"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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Posted Under: Company Law | ,

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 | ,

ITC on Gold coins distributed to customers for Sales Promotion

In re Biostadt India Limited (GST AAR Maharashtra)

In re Biostadt India Limited (GST AAR Maharashtra) Question :- The question or issue before Your Honor for determination is whether Input Tax Credit (“ITC”) can be claimed by the applicant on procurement of Gold coins which are to be distributed to the customers at the end of scheme period for achieving the stipulated lifting ...

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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 |

Customs Rate of Exchange of Foreign Currency wef 21.12.2018

Notification No. 99/2018-Customs (N.T.) (20/12/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 21.12.2018 notified vide Notification No. 99/2018 – Customs (N.T.) dated 20th December, 2018....

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GST: Detention Process cannot be resorted if dispute is bona-fide

N.V.K. Mohammed Sulthan Rawther And Sons Vs UOI (Kerala High Court)

The HC held that if the records he seizes truly reflect the transaction and the assessee's explanation accords with his past conduct, for example, the returns he has filed earlier, the detention is not the answer....

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