"October, 2018" Archive - Page 40

Interest u/s 234A despite due date extension: HC issue Notice to CBDT

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court)

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.2018 or such other date is concerned, [&hel...

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Procedure for Right Issue of Shares with Relevant Formats

Background- As per Section 62(1) of the Companies act, 2013 if the Company decides to issue fresh shares, these should be offered to existing shareholders in proportion to existing persons who are holders of equity shares. ‘Right Issue’ means offering shares to existing members in proportion to their existing share holding. The object...

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Posted Under: Income Tax |

Reduction in share capital under Companies Act, 2013

Procedure For Reduction Of Share Capital Under Section 66 Read With NCLT (Procedure For Reduction Of Share Capital) Rules, 2016 i. Convene a Board Meeting to approve the reduction of share capital and fixing the date of general meeting of the company. ii. Hold the general meeting and have the Special Resolution passed. iii. File […...

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Posted Under: Income Tax |

Procedure for payment of stamp duty on shares

PROCEDURE FOR SUBMISSION OF STAMP DUTY: A. First Company will Allot Shares. B. Company will issue Share Certificates within 60 days of Allotment of Shares. C. PREPARE DOCUMENTS: After issue of shares, Stamp duty shall be paid to the exchequer of government within 30 (Thirty) days from issue of Share Certificates. Following documents shall...

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Posted Under: Income Tax |

Notification No. 86/2018-Custom (N.T.), Dated: 15.10.2018

Notification No. 86/2018-Custom (N.T.) (15/10/2018)

Notification No. 86/2018-CUSTOMS (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India...

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GST Raavandahan: 10 Burning Issues of GST

Following are the major 10 Burning Issues under GST: The September 2018 GST Return, The Annual GST Return, GSTR 2A, Reversal of Credit, Extra Tax payment in Cash Ledger, Composition Scheme- purchase reporting, Issues of GSTR 3B, Issues of GSTR 1, Taxation of Agricultural Commission agent and Joint Development Agreement and Trans 1 issues...

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Posted Under: Income Tax |

Guidelines to handle/store valuable goods seized/confiscated by Customs

Instruction No. 17/2018-Customs (15/10/2018)

The packages containing the valuables should be bar coded so as to ensure correct inventorisation and tallying of packages at the time of handing over/taking over etc. The 'e-malkhana' system of Delhi Customs could be adopted by other formations....

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RBI Directions on Governance of authorised domestic CCPs

RBI/2018-19/60 DPSS.CO.OD No.803/06.08.005/2018-2019 (15/10/2018)

Directions governing the functioning of CCPs are given in this circular for compliance. The CCPs shall continue to ensure compliance with the Principles for Financial Market Infrastructures (PFMI). It Contains Section A- Directions on Governance of domestic CCPs authorised to operate in India by the RBI, Section B –Directions on Networt...

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Activities to be treated as supply, even if made without consideration

In the current article we will discuss about activities to be treated as supply even if made without consideration under Goods & Services Tax (GST)....

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Posted Under: Income Tax |

GST on Renting of buses to Municipality for passenger transportation

In re SST Sustainable Transport Solutions India Private Limited (GST AAR Maharashtra)

In re SST Sustainable Transport Solutions India Private Limited (GST AAR Maharashtra) Applicant is rendering services to NMC by way of giving out on rent/hire, Buses which are further used by NMC for transportation of passengers. Such renting of Buses by the applicant squarely falls under Sr. No. 10, Heading No 9966 sub clause (ii) [&hell...

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