"March, 2019" Archive

Validity of ITR filed prior to 01.04.2019 without quoting of Aadhaar

Circular No. 06/2019-Income Tax (31/03/2019)

Returns which were filed prior to 01.04.2019 without quoting of Aadhaar number as an outcome of any decision of different High Courts in a specific case or returns which were filed during the period when the online functionality for filing the return without quoting of Aadhaar number was so available...

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Statutory Dues including Income Tax, VAT etc. are Operational Debts under IBC

Pr. Director General of Income Tax (Admn. & TPS) Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT)

Pr. Director General of Income Tax (Admn. & TPS) Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT) Conclusion – All statutory dues including ‘Income Tax’, ‘Value Added Tax’ etc. come within the meaning of ‘Operational Debt’ under the Insolvency and Bankruptcy Code 2016. Facts – According to appellant, the ‘...

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Posted Under: Income Tax | |

Rectification application of assessee not to entertained in case assessee’s conduct was speculative

PCIT Vs N. R. Portfolio (Delhi High Court)

PCIT Vs N. R. Portfolio (Delhi High Court) Conclusion: The conduct of the assessee was speculative, it was not an uninformed litigant; it calculatedly chose not to question the rejection of its cross objection. Instead, waited more than a year after the decision of this court (which was rendered on 21-12-2012) till the two members [&helli...

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Special Income Tax Benefits to Non Residents

Who is a non resident under Income Tax Act, 1961? Non-resident is a person who is not a ‘resident’ as per the Income Tax Act, 1961. For detailed provisions related to residential status, reference may be made to TPI brochure titled “Determination of Residential status under Income-tax Act, 1961”. Income which are n...

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Posted Under: Income Tax |

Limiting Customer Liability for Unauthorised Electronic Payment Transactions in PPIs

What is purpose of prescribing a framework for Limiting Liability of Customers for Unauthorised Electronic Payment Transactions in Prepaid Payment Instruments (PPIs) issued by Authorised Non-banks?...

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Posted Under: Income Tax |

Non-Filing of I-T Returns not necessarily mean no source of Income

Shrimati Ragini Gupta Vs. Piyush Dutt Sharma (Madhya Pradesh High Court)

Non-filing of Income Tax Return by itself would not mean that the complainant had no source of income and thus, no adverse inference can be drawn in this regard only because of absence of Income Tax Return....

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Addition can be made without issuing notice u/s 153C separately in case both assessee and his brother lived in same building

Vinod Kumar Gupta Vs Deputy Commissioner of Income Tax Central Circle-17 (Delhi High Court)

Where both searched assessees were brothers and were involved in the common business and assessee used to be in-charge of the accounts, there was no necessity of issuing notice under Section 153C separately to assessee in case they lived separately, but in the same building....

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Exemption U/s. 54 cannot be disallowed just because exemption was claimed U/s. 54F

ACIT Vs Jai Kumar Gupta (HUF) (ITAT Mumbai)

Deduction under section 54 was allowable on purchase of flats as merely because assessee, by ignorance of law or mistake, had claimed deduction under section 54F instead of section 54, such ignorance of law/mistake on the part of assessee could not be utilized to its disadvantage by AO....

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Special audit justified only if AO forms opinion that same is in interest of revenue

Multi Commodity Exchange of India Vs DCIT (Bombay High Court)

Requirement of the formation of the opinion as to the special audit being in the interest of the Revenue continues to apply before and after the amendment. Nevertheless, the basic essential requirements of exercising the powers have been substantially widened by the legislature by way of such amendment....

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Prosecution not to be launched in case matter was already pending before authorities

Sayarmull Surana Vs ITO (Madras High Court)

No necessity for Department to have launched prosecution hurriedly when the case was pending before lower authorities as the law of limitation under Section 468 Cr.P.C. for criminal prosecution had been excluded by the Economic Offences (Inapplicability of Limitation) Act, 1974. ...

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Concluded assessment cannot be disturbed if no incriminating material found during search

M/s. Bhansali Fincom Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Unabated/concluded assessment, on the date of search, deserved to be undisturbed in the absence of any incriminating material found during search and accordingly impugned addition was deleted....

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Profession Tax, MVAT & CST Registration through MAITRI Portal

Trade Circular No. 14T of 2019 (31/03/2019)

Now Applicants can also apply for registration under PT Act or MVAT Act or CST Act or all on the MAITRI Portal. This is the step towards a Single Window System for all necessary registrations required for doing business in the State of Maharashtra....

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Intention to exploit capital asset for business purpose shall be date of conversion of capital asset into stock-in-trade

Late Puran Ratilal Mehta Vs ACIT (ITAT Mumbai)

Date of conversion of capital asset into stock-in-trade shall be determined either on the basis of entry passed in the books of account of the assessee or the intention of the assessee to exploit the capital asset into stock-in-trade for its business purpose....

