"February, 2019" Archive

5 Investment Options to Multiply Your Savings

Have you ever heard of people that get rich by saving? No, because hoarding funds is not a great way to for anyone to maximise their profits. Rather, most people with a massive volume of funds get rich by making sound investments that yield substantial returns. Keeping this in mind, it must be said that […]...

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Posted Under: Finance |

Turant Customs-Next generation reform for Ease of Doing Business

Circular No. 09/2019-Customs (28/02/2019)

A critical component of The World Bank`s Ease of Doing Business (EODB) Index rankings 2019 is its `Trading Across Borders` category in which India now stands at rank 80, a huge jump of 66 ranks from 146 in 2018. This was made possible largely due to several reform measures initiated and implemented by the CBIC, which inter alia include SW...

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CBDT Withdraws approval U/s. 35(1)(ii) of Bioved Research Society

Notification No. F. No. 203/31/2018-ITA (II) (28/03/2019)

Withdrawal of approval under section 35(1)(ii) of Income-tax Act, 1961 in the case of M/s Bioved Research Society,Allahabad(PAN: AAAA135572D) and request to take appropriate remedial action In the case of donors -reg.-...

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Aayakar Setu – A Mobile APP

♦ An e-bridge/e-platform for accessing the key services provided by the department to the general public/taxpayers. ♦ Friendly, easy, interactive and informative application to assist and empower taxpayers wherein they can access the various services anytime, anywhere. ♦ ‘Aaykar Setu’ provides extensive information about...

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Posted Under: Finance |

Taxation of Sale of Immovable Property by Non Residents

Non residents are liable to pay income tax on capital gains on sale of immovable property (land/ building / land or building both). If the period of holding of the capital asset is more than twenty four months, it will be taxed as long term capital gains and otherwise, it will be taxed as short […]...

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Posted Under: Finance |

TIEA between India and Brunei signed on 28.02.2019

Government of Republic of India and the Government of His Majesty the Sultan And Yang Di-Pertuan Of Brunei Darussalam signed an Agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) on 28th February 2019 at New Delhi. ...

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Posted Under: Finance |

Amalgamation scheme devised to benefit few shareholder and to huge avoid tax cannot be approved: NCLT

In re Gabs Investments Pvt. Limited Vs Ajanta Pharma Limited (NCLT Mumbai)

Scheme of Amalgamation and Arrangement between G Pvt. Ltd.  ('Transferor Company') and A Limited (`Transferee Company') and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common p...

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Posted Under: Finance | |

ITC of Motor Vehicles – Detailed Analysis (After Amended Section 17(5) From 01-02-2019)

Analysis of ITC of / In Respect of Motor Vehicles CGST (Amendment) Act, 2018 as well as  CGST Act, 2017  have been amended respectively for the first time since the implementation of GST in our Country. Section 17(5) gives us the cases of blocked credit – any goods or services which are getting covered under the […]...

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Posted Under: Finance |

TDS on Buying a Property from NRI: FAQs

The Income Tax Department may keep an eye on those buyers who have brought property from non-resident and have failed to deduct/deposit TDS on the purchase of property from a non-resident. TDS part with respect to a non-resident is complex and should be complied with the help of an expert who is well aware of […]...

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Posted Under: Finance |

Angel Tax : Implication on Startup Ecosystem

Angel tax means the tax payable by unlisted companies during the raising of capital wherein the share price exceeds the fair market price of the share sold. The tax was initially conceptualized in the 2012 Union Budget by then finance minister Pranab Mukherjee with an endeavour to curtail the flow of illegitimate laundering of funds....

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Posted Under: Finance |

Rejection of refund for Re-organization of Department after GST unjustified

M/s. Inspirage Software Consulting Pvt. Ltd. Vs The Commissioner GST & CCE (CESTAT Chennai)

The adjudicating authority has rejected the appellant’s claim of it having made the refund claim on 27.06.2017. The first appellate authority has also concluded the date of filing of the refund claim was 12.07.2017 only as against which the appellant contends that there was an attempt to file the refund claim on 27.06.2017...

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CSR Expenses prior to 1st April 2015 Deductible from Total Income: ITAT

Bengal NRI Complex Ltd. Vs DCIT (ITAT Kolkata)

Bengal NRI Complex Ltd. Vs DCIT (ITAT Kolkata) Since the ‘CSR’ expenses are mandatory for companies incorporated as per the Companies Act, 2013 and the expenditure have been incurred by the assessee as envisaged under the Companies Act, 2013. So we are of the opinion that it has to be allowed and we take note […]...

