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Archive: 05 January 2019

Posts in 05 January 2019

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 513 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7491 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Expense on technology upgradation of existing business is deductible

January 5, 2019 1596 Views 0 comment Print

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)

Presentation on Online Application for Lower Rate Deduction Certificate

January 5, 2019 13749 Views 0 comment Print

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 […]

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

January 5, 2019 18108 Views 0 comment Print

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 be authorized by Articles of Association […]

New Year Gift for Composition Dealer-Late Fees Waived

January 5, 2019 4122 Views 0 comment Print

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 to keep in mind that if the GSTR 4 is not filed for a given quarter, then the taxpayer cannot file the next quarter’s return either.

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

January 5, 2019 858 Views 0 comment Print

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, […]

Concept of TCS return under GST

January 5, 2019 4011 Views 1 comment Print

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 collected by E-commerce operators  after retaining commission and balance is […]

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

January 5, 2019 35607 Views 10 comments Print

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 to March 2019.

Incorporation Process Of Nidhi Company In India

January 5, 2019 40560 Views 9 comments Print

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, […]

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

January 5, 2019 9567 Views 0 comment Print

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 eligible for the depreciation.

Curbing the Intangible Shenanigan – Hard to value Intangibles

January 5, 2019 1119 Views 2 comments Print

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 being owned or controlled for […]

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