"20 February 2019" Archive - Page 3

HC order release of good on payment of Tax of dealer not registered in that state

Armour Steel Buildings India (P) Ltd. Vs Asstt. State Tax Officer (Kerala High Court)

Armour Steel Buildings India (P) Ltd. Vs Asstt. State Tax Officer (Kerala High Court) The petitioner, an assessee under the GST Act in Tamil Nadu, sent goods across to the State. The Assistant State Tax Officer intercepted the goods and detained them. After the initial procedural formalities the petitioner suffered an order under section ...

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TDS on G Suite

There are various issues with regard to the applicability of Tax Deduction at Source (TDS) on G suite transaction and the same is taken up in the current article....

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Notice U/s. 143(2) not must if return not furnished in response to Notice U/s. 148

PCIT v. M/S Broadway Shoe Co. (Jammu & Kashmir High Court)

PCIT v. M/S Broadway Shoe Co. (Jammu & Kashmir High Court) Admittedly in the instant case, the return was filed by the assessee after the time prescribed for filing return under Sections 139(1) and 139(4) had expired. Therefore, the return filed by the assessee has to be treated as non-est. The proceedings under Section 147 of [&hell...

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Investing – A Habit you can’t ignore

As the financial year is going to end soon, I would like to talk about one crucial aspect of personal investment keeping in mind the income tax benefits as well as financial goals. You must have heard one saying “Rupee saved is Rupee earned”. I would add “Rupee invested well is Rupee saved well”. The […]...

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Proposed Reduction in Employee & Employer contribution for ESIC

Notification G.S.R 121 (E) dated 15/02/2019 (19/02/2019)

Ministry of Labour and Employment has issued Gazette Notification G.S.R 121 (E) dated 15/02/2019 (Notification attached) notifying Draft Rules proposing to reduce Employee Contribution for ESIC to 1% from 1.75% and Employer Contribution to 4% from 4.75 %. Currently, the employee’s ESI contribution rate is 1.75% of the wages and that of ...

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Extension of Deadline: Now convert your Physical Shares to Demat till 31st March-2019

In a major move taken by the capital market regulator, SEBI, it has given a big relief to the investors at large who are still holding the physical shares of the listed companies but have not converted them into Demat format till date and the last date to convert such shares was 5th December, 2018 […]...

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Exposure Draft on AS-1- My Opinion

With the onset of the IND AS in the Corporate world and the tightening screws of the Ministry of Corporate Affairs, ICAI has come up with a series of Exposure Drafts to revamp the Accounting Standards that were erstwhile issued. This move is to ensure that the older accounting standards are in line with IND […]...

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Disclosures on all outstanding receipt of money or loan by a company but not considered as deposits

Every Company shall on or before the 30th day of June, of every year, file with the Registrar, an annual return in Form DPT-3 which is the return of deposit or particulars of transaction not considered as deposit or both and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of ...

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MSME, Governance Initiative and Key points for Finance Professionals

MSME Registration is an optional Registration under the MSMED Act that provides Micro, Small and Medium sized enterprises with a host of benefits and access to subsidies and schemes. Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2...

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Furnish info about payment to micro & small enterprise suppliers in Form MSME 1

Furnishing of information about payment to micro and small enterprise suppliers – Form MSME 1 The Central Government vide the notification number S.O. 5622(E), dated the 2nd November, 2018 has directed that all companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small ent...

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