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Archive: September, 2018

Posts in September, 2018

ITAT on Set-Off of Capital Loss via Sham Transaction against Capital Gain

September 29, 2018 1413 Views 0 comment Print

DCIT Vs M/s. B S. Infosolution Pvt. Ltd (ITAT Delhi) ITAT Held that No prudent person with some commercial prudence would pay a hefty premium of Rs. 190/- on a book value of Rs. 82/-, hold it for one year, and then sell the same shares at book value. Further Though the premium is justified […]

Loan to Director and Other Person in Which he is Interested

September 29, 2018 5847 Views 4 comments Print

MCA vide its notification dated 7th May 2018 notified the Sections 61 of the Companies (Amendment) Act, 2017, through which Section 185 has been amended and reproduced as follows: 1. Loan to Director or firm in which he is interested-Absolutely Prohibited Pursuant to section 185(1), no company shall advance any loan to or give any […]

Analysis of Micro Small and Medium Development Act

September 29, 2018 2541 Views 0 comment Print

Introduction Act provides for facilitating the promotion and development as well as enhancing the competitiveness of Micro, Small and Medium enterprises. Categorization of Micro, Small and Medium Enterprises As per Act, The categorization of Micro, Small and Medium is based on investment in Plant and Machinery as below Category of Enterprise Manufacturing Enterprise Service Enterprise […]

TDS on NBFC Processing Fees.!!

September 29, 2018 81771 Views 7 comments Print

Due to high rates charged by Banks many people these days prefer taking Loans from NBFC’s. TDS u/s 194A is attracted to such interest expense against NBFC loan @ 10% if interest payable is > INR. 5,000/-. The confusion which always mints is Whether TDS deducted on Processing Fees too..?? Definition of Interest u/s 2(28A) – […]

Register for Online GST Certification Course (Limited Seats)

September 29, 2018 103026 Views 55 comments Print

Comprehensive Online GST Certification Course by TaxGuru and GST Professionals & MSME – January 2019 Batch (Registration Open – Limited Seats) TaxGuru and GST Professionals announces its January’ 2019 batch and most comprehensive Online GST Certification Course after successfully completing its previous 9 batches with thousand of successful participants. The new batch would cover all the […]

Transitional GST Input Credit cannot be denied on Procedural Grounds

September 29, 2018 5145 Views 0 comment Print

In view of the GST regime and the IT platform being new, it may not be justifiable to expect the users to back up digital evidences. Even under the old taxation laws, it is a settled legal position that substantive input credits cannot be denied or altered on account of procedural grounds.

How overvalued is the dollar?

September 29, 2018 2019 Views 1 comment Print

We think that while in the near term dollar strength is unlikely to abate significantly, we could see the dollar rally reverse as we get closer to 2019. However, the bulk of the correction in the dollar could (going by current trends) come against the DM currencies such as the Euro and the GBP and less against the emerging markets.

Karnataka Goods And Services Tax (Amendment) Ordinance, 2018

September 29, 2018 1767 Views 0 comment Print

1) This Ordinance may be called the Karnataka Goods and Services Tax (Amendment) Ordinance, 2018. (2) Save as otherwise provided, the provisions of this Ordinance shall come into force on such date as the Government may, by notification in the Official Gazette, appoint:

Empanelment for Concurrent Audit of India Post Payments Bank

September 29, 2018 2679 Views 0 comment Print

Request for Qualifications (RFQ) For Empanelment of Chartered Accountant firms for Concurrent Audit with India Post Payments Bank. Invitation to Response India Post Payments Bank Limited invites sealed tender offers to empanel Bidders for Concurrent Audit in accordance with the scope set out in the tender document. This tender may be downloaded by the bidders […]

SC dismisses 100s of Appeal having tax effect of less than Rs. 1 Crore

September 29, 2018 1452 Views 0 comment Print

CIT Vs M/S C. C. Chokshi And Co. (Supreme Court of India) The Registry has listed these matters on the ground that the tax effect is less than Rs. 1 Crore and, therefore, as per the Circular of the CBDT, these are not pressed by the Income tax Department and are to be dismissed on […]

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