"12 January 2019" Archive

ICAI Practical Training Assessment Test Registration Dates

ICAI Registration for Practical Training Assessment Test on February 3, 2018 The next practical training assessment test is being scheduled on February 3, 2018. The students who have completed their 1st/ 2nd year of practical training during the second, third and fourth quarter of 2018, i.e. April-June, 2018, July-September, 2018 and Octo...

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Posted Under: CA, CS, CMA |

President Assent Companies (Amendment) Ordinance, 2019

Notification No. 3 of 2019 (12/01/2019)

1. (1) This Ordinance may be called the Companies (Amendment) Ordinance, 2019. (2) It shall be deemed to have come into force on the 2nd day of November, 2018....

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Threshold limit based on 32nd GST Council meeting decisions

The GST Council in its 32nd meeting held on 10th Jan 2019 considered the demands raised by the MSME (including the small traders) to increase the threshold limit for registration and to ease the compliance burden under GST. Key highlights of the meeting are as follows: Two higher exemption threshold limit from registration and payment [&h...

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95 FAQS on GST Registration, Composition Scheme, Payment, Refund etc.

Article compiles FAQs on GST Registration, Composition Scheme, Casual Taxpayer / Non Resident Taxpayer, Reverse Charge, Input Tax Credit, ITC on Job Work, GST Payment, E-way Bill, GST on Agriculture, GST Refund, GST Audit and Other GST Issues. Introduction Q.1 Which Taxes are not replaced in GST? Ans: GST has substituted most of the indir...

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Posted Under: CA, CS, CMA |

Exemption U/s 54 available on amount invested despite non-completion of construction by builder within prescribed time

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore)

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) It was held that despite the non completion of the construction of the new property by the builder, the assessee would be entitled to the benefit of exemption u/s 54 of the Act. We have heard the rival contentions and perused and carefully considered the material on record. It […]...

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Stamp Duty on Issue of Share Certificates- Brief Study

Brief Note: In General Sense Shares Means A Portion Of A Larger Amount Which Is Divided Into No. Of People. In Legal Terms As Per Companies Act 2013, Section 84(2) ‘Shares’  Means A Share In The Capital Of A Company And Includes Stock. A Share Certificate Is A Certificate Issue By A Company To A […]...

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Posted Under: CA, CS, CMA |

GST Council in listening mode: Major Reliefs Announced in last 2 meetings

GST Council in its last two meeting which were held within a month has taken some major steps in simplifying, rationalising the law and at the same time providing various much needed reliefs to the assesses. The Major reliefs /changes / recommendation made by 31st GST Council were as under : Last Date Extended for […]...

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Posted Under: CA, CS, CMA |

Legal Identity Identifier- A Bar Code for Corporates

Executive Summary At the time of the 2008 financial crisis, a single identification code unique to each financial institution was unavailable worldwide. It means that each country had different code systems to recognize the counterpart corporation of financial transactions and calculate the total risk amount. This resulted in difficulties...

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Posted Under: CA, CS, CMA |

Infographic on GSTN Number and GST Rates

The Goods and Service Tax (GST) is nothing but a single tax which combines all separate taxes in the central or state level. Before the advent of GST in the Indian economy, there were 17 different types of indirect taxes of central and state governments. ...

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Posted Under: CA, CS, CMA |

No Liability to Deduct TDS U/S 194H on Credit Card Charges And Conversion Charges of Foreign Currency Paid to Bank

Airport Retail P. Ltd. Vs DCIT (ITAT Mumbai)

Hon’ble ITAT Mumbai in recent case of Airport Retail P. Ltd. vs. DCIT ITA No. 4816/Mum/2015 date of decision 09.01.2019 has decided that TDS u/s 194H is not application on bank charges paid for credit card payments and conversion charges of foreign exchange into cash. Hon’ble tribunal has examined the nature of transaction has conclud...

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