"20 December 2018" Archive

Companies (Amendment) Bill, 2018 as introduced in Lok Sabha

(1) This Act may be called the Companies (Amendment) Act, 2018. (2) It shall be deemed to have come into force on the 2nd day of November, 2018....

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Guideline for correction in minor head attribute of IDS challans

Oltas Instruction No. 54 20/12/2018

Guidelines approved by for correction in minor head attribute of IDS challans - Mistake in minor head committed by taxpayer: If taxpayer had intended to pay normal tax other than tax under IDS, 2016 but by mistake wrong challan and head was selected at the time of payment then correction of challan attributes will be subject to:...

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CIT can condone delay in filing of Form no. 10 & 9A for A.Y. 2016-17: CBDT

Circular No. 7/2018-Income Tax 20/12/2018

Form No. 9A and Form No.10 could not be filed in the specified time for AY 2016-17, which was the first year of e-filing of these forms. It has been requested that the delay in filing of Form No. 9A and Form No.10 for AY 2016-17 may be condoned under section 119(2) (b) of the Act....

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Logic for extension of GST Return after due date: GSTN have no answer

Recently a CA from Maharashtra has filed a RTI with GSTN to know reason of  failure of  1. Poor IT infrastructure being used in GST, 2. What action was taken against Infosys who has designed GST portal, 3. If one has already filed September 3B return within due i.e. 20th October, how to revise it […]...

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Posted Under: Company Law | ,

TDS on payment to retailers on Sale of SIM & Mobile Recharge Coupons

Shri Rahul Singhal Vs ITO (ITAT Jaipur)

Shri Rahul Singhal Vs ITO (ITAT Jaipur) This appeal by the assessee is directed against the order dated 02/07/2018 of ld. CIT (A)-3, Jaipur for the A.Y. 2014-14. The assessee has raised following grounds of appeal: “1. The impugned additions and disallowances made in the order U/s 143(3) of the Act dated 29/12/2016 are bad […]...

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No proceedings can be taken against Director of a private limited company U/s. 26C of Kerala General Sales Tax Act, 1963

Anoop Raj Vs Dy. Tahsildar (Rr) Aluva (Kerala High Court)

Anoop Raj Vs Dy. Tahsildar (RR) Aluva (Kerala High Court) The petitioner, the Director of a private limited company is before this Court challenging the revenue recovery proceedings. The petitioner had two contentions; one that the provisions of Section 26C of the Kerala General Sales Tax Act, 1963 is unconstitutional and the next that th...

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Notice u/s 142(1) not become invalid on mere mention of section 153A unnecessarily

Bithal Dass Mundra Vs  DCIT (ITAT Jaipur)

Once assessee had undisputedly not filed the return of income U/s 139(1) then AO was well within his powers and jurisdiction to issue a notice U/s 142(1) requiring assessee to furnish return of income in the prescribed form and verified in prescribed manner, therefore, the notice issued u/s 142(1) was well within the framework of procedur...

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DIPP Clarification on IT Notice to Angel Investors/Start-ups

The Department of Industrial Policy & Promotion(DIPP) has taken notice of the news reports regarding issue of notices by Income Tax authorities to Angel Investors/Start-ups. DIPP in consultation with the Department of Revenue (DoR) has put in place a mechanism since April 2018 to grant exemption from the provisions of Section 56(2)(vi...

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Posted Under: Company Law |

4 lesser known facts about term insurance plans

Term insurance is a necessity in today’s times. But do read this article before you sign up for one. When it comes to buying insurance, you are focussed on providing the best for yourself and your loved ones. But you are a little sceptical about buying term insurance – after all, the term plan does […]...

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Posted Under: Company Law |

5 Best ULIP Plans to Invest in 2018

In today’s day and age, there is a wide range of investment plans available in the market in order to cater the different financial needs of the individuals. If we talk about a lucrative option of investments, then ULIP plans have emerged as a great option of investment in the past few years.  With the […]...

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Posted Under: Company Law |

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