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Tax on Interest on enhanced compensation arising on compulsory acquisition of agricultural land

Satbir & Ors. Vs ITO (ITAT Chandigarh)

Satbir & Ors. Vs ITO (ITAT Chandigarh) Capital gains–Interest on enhanced compensation arising on compulsory acquisition of agricultural land–Taxability Interest earned under section 28 of Land Acquisition Act, 1894, which is on enhanced compensation, is treated as an accretion to the value and therefore, is part of the en...

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ICAI President’s Message-March 2019

As we know, in a ghastly and gruesome attack on our CRPF personnel in the Pulwama district of Jammu & Kashmir, 40 personnel were killed. We strongly condemn this despicable and cowardly act. ...

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Posted Under: Finance |

Income Tax Amendments vide Finance Act, 2019

Income tax rate for company as well as for individual is same as of financial year of 2018-19. a) Corporate tax rate is 30%, surcharge is 12%, Health and Education cess @ 4%. Effective tax rate comes to 34.944%. Company whose turnover / gross receipt does not exceed 250 crore in financial year 2016-17, corporate […]...

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Posted Under: Finance |

AAAR members differ on classification of tea bag manufacturing service

In re Joint Commissioner (in-situ), Ballygunge Division, Kolkata South CGST & CX Commissionerate (GST AAAR West Bengal)

In re Joint Commissioner (in-situ), Ballygunge Division, Kolkata South CGST & CX Commissionerate (GST AAAR West Bengal) What should be the classification of tea bag manufacturing service. As the members of the West Bengal Appellate Authority for Advance ruling differ on the classification of the service supplied by the Respondent to M...

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Deduction U/S 54 Claimed Against House Boat, Not Acceptable

Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot)

In absence of registered sale deed, the house boat purchased cannot be said as residential house and hence deduction u/s 54 cannot be allowed. Further The same cannot be equated with the residential house which is immovable property and hence deduction u/s 54 not allowed....

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Transport tank mounted on chassis of customer is classifiable under Heading 7311

In re M/s. Inox India Pvt. Ltd. (GST AAR Gujarat)

In re M/s. Inox India Pvt. Ltd. (GST AAR Gujarat) Whether supply of transport tank by mounting the same on chassis amount to supply of ‘tank’ classifiable under Heading 7311 or supply of ‘motor vehicle’ classifiable under Heading 8704 in the GST regime ?  The product ‘Container for compressed or liquefied ga...

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FAQ’s: Form INC-22A Active Company Tagging Identities & Verification

MCA vide its notification dated 25th February, 2019 notified Companies (Incorporation) Amendment Rules, 2019, in which ‘Rule 25A’ inserted to file e-form ACTIVE mandatorily for Active Company Tagging Identities and Verification. Let us have a look on general FAQs reading the notification, as follows: 1. Which Companies required to fil...

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Posted Under: Finance |

Form Active : Active Company Tagging Identities and Verification

The main Purpose of introduction e-Form ACTIVE is to make Corporate Governance more strengthen and to force all Company to comply with the Rules and Regulations as prescribed by Ministry....

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Posted Under: Finance |

Form INC 22A : Verification of Registered Office – A Masterstroke

In continuance of steps towards better corporate Governance, various measures have been initiated by Government from time to time. One of such measure was DIR 3 KYC (KYC of Directors)  recently. Now a Multipurpose Form INC 22A (Pursuant to Rule 25A of The Companies (Incorporation Rules) 2014 has been introduced by Ministry of Corporate A...

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Posted Under: Finance |

Active Company Tagging Identities and Verification (E-Form-INC-22A)

INTRODUCTION: With the intention to figure out ACTIVE and ACTIVE but non-compliant companies in India and to enhance the trust of stakeholders at large, Ministry of Corporate Affairs (MCA) vide its notification dated 21st February 2019 came up with Companies (Incorporation) Amendment Rules, 2019 which shall come into force with effect fro...

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Posted Under: Finance |

Active Comparny Tagging Identities and Verification (ACTIVE)

G.S.R 144(E) (22//0/2/20)

Ministry of Corporate Affairs in Notification dated 21st February, 2019 notify Companies (Incorporation) Amendment Rules, 2019. The notification will come in force from 25th February, 2019. Section 25A has been inserted after Rule 25 in Companies (Incorporation) Rules, 2014 which states following: Section: 25A Active Company Tagging Ident...

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Posted Under: Finance |

Filing of Form INC- 22A

Filing of e-form ACTIVE (Active Company Tagging Identities and Verification) as notified Vide Companies (Incorporation) Amendment Rules, 2019, Applicable on:- Every Company Incorporated on or before 31/12/2017. (However,  Companies whose due Financial Statements or Annual Return or both are not will not be able to file ACTIVE form { exce...

