"26 February 2019" Archive - Page 2

Banning of Unregulated Deposit Schemes Ordinance, 2019: Brief Analysis

In a bid to save credulous investors from ponzi schemes, the Central government has banned unregulated deposit schemes, a move that may help tackling the menace of illicit deposit-taking activities. Pursuant to Banning of Unregulated Deposit Schemes Ordinance, 2019 now any Individual or group of individuals cannot take any deposit or loa...

Read More
Posted Under: Finance |

Scope of Supply under GST post Amendment made wef 01.02.2019

The Government of India has made changes in the GST provisions by making amendments in the Act itself vide Notification No. 02/2019 – Central Tax dated 29.01.2019 and made 01.02.2019 as the effective date for such changes. An attempt has been through this article to analyze the changes made by the CGST (Amendment) Act 2018 […]...

Read More
Posted Under: Finance |

Analysis of Recent Development under Income Tax Act 1961

At the outset, it is very important to address a common interpretation mistake made by most of us regarding the increase in slab rate of income tax. In the speech the finance minister have clearly mentioned that there is no change in the Slab rate of Income tax but still 100% tax rebate is granted upto income of Rs. 5 Lac. Thus, it means ...

Read More
Posted Under: Finance |

Prosecution on Willful Failure to File Return of Income

Section 276CC of Income tax Act provides for period of rigorous imprisonment and fine in case of willful failure to file return of income under section 139/148/153A or in response to Notice u/s 142(1). The Prosecution is as follows – 1. If amount of tax sought to be evaded is Rs 25 Lakh or less […]...

Read More
Posted Under: Finance |

Format of Auditor’s Certificate to be used for filing return of deposit

Format of Auditor’s Certificate to be used for filing return of deposit or particulars of transaction not considered as deposit <<On the letter head of Auditor>> To whom so ever it may concern This is to be certified that Ms. ______________________ a Company incorporate under Companies Act, 2013 and having its registered off...

Read More
Posted Under: Finance |

Restriction on Currency Note sending or Taking from Nepal or Bhutan

Notification No. G.S.R. 151(E) 26/02/2019

(1) take or send out of India to Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case), provided that an individual travelling from India to Nepal or Bhutan can carry Reserve Bank of India notes of Mahatma Gandhi (new) Series of denominatio...

Read More

Classification & GST on service of a Line Producer located in Brazil

In re Udayan Cinema Pvt Ltd (AAR West Bangal)

In re Udayan Cinema Pvt Ltd (AAR West Bangal) The Line Producer to be engaged for the shooting of a feature film in Brazil is supplying motion picture production service, classifiable under SAC 999612. The Applicant is liable to pay IGST on the payments made to the above Line Producer in terms of Sl No. […]...

Read More

Registered office & Signatory of Shell Companies are Under Scanner: Modi Sarkar’s Operation Total Cleanup

In a further drive to smooth up the Indian Corporate Sector after taking up diverse stringent actions in opposition to the shell companies keeping in view the ultimate target of preventing the generation and circulation of black money, the Modi Government has taken one very ambitious step of tagging and verification of registered office a...

Read More
Posted Under: Finance |

ITC not admissible on ambulances purchased for employees benefit: AAR

In re Nipha Exports Pvt Ltd (GST AAR West Bangal)

In re Nipha Exports Pvt Ltd (GST AAR West Bangal) Whether ITC is admissible on ambulances purchased for the benefit of the employees under legal requirement of the Factories Act, 1948. It is evident from above that input tax credit on inward supply of ambulance, being a motor vehicle, is not admissible under Section 1 […]...

Read More

Service to students for lodging along with food is a Mixed supply: AAR

In re Sarj Educational Centre (GST AAR West Bangal)

In re Sarj Educational Centre (GST AAR West Bangal) Whether service to the students for lodging along with food is a composite supply within the meaning of section 2(30) of the GST Applicant is offering several individual services in two different combinations to the recipients, depending upon their need for lodging facility. Each of the ...

Read More

Search Posts by Date

September 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930