Invoicing Generation System

The GST council has approved recently the concept of E-Invoice in the GST eco-system from January 1, 2020. This is a great step taken towards the ease of doing business, which will help in reducing compliance burden and increase business efficiency. However, globally E-Invoice is not a new concept, it is already implemented successfully and working in more than 100 countries. Actually, e-invoice is not required to generate from the Govt. portal directly rather than it will be generated in the same manner as currently generated. However, there would be a little change where the invoices will be reported to the centralized portal so that such invoices can be validated and reverted back with invoice reference number along with QR code to the taxpayer. Changes in the invoicing system after GST...

Bitcoin & GST In India

Why there is a case for Indian government, regulators to embrace cryptocurrency market Virtual Currencies like Bitcoin, Ethereum, and Mon-roe find them-selves in a grey area in India. In December 2017, the Indian government cracked down on the cryptocurrency market. Earlier this year, in a move that could attract huge tax gains, taxmen issued notices to over five lakh individuals dealing in cryptocurrency. Representatives of India’s top seven Bitcoin exchanges including Unocoin, Zebpay, Btcx-India and CoinSecure approached the Authority for Advance Ruling (AAR) because there is little clarity on their very existence. In April 2018, the Reserve Bank of India placed a ban on banks from dealing with organizations related to cryptocurrencies. The government too has issued periodic warnin...

GST 2.0: Are Enterprises Ready for GST Compliance Yet?

Further simplification of the current GST regime with a new GST return system will help businesses with hassle-free and timely filing. With 2 years of GST being in existence and 35 GST council meetings happened, the way the government is addressing our concerns about our indirect tax makes the road ahead very promising. This clearly indicates the need for corporations to gear up and be ready for tax automation. More than a dozen of indirect taxes was abolished and in lieu one single tax on both goods and services was introduced. GST was introduced to not just eliminate the additional and redundant taxes but also the cascading effect which was present in the earlier regime. In the past, consumers were quite unaware of type of taxes they ended up paying. But today, the consumer is well aware...

Dimethyl Carbonate Market – Global Forecast to 2024

The dimethyl carbonate market is projected to grow from USD 895 million in 2019 to USD 1,207 million by 2024, at a CAGR of 6.2% from 2019 to 2024. The increasing demand for polycarbonates and lithium-ion batteries is expected to drive the global dimethyl carbonate market. Download PDF Brochure https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=24544228 Ube Industries Ltd. (Japan), Merck KGaA (Germany), Kowa Company Ltd. (Japan), Kishida Chemical Co. Ltd. (Japan), Lotte Chemical (Korea), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), Guangzhou Tinci Materials Technology Co., Ltd. (China), Haike Chemical Group (China), Arrow Chemical Group Corp. (China), and Panax Etec (Korea) are some of the leading players operating in the dimethyl carbonate market. These players have adopt...

UL Assessment to Verify Security Claims of GE Appliances’ Connected Products Meeting Critical Cybersecurity Benchmarks

UL announced that GE Appliances is the world’s first household appliance brand to test its connected products against the UL IoT Security Rating assessment.  The IoT Security Rating is a security verification and labeling solution for consumer Internet of Things (IoT) products.  This solution aims to help manufacturers and developers demonstrate the security due diligence of their products by leveraging proven security best practices and rating the security posture of IoT products.  This helps to improve the transparency of security with consumers and to assist them in making conscious and informed purchasing decisions. As part of an ongoing engagement, UL is testing and assessing all connected products on the GE Appliances IoT security platform, including dishwashers, washers, dryers, ref...

Happily Married or in a Love Hate Relationship?

So how do you relate to technology? Are you happily married to technology or are you in a love hate relationship? Do you feel the need for more space in the relationship and want to go off grid once in a while? You don’t need to answer me, you just need to answer yourself.   New Challenges, New Questions We were still learning human to human collaboration, while we entered into an era where we need to learn human machine collaboration. Do we view Artificial Intelligence as challenge to human intelligence or will we use AI to augment human intelligence? Whether we like it or not, each of us is married to technology today. Are we happily married or do we have a love hate relationship? The answer lies in another question perhaps “Are we ready to reskill ourselves continuously or do we pr...

10 Proven Strategies To Retain Your Retail Employees

Finding a reliable employee to work in your retail store is a challenging and time-consuming process. Most retailers need dozens of open positions around the year, and it’s almost impossible to be 100% successful when hiring at this frequency. This potential inaccuracy explains why retail ranks among the top five industries with the highest turnover rate. But there is one problem that gives retailers an even worse headache than recruiting – it is employee retention. Namely, losing a good employee is the worst thing that can happen to a company. You can always change equipment or buy a better tool to improve your retail business, but you can hardly ever find a decent replacement for someone who perfectly understands your products and delivers top-level results. According to the report, over...

The Power of ‘Business Communication’

Communication can do wonders, anyways. Communication can make things, Communication can break things. ‘Do Communicate’ is the theme and success mantra. Do Communicate optimally with as much clarity as one can, with target audience in consideration. Communication is a phenomenon of ‘what one communicates and what others understands and Interprets’. Communication is strongly influenced by factors like perception, prejudice, mindset, biases, … In fact, it is about understanding other’s point of view, perspective. Business Communication is more about ‘ABC Actionable Business Communication’, i.e. who does what, by when, how, with whom all & what all resources, serial/ parallel, … considering controllable & uncontrollable, predictable & unpredictable, internal & external, intra &...

CBIC Release GSTR 9C V1.5 Update for Offline Utility

The Central Board of Indirect Taxes and Customs ( CBIC ) has introduced fresh mutations in GSTR-9C (Reconciliation Statement), in the fullness of time. The GSTR-9C offline utility in excel format is developed to facilitate the preparation of GSTR-9 return offline by the normal taxpayers with turnover more than 2 Crores. It should be properly verified & signed by Chartered Accountant or Cost Accountant professional and filed along with annual return in Form GSTR-9. e-Form GSTR-9C was introduced on 13th September 2018 vide Notification No. 49/2018 – Central Tax so that audited annual return and reconciliation statement can be uploaded. The GSTR 9C offline utility is available for download through the link given. There are some system requirements which needs to be installed by the user t...