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Posted Under: Finance |

Your Guide for Filing Newly Notified E-Form ACTIVE

Every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019. WHICH COMPANY IS EXEMPTED FOR FILING THIS FORM? (a) Companies which have been struck off (b) Company under proce...

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Posted Under: Finance |

MCA: Active (Active Company Tagging Identities & Verification)

MCA has introduced new E-form INC-22A [Rule 25A of the Companies (Incorporation) Rules, 2014] for tagging and verification of registered offices of the companies vide Companies (Incorporation) Amendment Rules, 2019 Applicability: Every Company incorporated on or before 31st December 2017 is required to comply by the above form. Due Date: ...

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Posted Under: Finance |

Form INC 22 A- Active (Active Company Tagging Identities & Verification)

The Ministry of Corporate affairs (MCA) has issued Companies Incorporation (Amendment Rules) 2019 Mandatory filing of a new Form INC 22A also known as e- form ACTIVE (Active Company tagging identities and verifications) Companies who permissible to file e-form  INC 22A – Active (Active Company Tagging Identities and Verifica...

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Posted Under: Finance |

INC-22A (Active Company Tagging Identities and verification)

INC-22A (Active Company Tagging Identities and verification) is notified by MCA vide notification dated 21stFebruary, 2019  (Companies (Incorporation) Amendment Rules, 2019) Active Company Tagging Identities and Verification (ACTIVE) (1) Every Company Incorporated on or before 31st December 2017 shall file the particulars of the company ...

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Posted Under: Finance |

Personal Laws (Amendment) Act 2019 applicable from 01.03.2019

Notification No. S.O. 1061(E) (28/02/2019)

In exercise of the powers conferred by sub-section (2) of section 1 of the Personal Laws (Amendment) Act, 2019 (6 of 2019), the Central Government hereby appoints the 1st day of March, 2019 as the date on which the provisions of the said Act shall come into force....

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Promotion of 70 officers in the grade of ACIT on ad-hoc basis

Office Order No. 43 of 2019 (28/02/2019)

Office Order No. 43 of 2019The President is pleased to appoint the following Income Tax Officers, presently posted in the region shown against their names. in the grade of Assistant Commissioner of Income Tax (ACIT) on ad-hoc basis for the vacancy year 2018 in the Level 10 in the pay matrix Rs. 56100-177500/- for a period of one year with...

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Panel to overhaul Direct Tax law seeks 3 months extension

F No 370149/230/2017 (28/03/2019)

The term of the Task Force is extended by three months, i.e., the Task Force shall now be required to submit its report by 31 .05.2019....

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Tariff Notification No. 18/2019-Customs (N.T.) Dated 28.02.2019

Notification No. 18/2019-Customs (N.T.) [S.O. 1066(E)] (28/02/2019)

Tariff Notification No. 18/2019-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 18/2019-CUSTOMS (N.T.) New Delhi, Dated: 28th Februa...

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HC passes severe strictures against DCIT for illegal tax recovery

Nu-Tech Corporate Services Ltd Vs Income Tax Officer (Bombay High Court)

The court ordered the refund due for AY 1993-94 and 1995-96 to be granted to the assessee along with appropriate interest and also ordered a sum of INR 1.50 Lakhs to be paid to the assessee on account of inefficiency and lapse on the part of the department....

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Govt notifies part-time members of NFRA wef 28th February, 2019

Notification No. S.O. 1068(E) (28/02/2019)

Central Government hereby appoint the following persons as part-time members of National Financial Reporting Authority (NFRA) with immediate effect,...

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Exposure Draft of Definition of Material Amendments to Ind AS 1 and Ind AS 8

Following is the Exposure Draft of the Amendments to Ind AS 1, Presentation of Indian Accounting Standards, and Ind AS 8, Accounting Policies, Change in Accounting Estimates and Errors, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments....

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Posted Under: Finance |

Definition of a Business Amendments to Ind AS 103

Following is the Exposure Draft of the Amendments to Ind AS 103, Business Combinations, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments....

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Posted Under: Finance |

Exposure Draft Revised Guidance Note on Accounting of Political Parties

During the year 2012, ICAI had issued a Guidance Note on 'Accounting and Auditing of Political Parties' as desired by the Election Commission of India. The Guidance Note is now being upgraded to incorporate certain improvements and changes in the operating environments since then. It has also been decided to issue the guidance for Auditin...

