"11 February 2019" Archive - Page 2

Addition not justified for expense which was not claimed as Expenditure or Deduction

ITO Vs Mother Dairy Fruit & Vegetable Pvt. Ltd. & vice-versa (ITAT Delhi)

Mother Dairy Fruit & Vegetable Pvt. Ltd. Appeal: AO Failed To Establish A Legal Basis For The Addition On Account Of Disallowance Of Interest Expense, When The Assessee Had Not Even Claimed It As Expenditure Or Deduction, Addition Unjustified...

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Major GST Amendments Applicable From 1st Feb 2019

1. Earlier supplier of goods and services were not allowed to opt for composition scheme but now they can apply if the value of supply of service does not exceed – higher of the amount-10% of the state turnover in the previous financial year and Rs. 500000. 2. Input Tax Credit in relation to Passenger […]...

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Posted Under: Income Tax |

Beware! Interest in GST is not in Public Interest!

Arjun (Fictional Character): Krishna, What debate is undergoing on GST interest? Krishna (Fictional Character): Arjuna, Under Sec 50, interest is levied in GST. Hyderabad GST Commissionerate has issued standing order on 4th   February, 2019. It lead to argument between taxpayer and government. Arjun: Krishna, When is interest levied und...

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Significant Beneficial Ownership (SBO) Amendment Rules, 2019

The Ministry of Corporate Affairs has vide its Notification dated 08.02.2019 amended the existing the Companies (Significant Beneficial Owners) Rules, 2018 by introducing the Companies (Significant Beneficial Owners) Amendment Rules, 2019. The Companies (Significant Beneficial Owners) Amendment Rules, 2019 replaces all the provisions of t...

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Posted Under: Income Tax |

MCA amends Companies (Significant Beneficial Ownership) Rules

The Ministry of Corporate Affairs notified Companies (Significant Beneficial Ownership) Amendment Rules 2019, to amend the Significant Beneficial Ownership Rules 2018 notified last June. The Rules aim to look-through corporate layers to reveal individual shareholders that ultimately derive economic benefits from and/or control a corporate...

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Posted Under: Income Tax |

Framework for utilization of FSD available with Clearing Corporations & WDRA

SEBI/HO/CDMRD/DNPMP/CIR/P/2019/29 (11/02/2019)

In order to rationalize security deposit and after consultation with WDRA & Exchanges/Clearing Corporations, it has been decided that Recognized Clearing Corporations having commodity derivatives segment shall adhere to the following norms for utilization of security deposit:...

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Relaxation from requirement to furnish a copy of PAN for transfer of equity shares of listed entities executed by non-residents

Circular No. SEBI/HO/MIRSD/DOS3/CIR/P/201 9/30 (11/02/2019)

The Securities and Exchange Board of India has issued circular for Relaxation from requirement to furnish a copy of PAN for transfer of equity shares of listed entities executed by non-residents vide circular dated Feb 11, 2019 . The provisions of Para (A) (1) of Schedule VII of SEBI (Listing Obligations and Disclosure Requirements) R...

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Online Module for Filing & Tracking Quality Complaints/Trade Disputes relating to International Trade

Trade Notice No. 47/2015-2020 (11/02/2019)

a) Complaints received from foreign buyers in respect of poor quality of the products supplied by exporters from India; b) Complaints of importers against foreign suppliers in respect of quality of the products supplied; ...

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Pure Agent in GST Law

Agent is well known person in the commercial business parlance. The GST Law also talks about Agent as ‘agent’ means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods ...

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Posted Under: Income Tax |

How to Crack CA Exams after First Failure

As you are aware, results of all stages of CA Exam for November/December, 18 attempts has been declared by ICAI. Some Students are able to clear their exams and some are not able to get their desired results. All of us are aware that, CA Exam is one of the toughest exams of India. CA […]...

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Posted Under: Income Tax |