As stock market investors, we are beneficiaries to various corporate actions like bonus shares, rights shares and stock splits. These corporate actions are accompanied by stock price movements in short and long run affecting capital gains whenever we sell shares. As there is an effect on capital gains, tax implication also changes if we sell shares prior […]
Bonus shares are new shares issued to existing shareholders of a company. These are issued to shareholders in proportion to their current holdings. For example, the company may announce one bonus share for every share held by an investor. As the investor now holds two shares, EPS gets halved. Hence bonus share do not affect total EPS of investor.
Government of India has vide its Notification F.No. 4(22)-W&M/2018 dated October 08, 2018 announced Sovereign Gold Bond Scheme 2018-19. Under the scheme there will be a distinct series (starting from Series II) for every tranche which will be indicated on the Bond issued to the investor.
Indirect Taxes Updates GST, Customs, Excise, Service Tax & VAT – Month – September 2018 A. Amendment in Goods & Services Tax for the Month of September 2018 GSTR-1 for July 2017 to September 2018 can be filed till 31-10-2018: Form GSTR-1 for themonths of July 2017 to September 2018 can now be filed till […]
Introduction: There is diverse interpretation in industry with respect to clauses for restricted input tax credit (ITC) under section 17(5) of Central GST Act, 2017. This article intends to put some light on one of important clause dealing with personal consumption with some legal precedent from erstwhile indirect tax regime. The relevant extract of legal […]
Cinder will continue to be a non-excisable commodity during the period of dispute, notwithstanding subsequent amendment to Section 2(d) ibid w.e.f. 10.05.2008.
As per Rule 41 of CGST Rules 2017, a registered taxpayer can apply for transfer the Input Tax Credit available in the electronic credit ledger to another business entity in case of transfer of business by way of sale of business/merger by filing of ITC declaration in FORM GST ITC-02.
In the year 2018, You have already extended the date for filing Income Tax Returns by those assessees whose accounts are not required to be audited for a month without levy of any interest and also extended the submission of Tax Audit Reports by 15 days i.e up to 15th October 2018.
Due to some reasons, the valid returns filed by tax payers, were not processed within time prescribed under section 143(1) of Act. Due to which, refund due to assessee could not be issued.
Shri Ankur Jain Vs M/s. Kunj Lub Marketing Pvt. Ltd. (National Anti-Profiteering Authority) Conclusion: Denial benefit of the reduction in GST rate to the consumers was in contravention of the provisions of Section 171 (1) of the CGST Act, 2017; therefore, respondent-company was directed to reduce the price of the product commensurate to the reduction […]