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Posted Under: Finance |

Income Tax Department hits at terror financing activities in J&K Region

Income Tax Department hits at terror financing activities in J&K Region; Conducts sensitive search action at various place. The Head of a prominent Organisation allegedly indulging in anti-national activities along with his associates were covered in a sensitive search action by the Income Tax Department today. Ministry of Finance Inc...

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Posted Under: Finance |

Advance Ruling on HSN of Bags/Sacks (both with & without Handle)

In re Piyush Polytex Industries Pvt. Ltd (GST AAR West Bangal)

In re Piyush Polytex Industries Pvt. Ltd (GST AAR West Bangal) Seeks a Ruling on description & HSN of Bags/Sacks (both with & without Handle) made of (i) Laminated P.P. Nonwoven Fabric, (ii) B.O.P.P. Pasted P.P. Nonwoven Fabric and (iii) Woven Fabric Pasted with Nonwoven Fabric, under the GST Act. (i) Bags/Sacks (both with & [...

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Link your PAN with your Bank Account- No Refund if A/c not linked

Link your PAN with your Bank Account… Get your refund directly, swiftly and securely in your bank account Income Tax Department will Issue only e-refunds from 01.03.2019 Refunds will be given only to bank accounts (savings/current/cash/OD) which are linked with PAN. To check if your bank account is linked with your PAN, login to e...

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Posted Under: Finance | , ,

Unregulated Deposit Scheme- Important Points

Banning of Unregulated Deposit Schemes Ordinance 2019 (Applicable from 13th Feb 2019) Meanings Deposit: an amount of money received by way of an advance or loan or in any other form, by any deposit taker with a promise to return whether after a specified period or otherwise, either in cash or in kind or in […]...

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Posted Under: Finance |

How to Manage Finances, when Amandani is Atthanni & Kharcha is Rupaya

In the current scenario, when due to high competition in every field, profits/incomes are increasing at a slower pace in comparison to Inflation rate, which is increasing with higher pace.  In current situation, mostly youngsters are very much concerned about, how to manage financial situation when we have expenses more than our Income. ...

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Bogus ITC Case: HC denies Bail as bail of co-accused already been dismissed

Sandeep Goyal Vs Union of India (Rajasthan High Court)

Sandeep Goyal Vs Union of India (Rajasthan High Court) Petitioners have filed this petition under Section 439 Code of Criminal Procedure, 1973 seeking regular bail in Criminal Complaint No.35/2018 for offence under Sections 132(1)(b)(c)(d)(f)(i) & (i) of the Central Goods and Service Tax Act, 2017 read with Section 132(1), (i) & (...

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ITC not admissible on ambulances purchased for employees benefit: AAR

In re Nipha Exports Pvt Ltd (GST AAR West Bangal)

In re Nipha Exports Pvt Ltd (GST AAR West Bangal) Whether ITC is admissible on ambulances purchased for the benefit of the employees under legal requirement of the Factories Act, 1948. It is evident from above that input tax credit on inward supply of ambulance, being a motor vehicle, is not admissible under Section 1 […]...

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Transaction not Bogus for mere non-existence of parties at given address

Karam Chand Rubber Industries (p) Ltd. Vs ACIT (ITAT Delhi)

The assessee has duly discharged its initial onus by submitting sufficient proof substantiating purchase and the payment is also routed through banking channel, simply because of non-existence of parties at the given address, the transaction cannot be treated as bogus and no addition can be made accordingly....

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Depreciation on public roads is allowable @10%

CIT Vs GVK Jaipur Kishangarh Expressway Ltd. (Rajasthan High Court)

Depreciation was allowable @10% on public highway road treating the same as building. It was held assessee was granted license for construction against which it had right to use and collect license fee to use of the land. It had right to restrict the people without non payment of toll tax. It was not only road, they had to construct toll ...

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Refund of excess duty paid cannot be denied on basis of not reassessing bill of entries

Micromax  Informatics Limited Vs Union of India (Bombay High Court )

Refund applications could not be denied merely because the assessment orders were not challenged by assessee or reassessment of the bill of entries was not done...

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Unconscionability As A Ground To Avoid Agreement

There are various grounds for avoiding an Agreement like Ambiguity, conflicting terms, vague timeline etc. Unconscionability is one such ground on which an agreement can be avoided. Unconscionable contracts are those contracts which are heavily inclined towards one party and impose unfair, harsh conditions on the other party....

