"14 February 2019" Archive - Page 2

ITAT allows Depreciation on car in partner name

NVR Cinema Vs ITO (ITAT Chennai)

Partnership firm can own assets only in the name of the partners. In the case of the assessee firm, the car is owned in the name of the partner of the firm. If the car is purchased from the resource of the firm or the purchase consideration is credited to the partner’s current account or capital account then it shall be construed that t...

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Analysis of Companies (Significant Beneficial Owners) Amendment Rules, 2019

Companies (Significant Beneficial Owners) Amendment Rules, 2019- New Rule Analysis As per New Rule, Reporting Company have to find out about the SBO, identify the individual and cause such individual to make a declaration to the Reporting Company in Form No. BEN-1 (Physical Form). This form shall be filed by the individual who is the SB...

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Posted Under: Income Tax |

DGFT Withdraws Trade Circular No. 47T of 2017 dt. 17th Nov 2017

Trade Circular No. 07T of 2019-DGFT 14/02/2019

You may recall that the Trade Circular No. 47T of 2017 dated 17th November 2017 was issued to clarify the inter-State purchases against the declaration under the Central Sales Tax Act. The said Trade Circular stands withdrawn ....

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Discontinuation of physical copy of Advance /EPCG Authorisations

Policy Circular No. 19/2015-2020-DGFT 14/02/2019

In order to improve ease of doing business and improving online transactions, it has been decided to discontinue issue of physical copy of Advance/EPCG Authorisations issued on or after 01.03.2019 by Regional Authorities, in respect of EDI ports...

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AIS, NAVTEX & amp; SART are covered by Notification No. 1/2017-C.T. (Rate)

In re A.S. Moloobhoy Pvt. Ltd. (GST AAAR Maharastra)

In re A.S. Moloobhoy Pvt. Ltd. (GST AAAR Maharastra) The Appellate Authority for Advance Ruling modify the ruling given by the Advance Ruling Authority by observing that Automatic Identification System (AIS), NAVTEX, and SART are covered by Sr. 252 of Notification No. 1/2017 -C.T. (Rate). Also Read AAR Ruling- GST Rate on GPS, Echo Sounde...

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ITC for works contract eligible if output is works contract services

In re KSR & Company (GST AAR Andhra Pradesh)

In re KSR & Company (GST AAR Andhra Pradesh) The Applicant is eligible for Input Tax Credit (ITC) in respect of the GST paid on goods and services used as inputs in execution of “Works Contracts’. Input Tax Credit restriction under section 17(5)(c) and 17(5)(d) will not apply to the applicant as his output is […]...

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18% GST applicable on Aluminium ladders: AAR

In re Metro Aluminium (GST AAR Andhra Pradesh)

In re Metro Aluminium (GST AAR Andhra Pradesh) Irrespective of the end use of the ladders whether for domestic purpose or for Commercial use, Aluminium ladders come under HSN code 7616, ‘Other articles of Aluminium’ and accordingly attract Tax rate of 18% (9% CGST+9% SGST). FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, AN...

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RBI Cautions against Fraud in Digital Payment Ecosystem

Alert No: 1/2019 14/02/2019

Fraudulent transactions using the UPI platform are increasing. We have issued advisory no.1 dated January 10, 2019 in this regard. Recently, a new modus operandi has been brought to our notice through which fraudster can easily take remote access of a victim's mobile device and carry out transactions. Stepwise details are as under:...

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DGFT allows import of Groundnut in Shell /Kernels

Public Notice No. 73/2015-2020-DGFT 14/02/2019

If item of export is HPS Groundnut Kernels (roasted and blanched), the import item at S.No. 3(a), i.e, Groundnut in Shell may be allowed as 1.25 Kg/Kg content in the export product or the import item at S.No.3(b), i.e., Upgraded Groundnut Kernels may be allowed as 1.10 Kg/Kg content in the export product....

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Finance Bill, 2019 passed by Lok Sabha

Finance Bill 2019 is passed by Lok Sabha on 12.02.2019 and Text of the same is as follows:- AS PASSED BY LOK SABHA ON 12-2-2019 Bill No. 5-C of 2019 THE FINANCE BILL, 2019 A BILL to continue the existing rates of income-tax for the financial year 2019-2020 and to provide for certain relief to […]...

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Posted Under: Income Tax |

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