"11 August 2018" Archive

GST on Joint development agreements under Real Estate Sector

Taxability of Transfer Development Rights (TDR) a) Transfer of land development rights by the landowner to the builder/ developer: TDRs being a benefit arising from the land, thus the same shall be considered as a benefit arising out of an immovable property as defined under Section 3(26) of General Clause Act, 1987...

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Job Work under GST- Brief Analysis

As per Sec 19(1) of CGST Act principal shall claim input tax credit on input sent to job worker for job work subject to certain conditions and restriction provided in rule 45 of CGST Rules....

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Criminal Law (Amendment) Act, 2018

No. 22 of 2018 11/08/2018

THE CRIMINAL LAW (AMENDMENT) ACT, 2018- An Act further to amend the Indian Penal Code, Indian Evidence Act, 1872, the Code of Criminal Procedure, 1973 and the Protection of Children from Sexual Offences Act, 2012....

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Bill discounting charges cannot be considered as Interest for TDS U/s. 194A

Omkara Impex & Merchandise P. Ltd. Vs. ITO (ITAT Ahemdabad)

Discounting charges are outside the purview of interest expenses, therefore, in our considered view, the question of making any disallowance on account of non-deduction of TDS on such discounting charges does not arise. ...

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Benefits of New Pension Scheme (NPS)

Contribution made to the NPS Tier-I account is eligible for tax deduction under the Income Tax Act, 1961. An additional tax rebate of Rs.50000 is also allowed for contributions made to NPS Tier-I under Section 80CCD (1B) of the Income Tax Act, 1961....

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Instruction for Safety of Lockers in Banks

Reserve Bank of India (RBI) has issued instructions to banks regarding the safety of bank lockers for exercising due care and necessary precaution for the protection of the lockers provided to the customer, reviewing the systems in force for their operation on an ongoing basis and taking necessary steps, having well-documented security pr...

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GST collection shown upward trend since April, 2018

In the absence of any past precedent, it shall be difficult to compare the GST revenue collection with the corresponding months of the previous years due to a number of factors like overlap of taxpayers pre and post introduction of GST, variation in exemption limits between Centre and States and among States and mechanism of apportionment...

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GST Compensation to States

Government has compensated to the States/UTs for the reported revenue deficit on account of implementation of Goods and Services Tax (GST). As per provisions in Section 7 of the GST (Compensation to States) Act, 2017 loss of revenue to the States on account of implementation of Goods and Services Tax shall be payable during transition [&h...

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Strike Off/ Revival of Strike Off Company

The Companies Act, 2013 provides exhaustive measures for the revival of companies and the Hon’ble NCLT is vested with powers to take all necessary measures for the revival of companies. Petitioner has to ensure that the grounds, facts and documents are adequate and proper before filing any such application or appeal for revival of Compa...

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Brief about Company Incorporation and Post Incorporation requirements/Annual Filings

Private Limited Companies is a popular form of business in India. It is governed by Companies Act, Rules and MCA. Prerequisite to start a Private Limited Company: 1. Minimum 2 Shareholder 2. Minimum 2 Directors Benefit is Private Limited Company: 1. Separate Legal Entity 2. Limited Liability of its Members 3. Borrowing Capacity 4. Ownersh...

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