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Posted Under: Finance |

CBDT Revises Corporate Tax collection Targets for FY 2018-19

F. No. 38012/2018-IT (Budget) (27/02/2019)

Revision of the target for collection of Corporation Tax from Rs.6,21,000 Crore to Rs. 6,71,000 Crore under Revised Estimates (RE), the region-wise revised targets for Corporation Tax fixed on the basis of current trends of growth and revenue potential of the regions, are as under: –...

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GST AAR Tamilnadu allows withdrawal of application to Texmo Industries

In re M/s. Texmo Industries (GST AAR Tamilnadu)

In re M/s. Texmo Industries (GST AAR Tamilnadu) The Applicant vide their letter dated 15.02.2019 has requested withdrawal of the Advance Ruling Application filed before the authority. The application filed by the Applicant for advance ruling is dismissed as withdrawn. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, TAMILNADU Note : Any...

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Classification of plastic Seedling Trays and applicable rate of GST

In re Mr. Janakiraman Govindarajan Prop. of M/s. Valuemax Poly Plast

1. Agricultural Seedling Trays made of base material of Polypropylene Granules manufactured by the Applicant as Plastic are classifiable under CTH 39269099.2. The applicable tax rate is 9% CGST as per Sl. No. 111 of Schedule III of Notification No 01/2017-C.T. (Rate) dated 28.06.2017 as amended and is 9% SGST as per Sl.No. 111 of Schedule...

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GST on Printing and Post Pre-examination Items

In re Orient Press Limited (GST AAR Maharashtra)

In re Orient Press Limited (GST AAR Maharashtra) Questions:- 1. Whether supply of service of : (i) Printing of Pre-examination items like question papers, OMR sheets (Optical Mark Reading), answer booklets; (ii) Printing of Post-examination items like marks card, grade card, certificates to the educational boards of up to higher secondary...

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Govt notifies persons who may file an application for initiating CIRP

Notification No. S.O. 1091(E) (27/02/2019)

Central Government hereby notifies following persons who may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority, on behalf of the financial creditor: -...

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FEMA (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations 2019

Notification No. G.S.R. 160(E) (27/02/2019)

(i) These regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations 2019.(ii) They shall come into force from the date of their publication in the Official Gazette....

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CBDT specifies Nodal Officer for PM-KISAN Yojana

Notification No. 12/2019 /Order No. F.No. 225/49/2019/ITA.II [S.O. 1065(E)] (27/02/2019)

Central Government hereby specifies Nodal Officer, Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) of all State Governments and Union Territories for the purposes of the said clause in connection with sharing of information regarding income tax assessees for identifying the eligible beneficiaries under PM-KISAN Yojana....

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Everything one should know about INC 22A – Active

In order to  identify dummy entities, MCA has issued Companies Incorporation (Amendment Rules) 2019 Mandatory filing of a new Form INC 22A also known as e-form ACTIVE (Active Company tagging identities and verifications)...

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Posted Under: Finance |

KYC of companies -Filling of Form INC 22-A by all Active Companies

ROC has made it mandatory for all the Active Companies which were incorporated on or before 31st December,2017, to file a one-time online return with the ROC named Form INC 22 A [ Active Companies Tagging Identities and Verification (e-Form ACTIVE)] wherein every Company is mandated to file the particulars of the company and its registere...

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RBI amends deceleration to be given in Form ‘FNC’

RBI/2018-19/132 A.P. (DIR Series) Circular No. 20 (27/02/2019)

Accordingly, the Form FNC has also been suitably modified and the following phrase added under the heading ‘Declaration’ in Part II clause (ii), at the end of the existing sentence....

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New Book on GST by CA Raman Singla & Taxguru

We are happy to announce the release of our detailed book on GST titled A Complete Analysis on GST –January 2019 Edition by CA Raman Singla...

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Assign vacant CIT(A) charges to CIT: CBDT instructs Pr. CCIT

F.No.279/Misc./M-14/2019-ITJ (27/02/2019)

In view of high pendency of B-1 to B-3 cases, the Principal Chief Commissioners of Income Tax (CCA) have been authorized by the Central Government to assign additional charges of vacant post of CsIT(A) under their jurisdiction to CsIT posted in their region for a period not exceeding 3 months or until further order, whichever is earlier t...

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No exemption U/s 54 on purchase of houseboats for residence

Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot)

Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property....

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Gypsum boards taxable at 4 % as per amended Entry 56 of Schedule IV to Rajasthan VAT

Lohiya Agencies & ANR. Vs Additional Commissioner (Legal) (Supreme Court)

Gypsum boards would be taxable at 4 percent as per amended Entry 56 of Schedule IV instead of residuary Entry 1 of Schedule V at 12.5% Under the Rajasthan Value Added Tax Act, 2003....

