"24 February 2019" Archive - Page 2

Analysis of circular on tax payment on supply of goods being deposited in custom bonded warehouse

Analysis of Circular on tax payment on supply of goods being deposited in custom bonded warehouse. In the recent Circular No. 91/10/2019-GST dated 18 February 2019, CBIC has clarified on the issues faced in common portal in case of Supply of goods while being deposited in custom bonded warehouse which was subject to payment of […]...

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Doctrine of Estoppel shall Not be in GST Filing

Doctrine of Estoppel  The Government has committed mistake in setting up improper system which resulted the trade and industry, suffer severe financial crises, loss of business, stress and strain.  If the trade and industry commits small error the Government is punishing with interest, penal action and or prosecution.  It is not fare o...

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Company incorporated on or before 31.12.2017- File E-Form ACTIVE

Any company incorporated on or before the 31.12.17 shall file the particulars of the company and its Registered Office, in E-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.19 to enable common public to be aware of KYC (Know Your Company) status of the companies and their directors. The Ministry of Corp...

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Banning of Unregulated Deposit Schemes Ordinance, 2019 – Whether Applicable To Normal Business Activities?

Whether Banning of Unregulated Deposit Schemes Ordinance, 2019 also applicable to deposits, unsecured loans etc. accepted / taken for normal trading, manufacturing etc. activities or for personal needs....

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Deposits exempt under Banning of Unregulated Deposit Schemes Ordinance, 2019

Banning of Unregulated Deposit Ordinance,2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f ,l and other provisions. For the purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 “deposit” means an amount of money received by way of...

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Practical issues in Share Valuations for Companies under Companies Act and Income Tax

Under Income Tax, three persons can get affected under various provisions of the Income Tax, if Shares are issued or transferred at a consideration less than Fair Market Value (FMV) i.e. Buyer, Seller or Company inself. Examples are given below....

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Time for KYC of Companies ( E-Form Active) INC 22A

Like KYC of Directors, time to KYC for Companies. Ministry of Corporate Affairs notified the rules for ACTIVE COMPANY TAGGING IDENTITIES AND VERIFICATION (ACTIVE) on 21st February 2019. According to this rule, every company incorporated on or before the 31st December 2017 shall file the particulars of the Company and its registered office...

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Important aspects of Unregulated Deposit Schemes Ordinance, 2019

The President has assented The Banning of Unregulated Deposit Schemes Bill, 2019, which was passed on the 13th day of February, 2019 in the House of the People; The purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 is to provide for a comprehensive mechanism to ban the unregulated deposit schemes and to protect the intere...

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Deposits, Unsecured loans taken for Normal Business are not banned

, Unregulated Deposits Scheme Ordinance is an Ordinance to ban unregulated deposits as well as to protect the interest of Depositors. This ordinance was introduced on 21-Feb-2019. Everyone needs to study this ordinance of deposit and protect himself rather than believing on fake news....

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Income Tax Rates & Calculator for 23 years (FY 2006-07 to 2019-20)

We know that in Finance Bill 2019 tax rate for FY 2019-20 for individuals / HUF has not been changed except the fact that rebate u/s 87A has revised to Rs 12,500 if Total Income is upto Rs 5,00,000 (previously it was Rs 2500 if total Income is upto Rs 3,50,000). Tax rates for Individuals […]...

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