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Archive: 04 February 2019

Posts in 04 February 2019

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

May 15, 2024 6459 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.

Reopening based on wrong facts Not Sustainable

February 4, 2019 1617 Views 0 comment Print

Harjeet Singh Vs ITO (ITAT Delhi) It can be seen that the Assessing Officer has proceeded on wrong assumption fact. The amount of Rs. 10 lacs is not supported by any cheque number whereas the allegation is that the assessee has received accommodation entry from Sh. Gupta through cheque. In my considered opinion the basis […]

Concept of Wholly Owned Subsidiary, Registered Owner, Beneficial Owner under section 89 of Companies act, 2013

February 4, 2019 55587 Views 2 comments Print

This article deals with the concept of beneficial owner, registered owner of shares & wholly Owned Subsidiary. Before moving forward we will throw a light on the meaning of the two words: Registered Owner, Beneficial Owner & Wholly Owned Subsidiary: a) Registered owner – A person whose name is registered in the Register of Members […]

Either INVEST or Pay TAX!

February 4, 2019 1500 Views 0 comment Print

There are many options in the market where a person can invest and save his/her tax. But before investing anywhere, all the factors must be kept in mind like return on investment, risk involved, lock-in period, minimum and maximum amount that can be invested and many more.

Interim Budget 2019-20 – Highlights and Boosters

February 4, 2019 1992 Views 0 comment Print

While the global economy is battling with strong headwinds, India’s economy is seeing a robust growth and is on the path to emerge out as one of the fastest growing economies in the world. The Finance minister Mr. Piyush Goyal has presented the Interim Budget 2019-20. This write-up provides an overview of key announcements and […]

Big Relief to Middle Class from Union Budget 2019 & computation

February 4, 2019 1821 Views 0 comment Print

As per current provision of section 87A of Income Tax Act 1961, a resident individual whose net income does not exceed Rs.3,50,000 can avail rebate of tax. It is deducted from income tax before calculating Health and Education cess. The amount of rebate is 100% of income tax or Rs.2500 whichever is less.

TDS deductible on delayed pay-in-charges payable to sharebroker for making delayed payment

February 4, 2019 4143 Views 0 comment Print

M/s. Shree Ganeshaya Trading Pvt. Ltd. Vs ITO (ITAT Mumbai) Delayed pay-in-charges payable by the assessee to sharebroker for making delayed payment of purchase consideration for purchase of shares is infact „interest‟ within meaning of Section 2(28A) of the 1961 Act and the assessee was required to deduct income-tax at source on such interest of […]

No provision for withdrawal of recognition U/s. 35(1)(ii)

February 4, 2019 3894 Views 0 comment Print

DCIT Vs Maco Corporation India (P) Ltd. (ITAT Kolkata) There is absolutely no provision for withdrawal of recognition under section 35(1)(ii) of the Act. Hence, the so-called withdrawal of recognition under section 35(1)(ii) in  the hands of the payee organizations could not affect the rights and interests of  assessee herein for claim of weighted deduction […]

FDI Policy on E-Commerce effective from February 01, 2019

February 4, 2019 2703 Views 0 comment Print

The e-commerce sector is expected to keep growing in future because of a number of reasons. The FDI policy on e-commerce has remained unchanged. Better enforcement of this policy will contribute significantly to growth of this sector over medium and long term.

No change in tax rate -No profiteering on supply of ‘Little Star Dhoti 406’

February 4, 2019 579 Views 0 comment Print

Director General Anti-Profiteering Vs M/s Pulimoottill Silks (National Anti-Profiteering Authority) It is clear from the perusal of the facts of the case that there was no reduction in the rate of tax on the Little Star Dhoti 406 (HSN 52081110) w.e.f. 01.07.2017, hence the anti-profiteering provisions contained in Section 171 (1) of the CGST Act, […]

No reduction in tax rate -Anti-profiteering provisions on supply of Jockey Shorts not attracted

February 4, 2019 459 Views 0 comment Print

Kerala State Screening Committee on Anti-profiteering Vs M/s Sudarsans (National Anti-Profiteering Authority) There was no reduction in the rate of tax on the (Jockey Shorts US 56 M ASSTD) w.e.f. 01.07.2017, hence the anti-profiteering provisions contained in Section 171 (1) of the CGST Act, 2017 are not attracted. Hence, we do not find any merit […]

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