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Sea Cargo Manifest and Transhipment (Amendment) Regulations, 2019

Notification No. 17/2019-Customs (N.T.) [G.S.R. 165 (E)] (27/02/2019)

These regulations may be called the Sea Cargo Manifest and Transhipment (Amendment) Regulations, 2019. They shall come into force on the date of their publication in the Official Gazette....

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Courier Imports and Exports (Clearance), Amendment, Regulations, 2019

Notification No. 16/2019-Customs (N.T.) (27/02/2019)

(1) These regulations may be called the Courier Imports and Exports (Clearance), Amendment, Regulations, 2019.(2) They shall come into force on the date of their publication in the Official Gazette....

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Courier Imports and Exports (Electronic Declaration and Processing), Amendment, Regulations, 2019

Notification No. 15/2019-Customs (N.T.) (27/02/2019)

FORM - C under regulation 5(3)- Courier Bill of Entry – XII (CBE-XII) for Samples and Gifts (Electronic Filing) i substituted by Courier Imports and Exports (Electronic Declaration and Processing), Amendment, Regulations, 2019...

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Buyer’s ITC shall not be Restricted if Seller has not Remitted under GST

The Goods And Services Act, 2017 is historical change in taxation system in India which has came in to force from 1st July, 2017.  But it requires transformation since its impact on all segments like manufacturers, traders, consumers, supply chain, works contracts, information technology system, logistics, service oriented business etc.,...

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Posted Under: Finance |

INC -22A: Active Company Tagging Identities and Certification (Active)

As per Notification dated 21st day of February, 2019 and in accordance with The Companies (Incorporation) Rules 2014, rule 25A  has been inserted which says as follows: “25A – Active Tagging Identities and Verification (ACTIVE) – Every company incorporated on or before the 31st day of December, 2017 shall file the particulars of th...

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Notification No. 07/2019-Customs (N.T./CAA/DRI) dated 27.02.2019

Notification No. 07/2019-Customs (N.T./CAA/DRI) [S.O. 1037(E)] (27/03/2019)

Notification No. 07/2019-Customs (N.T./CAA/DRI) dated 27.02.2019- Appointment of Common Adjudicating Authority. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 07/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 27th February,...

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Notification No. 06/2019-Customs (N.T./CAA/DRI) dated 27.02.2019

Notification No. 06/2019-Customs (N.T.) [S.O. 1036(E)] (27/02/2019)

Notification No. 06/2019-Customs (N.T./C AA/DRI) dated 27.02.2019- Appointment of Common Adjudicating Authority Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 06/2019-Customs (N.T./CAA/ EXTENSION/DRI) New Delhi, dated the 27th...

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Notification No. 05/2019-Customs (N.T./CAA/DRI) dated 27.02.2019

Notification No. 05/2019-Customs (N.T./CAA/DRI) [S.O.1035(E)] (27/02/2019)

Notification No. 5/2019-Customs (N.T./CAA/DRI) dated 27.02.2019- Appointment of Common Adjudicating Authority Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 05/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 27th February, 2...

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TDS on Salary Calculator in Excel Format

Download TDS on Salary Calculator for AY 2019-20 and AY 2020-21. For any queries, feel free to write to akash@agca.in. Hope this is helpful....

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Posted Under: Finance |

Practical situations on Ind AS 21 and ITFG

NA (NA//)

Case 1: P Limited, an Indian entity, engaged in providing IT services worldwide. Following are the key points of the IT business: Generates 60% revenue in USD and 40% in rest of the currencies. 50% operating costs are incurred in INR, 40% in USD and 10% in rest of the currencies. Raises 80% finance in […]...

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Analysis of 33rd Meeting of the GST Council held on 24th February 2019

After the inconclusive meeting through a Video Conferencing, the Arun Jaitely led GST Council concluded with few take-away for the end consumer. Let us analyse the decisions: GST rate: GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment; GST shall be levied at effective GST of [...

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Posted Under: Finance |

Advance Ruling and Appeal Mechanism in GST Law for Maharashtra

Ref:- The Central Goods and Services Tax Act, 2017 The Integrated Goods and Services Tax, 2017 The Goods and Services Tax (Compensation to States) Act, 2017 The Maharashtra Goods and Services Tax Act, 2017 Introduction to Advance Ruling and Appeal Mechanism in GST Law for Maharashtra: An Advance Ruling helps the applicant in planning his ...

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Posted Under: Finance |

What are the Tax Implications for NRIs Who Want to Sell a Property in India?

