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Archive: 23 September 2018

Posts in 23 September 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6471 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

MCA Updates For The Month Of August 2018

September 23, 2018 4650 Views 0 comment Print

Rules 1. Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2018 MCA has notified the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2018, which shall come into force from the date of their publication in the Official Gazette i.e 07-08-2018. Ministry of Corporate Affairs has notified the amended Section 42 and its […]

Tax cannot be levied On Gain from Sale of Agricultural land based on intention of Buyer to use the land for business purpose

September 23, 2018 4203 Views 0 comment Print

the land was sold as an agricultural land and in fact, what was sold was agriculture land. What was the intention of the purchaser cannot be the determinative factor to treat the profit earned by the assessee on sale of agriculture land as business income.

HC explains Accrual of liability under mercantile system of accounting

September 23, 2018 8265 Views 0 comment Print

CIT Vs The KCP Limited (Andhra Pradesh High Court) In this case High Court explains Entire law on accrual of liability under mercantile system of accounting explained read with Accounting Standard 4 (AS-4) (contingencies and events occurring after the balance sheet date) issued by the ICAI and Section 211 of the Companies Act, 1956. FULL […]

Understanding Newly Notified Form GSTR- 9C

September 23, 2018 18825 Views 0 comment Print

The imposition of Goods and Service Tax Act has brought along with it lots of compliance in the form of return filing. Apart from monthly / quarterly return filing, the taxpayer also needs to file an annual return. As per provisions of section 35 (5) of the Central Goods and Service Tax Act, 2017, every […]

Goods Transported without E-Way Bill; HC refuses to provide relief to Habitual Offender

September 23, 2018 1065 Views 0 comment Print

Vanrajbhai Hasmukhbhai Chauhan Vs State of Gujarat (Gujarat High Court) Issue in brief- petitioner is a habitual offender and is in habit of transporting goods without e-way bill and similar modus operandi is adopted to pay tax, the moment he is caught. There were 10 instances wherein the petitioner is caught without e-way bill and […]

No exempt income is received or receivable- No disallowance u/s 14A

September 23, 2018 1314 Views 0 comment Print

It is not the case of the Assessing Officer that any actual income was received by the assessee and the same was includible in the total income. In the facts of the case, the Authorities held that since the investments made by the assessee in the sister concerns were not the actual income received by the assessee, they could not have been included in the total income.

Maintenance of Accounts in India by a Person Resident outside India

September 23, 2018 6345 Views 1 comment Print

FEMA regulates, prohibits and restricts acceptance of deposits by Person Resident in India from a Person Resident outside India (PROI) and prescribes maintenance of accounts in India by PROI. This article provides an insight to the same.

Tax Audit under Section 44AB of Income Tax Act

September 23, 2018 11859 Views 3 comments Print

Tax Audit under Section 44AB of Income Tax Act A tax audit is an examination of an organization’s or individual’s tax return to verify that financial information is being reported correctly. Tax Audit is attracted on an Individual or an organisation on fulfilling the required conditions of the Income Tax act. 1. What are the […]

SC orders release of goods when Appellant has paid all taxes except disputed dues

September 23, 2018 1809 Views 0 comment Print

M/s. Gati Kintetsu Express Pvt. Ltd. Vs Commissioner Commercial Tax of Madhya Pradesh & Ors. (Supreme Court of India) Having regard to the facts of the case, more particularly when the petitioner has already paid the tax and insofar as other dues are concerned, which are being demanded, a dispute is raised in this special leave petition in […]

Post Incorporation Compliances of Company under Companies Act 2013

September 23, 2018 24786 Views 6 comments Print

As per the provision of companies act 2013 along with the secretarial standard as issued by ICSI the Company has to conduct its first Board Meeting within 30 days of incorporation of Company for discussing the relevant factors, like- to discuss about certificate of incorporation of Company as issued by ROC, prospective working of the company and other factors which are relevant for the company.

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