"05 January 2019" Archive

Expense on technology upgradation of existing business is deductible

Cox & Kings Limited Vs Addl. CIT (ITAT Mumbai)

Cox & Kings Ltd. case: Where expenses incurred were for travel booking engine and SAP software which was only for the purpose of technology upgradation to the existing business of the assessee and not creating any new line of business or asset: Expenses held to be deductible under section 37(1)...

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Presentation on Online Application for Lower Rate Deduction Certificate

Presentation on Online Application for Lower Rate Deduction Certificate Under Section 195/197 of Income Tax Act, 1961 Section 197(1) [Subject to rules made under sub-section (2A), where, in the case of any income of any person [or sum payable to any person, income-tax is required to be deducted at the time of credit or, as […]...

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Posted Under: Income Tax |

Checklist: Preferential Allotment of Securities to Persons other than Existing Equity Share Holders

Checklist of PREFERENTIAL ALLOTMENT of Securities to Persons other than Existing Equity Share Holders Section 62(1)(c) &  Section 42* of Companies Act, 2013 read with Rule 14* of Companies (Prospectus and  Allotment of Securities) Rule, 2014 &  Rule 13 of Companies (Share Capital and Debentures) Rule,2014 PARTICULARS Issue to b...

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Posted Under: Income Tax |

New Year Gift for Composition Dealer-Late Fees Waived

Notification No. 77/2018 – Central Tax--- 31st December, 2018 (31//1/2/20)

Initially a penalty of Rs. 200 per day was levied if the GSTR 4 was not filed which has been reduced to Rs. 50 per day of default via notification no 73/2017 Central Tax. Additionally the late fees for NIL return in GSTR 4 is Rs. 20 per day of delay. It is to be noted that maximum penalty to be imposed is Rs. 5000/-(Rs10000/- ). One has ...

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Posted Under: Income Tax |

Decisions on GST taken through consensus in GST Council: PM Modi

All decisions related to GST have been taken through consensus in the GST Council: PM Modi PM Narendra Modi, in an interview, underlined that all decisions related to GST, a single tax regime which was rolled out two years back, have been taken through consensus in the GST Council, which has representation from state governments, [&hellip...

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Posted Under: Income Tax |

Concept of TCS return under GST

TCS provisions has been made effective from 01.10.2018 TCS refers to the tax collected by electronic commerce operator when supplier supplies goods or services through portal and the payment for that supply is collected by the E Commerce operator. Eg Flipkart,Amazon which sells products through their website and consideration is coll...

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Posted Under: Income Tax |

Analysis of GST Late Fees Waiver Notification No. 76/2018

According to the Notification No. 76/2018-Central Tax dated 31st December, 2018, the finance ministry has waived off the late fees for the GST registered taxpayers’ inability to file GSTR1, GSTR3B, GSTR4 for the period of July 2017 to September 2018 but gave a rider that they must furnish their returns from the period December 22, 2018 ...

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Posted Under: Income Tax | ,

Incorporation Process Of Nidhi Company In India

1. What is Nidhi Company? Nidhi Company is governed by Section 406 of the Companies Act, 2013 and Company Nidhi Rules, 2014 which has a sole objective of cultivating the habit of thrift and savings amongst its members. Nidhi companies are allowed to take deposit from its members and lend to its members only. Therefore, […]...

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Posted Under: Income Tax |

Allowability of depreciation on Plant and machinery in case of Trial Run

Depreciation under Income tax is governed U/s 32 of the IT Act. The primary condition to claim the depreciation in the assessment year is that a) assets is owned by the assessee & b) assets is used for the purpose of business or profession. Both these conditions are cumulative in nature. Once these conditions are established, assessee is...

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Posted Under: Income Tax |

Curbing the Intangible Shenanigan – Hard to value Intangibles

Anurag Agrawal Introduction Over several decades and in step with the globalisation of the economy, intra group transactions have grown exponentially world-wide especially related to intangible assets. The word “intangible asset” is intended to address something which is not a physical asset or a financial asset, which is capable of b...

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Posted Under: Income Tax |