It is a primary responsibility of the buyer to make sure that before purchasing a property from a resident or a nonresident, an appropriate amount of TDS as applicable as per Income Tax act is deducted and paid to the government well within time. As per Income Tax Act, TDS at the rate of 1% […]...

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Posted Under: Finance |

Maximizing Revenue collection is the Immediate priority: CBDT Chairman

Our immediate priority, will be maximizing Revenue collection. We need to widen and deepen the tax base, ensuring simultaneously, the optimum utilization of physical as well as human resources. This must be done without any harassment or high handedness on the part of officers or officials. Our conduct must be impeccable, friendly, yet ob...

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Govt amends appointment date of NCLT Judicial & Technical Members

Notification No. S.O. 1039(E) (27/02/2019)

Govt amends appointment date of NCLT Judicial and  Technical Members to 23.06.2016 from earlier notified date of 08.06.2016 which was notified vide S.O. 2563(E), dated the 28th July, 2016. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 27th February, 2019 S.O. 1039(E).—In exercise of the powers conferred by section 408 of t...

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No Ban on funds Received for Business or Personal Purposes: Govt

No (26//0/2/20)

Banning of Unregulated Deposit Schemes Ordinance, 2019 does not ban small and medium enterprises (SMEs) from receiving loans in the course of, or for the purpose of, business, the government has clarified. The ministry was responding to an ET story tilted ‘Unregulated deposits rule may have collateral damage’ on Monday which said that...

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Impact of amendments in SEBI Regulations & Companies Act, 2013 on Policies & Codes of Companies

MCA in its attempts to streamline compliance requirements under Companies Act, 2013 and in order to remove certain discrepancies therein came up with Companies (Amendment) Act, 2017 ...

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Posted Under: Finance |

Due date for filing of ITRs/Audit Report for Kerala Region extended to Feb 28, 2019

F.No. 225/15/2019/ITA.II (27/02/2019)

In case of taxpayers of Kerala for whom the due date for filing return of income and report of audit pertaining to assessment year 2018-19 was 31.10.18, all returns of income and reports of audit which are filed till 28.02.19 shall be deemed to have been filed by 31.10.18. ...

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Procedure for Movement of Coastal Goods through foreign territory

Circular No. 08/2019-Customs (26/02/2019)

Issues related to carriage of coastal cargo from one Indian port to another port in foreign going vessels/coastal vessels through foreign territory-regarding....

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CBIC direct tax Recovery by attachment & sale of defaulter’s property

Circular No. 1066/5/2018-Central Excise (26/06/2018)

Authorised Officer should proceed to realise the amount by attachment and sale of the defaulter’s property, in accordance with the procedure of attachment and proclamation and sale as prescribed manner. Circular No. 1066/5/2018-CX F,No.298/05/2017-CX9 Government of India Ministry of Finance Department of Revenue Central Board of Ind...

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Service of Notice of court through Listing Centre only of Schemes of Companies Compromise, Arrangement, Amalgamation

LIST/COMP/44/2018-19 (26/02/2019)

Henceforth, any service of notice under Section 230 (5) or Section 66 of the Companies Act 2013 seeking Exchange’s representations or objections if any, would be accepted and processed through the Listing Centre only and no physical filings would be accepted....

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Cenvat Credit of Service Tax paid on Rent of Infrastructural Facilities allowable

M/s Honda Motorcycle & Scooter Vs CCE & ST (CESTAT Delhi)

M/s Honda Motorcycle & Scooter Vs CCE & ST (CESTAT Delhi) Conclusion: Cenvat credit is allowable on service tax paid on rent of infrastructural facilities as common facilities availed by assessee on rent basis were in ‘relation to the manufacture of goods’ and an integral part of the overall activity of manufacturing. ...

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Reassessment based on material giving rise to reason to believe is valid

S. Rajalakshmi Vs ITO (Bombay High Court)

Reassessment made by AO was valid as assessee was unable to explain the source of income from which investments had been made by furnishing her bank statements and AO clearly had reason to believe that income of assessee with reference to these three investments had escaped assessment....

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Disallowance of employees contribution of EPF & ESI for payment made beyond due date U/s 36(1)(va)

Ms. Unifac Management Services (India) Vs DCIT (Madras high Court)

Employees contribution towards EPF and ESI was rightly disallowed by AO as payment was made beyond the due date stipulated under the relevant enactment for making such payment u/s 36(1)(va)...

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Non-reporting of specified domestic transactions U/s 92BA with related parties

ACIT Vs HDFC Bank Ltd. (Bombay High Court)

Transaction of purchase of loan from HDFC ltd. would not cover within the meaning of Specified Domestic Transactions (SDTs) as the shareholding of HDFC Ltd. of 16.39% could not be clubbed with the shareholding of the HDFC Investments Ltd. of 6.25% to cross the threshold limit of substantial interest of 20%. ...

