When AO finds the accounts of the assessee to be complex and in order to protect the interest of the revenue, it is justifiable to direct for special audit.
Ministry of Corporate Affairs on 21-02-2019 has bring a new concept Active Company Tagging Identities and Verification by the Companies (Incorporation) Amendment Rules, 2019 notified with effect from 25th February 2019 and which introduces new E-FORM ACTIVE (INC-22A). Applicability: – Pursuant to the provisions of the amended rules, every company incorporated on or before the 31st December, […]
The GST Council in its 33rd meeting has in principle given approval to the below proposals in respect of residential sector of the real estate sector from 1st April, 2019. Details of the scheme shall be worked out by an officers committee and shall be approved by the GST council in a meeting to be called specifically […]
Q1 What is Banning of Unregulated Deposit Schemes Ordinance, 2019 Answer- The Banning of Unregulated Deposit Schemes Ordinance, 2019 has been promulgated to have a central legislation to tackle the menace of illicit deposits taking activities in the country. Presently, non-banking entities are allowed to raise deposits from the public under the provisions of various […]
Where the capital gain arises from transfer of long-term capital asset being land or building or both, and the assessee has, at any time within a period of six months after the date of such transfer invested the whole or any part of capital gains, in the ‘long-term specified assets’, then the capital gain shall be dealt with in accordance with the following provisions of section –
Banning of Unregulated Deposit Schemes Ordinance, 2019 provide for a comprehensive mechanism to ban the Unregulated Deposit Schemes and to protect the interest of depositors and for matters connected therewith or incidental thereto. (For example schemes like Sharda Chit Fund and Rose Vally Scam of West Bengal which has cheated 17 Lakhs small depositors to the extent of Rs. 20,000 Crores and which is at present under CBI investigation)
Ms. Hindustan Newsprint Ltd. Vs ACIT (Kerala High Court) In the present case, the Tribunal had permitted devaluation with respect to the items in which the committee had recommended 100% devaluation confining the actual devaluation to 80%. The Tribunal disallowed 20% of the claim finding it to be the scrap value of the devalued items. […]
Link PAN-Aadhaar Today Beneficial Tomorrow It is mandatory to link your PAN with Aadhaar! Last date to link PAN with Aadhaar is 31st March, 2019 How to link your PAN with Aadhaar Through SMS facility: Send SMS to 567678 or 56161 in following format: UIDPAN<SPACE><12 digitAadhaar><Space><10 digit PAN> Example: SMS to 567678 or 56161: UIDPAN […]
This decision highlights the fact that the taxpayers need to meticulously analyze the functions, assets and risks of activities undertaken. Pursuant to that, the taxpayers need to determine whether the activity can be clubbed or should be benchmarked separately.
OC orders to provisionally release the seized goods upon the petitioner executing a bond in FORM GST INS-04 for the total value of the seized goods, and furnishing a bank guarantee of Rs.50 lakhs.
