"22 January 2019" Archive

Companies (Acceptance of Deposits) Amendment Rules, 2019

Notification No. G.S.R. 42(E) 22/01/2019

It is hereby clarified that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company....

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CBDT requests non-filers to Submit IT Return or Online Response

CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high...

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Posted Under: Company Law |

GST on Medicine

In this modern growing world, human beings are suffering from various kinds of disease due to their lifestyle and habits. In today’s world, medicine is the first aid preferred for every disease. The usage of medicine is increase day by day. The current article helps to understand the GST provisions as applicable on medicine like [&helli...

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Posted Under: Company Law |

RCM on Security Services under GST W.E.F. 01.01.2019

Reverse Charge Mechanism (RCM) under GST on Security Services (Applicability from 01.01.2019) –  RCM On Security Service has been introduced in GST by Government vide Notification No. 29/2018 – Central tax dated 31.12.2018. Before Understanding RCM on Security Service let’s first understand difference between Normal Cha...

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Posted Under: Company Law |

Provisions related to GST on Goods Transport Agency

What is GTA? As per Notification No. 11/2017 dated 28th June 2017, GTA (Goods Transport Agency) means any person providing goods transportation service by road and issues consignment note, by whatever name called. It is important to note that only who hire out vehicles for goods transportation and issues a consignment note is considered a...

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Posted Under: Company Law |

NDMC (Determination of Annual Rent) bye laws, 2009 are Ultra Vires of NDMC Act

New Delhi Municipal Council Etc. Etc. Vs Association of Concerned Citizens of New Delhi And Others Etc. Etc.(Supreme Court of India)

New Delhi Municipal Council Etc. Vs Association Of Concerned Citizens Of New Delhi And Others Etc. (Supreme Court of India) FACTS – NDMC made NDMC House Tax Bye-laws, 1962 and was published on 24th April, 1964. Section 60 empowers levy of taxes which includes property tax. NDMC adopted existing 1962 bye-laws in so far as levy […...

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Survey Provisions in Income Tax- Section 133A

Section 133A(1): Any place at which a business or profession or an activity for charitable purpose is carried on, whether such place be the principal place or not of such business or profession or charitable activity, notwithstanding any other provision of this Act, an income tax authority may enter – i. any place within the […]...

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Posted Under: Company Law |

Addition not sustainable for non-production of bill for sale of agricultural produce

Smt. Annakkalanjiam Mathivanan Vs ACIT (ITAT Chennai)

Smt. Annakkalanjiam Mathivanan Vs ACIT (ITAT Chennai) The Assessing Officer as well as the CIT(Appeals) have to appreciate the fact that the agricultural products in this country are traded in unorganized sector. The workforce in the agricultural sector is unorganized. When the agricultural products are traded in unorganized sector in the...

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Taxability of the Joint development agreement (JDA) under GST- Part 1

Taxability of transfer of the land development rights by the landowner has always been a subject matter of the dispute under the erstwhile regime of the service tax wherein department used to contend that the transfer of development right shall qualify as service leviable to service tax, unless such rights are transferred through register...

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Posted Under: Company Law |

International Payment Methods

Payment is a Critical Phase in International Trade Transactions. To succeed in today’s global marketplace and win sales against foreign competitors, exporters must offer their customers attractive sales terms supported by appropriate payment methods. Because getting paid in full and on time is the ultimate goal for each export sale, an ...

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Posted Under: Company Law |

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