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No addition on mere frequent withdrawal and deposit of own money

DCIT Vs Smt. Veena Awasthi (ITAT Lucknow)

Addition made by AO merely on the ground that assessee made frequent withdrawal and deposit of his own money was not justified as the same was not prohibited under any law....

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Why does the government not enhance the exemption limit

The government has by a stroke made the taxable income upto Rs. 5 lakhs fully tax free in the hands of small taxpayers without raising the exemption limit. Most of the people have been wondering why the government is not raising the exemption limit instead of playing with Section 87A. I feel the government has […]...

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MCA upcoming compliances Chart

MCA compliances to be done in upcoming days includes filing of E-form – INC-22A (Active Company Tagging Identities and Verification), Initial MSME-1, Half yearly MSME return, One time DPT-3, DPT-3 Yearly, DIR-3 KYC, BEN-1, BEN-2, NFRA-1 and E-form – INC-20A. MCA compliances to be done in upcoming days S.No. Forms Applicability &am...

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Posted Under: Finance |

Banning of Unregulated Deposit Schemes Ordinance, 2019: Brief Analysis

In a bid to save credulous investors from ponzi schemes, the Central government has banned unregulated deposit schemes, a move that may help tackling the menace of illicit deposit-taking activities. Pursuant to Banning of Unregulated Deposit Schemes Ordinance, 2019 now any Individual or group of individuals cannot take any deposit or loa...

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Posted Under: Finance |

Scope of Supply under GST post Amendment made wef 01.02.2019

The Government of India has made changes in the GST provisions by making amendments in the Act itself vide Notification No. 02/2019 – Central Tax dated 29.01.2019 and made 01.02.2019 as the effective date for such changes. An attempt has been through this article to analyze the changes made by the CGST (Amendment) Act 2018 […]...

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Posted Under: Finance |

Analysis of Recent Development under Income Tax Act 1961

At the outset, it is very important to address a common interpretation mistake made by most of us regarding the increase in slab rate of income tax. In the speech the finance minister have clearly mentioned that there is no change in the Slab rate of Income tax but still 100% tax rebate is granted upto income of Rs. 5 Lac. Thus, it means ...

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Posted Under: Finance |

Prosecution on Willful Failure to File Return of Income

Section 276CC of Income tax Act provides for period of rigorous imprisonment and fine in case of willful failure to file return of income under section 139/148/153A or in response to Notice u/s 142(1). The Prosecution is as follows – 1. If amount of tax sought to be evaded is Rs 25 Lakh or less […]...

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Posted Under: Finance |

Format of Auditor’s Certificate to be used for filing return of deposit

Format of Auditor’s Certificate to be used for filing return of deposit or particulars of transaction not considered as deposit <<On the letter head of Auditor>> To whom so ever it may concern This is to be certified that Ms. ______________________ a Company incorporate under Companies Act, 2013 and having its registered off...

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Posted Under: Finance |

Restriction on Currency Note sending or Taking from Nepal or Bhutan

Notification No. G.S.R. 151(E) (26/02/2019)

(1) take or send out of India to Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case), provided that an individual travelling from India to Nepal or Bhutan can carry Reserve Bank of India notes of Mahatma Gandhi (new) Series of denominatio...

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Registered office & Signatory of Shell Companies are Under Scanner: Modi Sarkar’s Operation Total Cleanup

In a further drive to smooth up the Indian Corporate Sector after taking up diverse stringent actions in opposition to the shell companies keeping in view the ultimate target of preventing the generation and circulation of black money, the Modi Government has taken one very ambitious step of tagging and verification of registered office a...

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Posted Under: Finance |

Filing of MSME Form 1 with MCA

ARTICLE ON MICRO, SMALL AND MEDIUM ENTERPRISE (MSME)  Ministry of Corporate Affairs vide Notification dated January 22, 2019, requires that ♣ Applicability: To all the companies, who (a) receive supplies of any goods and services from Micro, Small and Medium Enterprise (“MSME”)   and (b) whose payment exceeds 45 days from the date...

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Posted Under: Finance |

Amendment in MEIS schedule, Appendix 3B, Table 2 WEF 01.01.2017

Public Notice 76/2015-2020-DGFT (26/02/2019)

Certain corrections have been done in the Appendix 3B, Table 2 to align/harmonize it with the ITC HS 2017 which was notified vide Public notice 61 dated 07.03.2017....

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