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Archive: 10 February 2019

Posts in 10 February 2019

FAQs on (PM-SYM) Pradhan Mantri Shram Yogi Maan-dhan

February 10, 2019 1938 Views 0 comment Print

Frequently Asked Questions on (PM-SYM) Pradhan Mantri Shram Yogi Maan-dhan Q.1 What is PM-SYM? Ans. Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) is a voluntary and contributory Pension Scheme for Unorganized Workers for entry age of 18 to 40 years with monthly income of Rs.15000 or less. Q.2 Is it a Government scheme? Ans. Yes. Q.3 […]

Payment to non-resident to purchase advertisement space for resale to advertisers in India constitutes Royalty

February 10, 2019 8688 Views 0 comment Print

Payment to non-resident towards purchase of advertisement space for resale to advertisers in India constituted ‘Royalty’ under section 9(1)(vi) and assessee was under an obligation to withhold tax under section 195.

Capital gain when assessee given developer possession & permission to construct property

February 10, 2019 3342 Views 0 comment Print

Where assessee did permit developer to enter into premises and do all necessary things for construction of apartments and assessee handed over the possession, provisions of section 2(47) got attracted.

Interest cannot be disallowed for mere advancing of Interest-free advances to third parties

February 10, 2019 3738 Views 0 comment Print

Merely because non-interest bearing advance was given to third parties, the same would not justify that the test of ‘commercial expediency’ was not satisfied by assessee. Hence, disallowance of proportionate interest made by AO was not justified, as the same was given for business purposes.

Overview of TDS and TCS Provisions

February 10, 2019 17769 Views 1 comment Print

Compliance of TDS and TCS provisions is one of the important aspects for every business. However, it is also a tricky issue since there are so many provisions and also due to frequent insertion of new provisions. Non Compliance with these provisions leads to payment of Interest, Late Filing Fee, Penalties and also punishable with […]

No disallowance U/s. 40A(3) on Payment by debtor directly to creditor of assessee through banking channel

February 10, 2019 7125 Views 0 comment Print

Where assessee’s debtor directly made payment through banking channel to assessee’s creditor to square up their account, provisions of section 40A(3) would not be attracted.

Making incorrect claim in law would not by itself make assessee liable to penalty U/s. 271(1)(c)

February 10, 2019 1254 Views 0 comment Print

Making of incorrect claim in law would not by itself amount to concealment of income or giving inaccurate particulars of income. Since revenue had not been able to show even remotely that there was any concealment of income or filing of inaccurate particulars of income, appeal was to be dismissed.

Depreciation allowable on Right to operate project facility & collect toll charges

February 10, 2019 2523 Views 0 comment Print

DCIT Vs Progressive Constructions Ltd. (ITAT Hyderabad) Expenditure incurred for gaining right to operate the project facility and collect toll charges resulted into an intangible asset eligible for depreciation Conclusion: Expenditure incurred by assessee of Rs.214 crore for creating the project or project facilities had created an intangible asset in the form of right to operate […]

Companies significant beneficial owners amendment rules 2019: Analysis

February 10, 2019 8958 Views 0 comment Print

COMPARATIVE PROVISIONS – Post Companies (Significant Beneficial Owners) Amendment Rules, 2019 – MCA Notification Dated 08.02.2019 Ministry of Corporate Affairs (MCA) by its notification dated 13/06/2018 had notified the Companies (Significant Beneficial Owners) Rules, 2018.  Post notification there were number of suggestions, recommendation through stakeholders and to have better clarity in the 2018 rules the MCA […]

Review of Input tax credit (ITC) under GST

February 10, 2019 22191 Views 0 comment Print

The GST law aims at providing seamless Input tax credit to the registered persons. While the missed ITC could be a loss to an entity, an undue or excess claim of ITC could put an entity to a trap of interest, penalty & litigation. It goes without saying that there could be several errors of […]

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February 2019