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ICAI President’s Message – April 2019

As the poll season reaches its climax, the stage is all set for festival of democracy in India. In the 17th Lok Sabha elections, the biggest democratic elections in the history of mankind, about 900 million people will participate. Being harbingers of growth and partnering- nation-building, we Chartered Accountants have an important role ...

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Posted Under: Income Tax |

Comprehensive analysis of GST Composition Scheme for Service Providers

Why the Composition Scheme for Service Providers ?? 1. A need was felt to extend the benefit of paying the tax at lower rate under the simpler composition scheme to even the suppliers of services, hitherto only available to the suppliers of goods. Press Release dated 22.12.2018 issued by the GST Council after their 31st […]...

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Posted Under: Income Tax |

Aadhaar Mandatory for income tax return filing wef 01.04.2019

Notification No. 31/2019-income Tax [S.O. 1495(E)] (31/03/2019)

Notwithstanding the last date of linking of Aadhaar number with PAN being extended to 30.09.2019 in para 1 above, it is also made clear in Circular No. 6 of 2019 that w.e.f. 01st of April, 2019, it is mandatory to quote Aadhaar number while filing the return of income as required under Section 139AA(1)(ii) ...

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Companies (Indian Accounting Standards) Second Amendment Rules, 2019

Notification No. G.S.R (E) (30/03/2019)

These rules may be called the Companies (Indian Accounting Standards) Second Amendment Rules, 2019. They shall come into force on 1st day of April, 2019....

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Companies (Indian Accounting Standards) Amendment Rules, 2019

Notification No. [G.S.R. 273(E)] (30/03/2019)

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2019 G.S.R. 273(E).— In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Reporting Authority, hereby makes the follow...

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Branches of Vijaya & Dena Bank to operate as branches of Bank of Baroda

Press Release : 2018-2019/2329 (30/03/2019)

All branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda from April 1, 2019. Customers, including depositors of Vijaya Bank and Dena Bank will be treated as customers of Bank of Baroda with effect from April 1, 2019....

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Related Party Transactions | Companies Act, 2013 | Section 188

Related Party Transactions u/s 188 of the Companies Act, 2013. As we all very well know that related party transactions require many compliance as per the Companies Act, 2013.  In this Article an attempt is made to understand the provisions of Section 188 of the companies Act, 2013. Important Definitions  1. Office or Place of […...

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Posted Under: Income Tax |

Periodic Compliances for a Listed Company For Equity Shares

The Listed entity shall comply with the following compliance under SEBI Listing Regulations 2015:- Quarterly Compliances Half Yearly Compliances Yearly Compliances Event Based Compliances Quarterly Compliances When to comply Regulation reference Timeline For the quarter ended June For the quarter ended September For the quarter ended Dec...

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Posted Under: Income Tax |

TDS Calculation & Deduction on Salary For FY 2018-19

As the new F.Y. is arriving on 1st April, all the salaried employees of almost all the organizations are asked to send their investment declaration by their employers. Why is it so? Their investment declarations are called, so that tax deductions can be done accordingly. On the basis of investment declaration statement, the employer estim...

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Posted Under: Income Tax |

4 New Income Tax Tax exemption in Financial Year 2019-20

Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which will be effective from 1 April 2019. 1. Standard Deduction from Salary: Standard deduction has been increased from Rs 40,000 to Rs 50,000 for salaried individuals (which was introduced in the Budget 2018 in lieu […]...

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Posted Under: Income Tax |

Anatomization of “Rule 25A” And “e-Form Active”

1. This move by the Government of India is an integrated part of the colossal drive against shell companies to eradicate the use of companies in generation and accumulation of black wealth. This will also promote good corporate governance and companies will be cognizant of the legal compliances. It will also embark on a new […]...

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Posted Under: Income Tax |

Assessee can claim business expense after SEBI approval to commence business

DCIT Vs PPFAS Asset Management Pvt. Ltd. (ITAT Mumbai)

DCIT  Vs PPFAS Asset Management Pvt. Ltd. (ITAT Mumbai) As SEBI approval mandatory is to commence business, assessee admissible to claim business expenses only after obtaining the necessary approval. Since commencement of business require SEBI approval, expenses claimed post approval would qualify as business expense. Facts – The asses...

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New GST Taxation for Real Estate brings Customer’s Suvidha, Builder’s Duvidha

Arjuna (Fictional Character): Krishna, recently Government issued notification on Real Estate Sector as on 29th March  2019, Please tell something about it. Krishna (Fictional Character): Arjuna, these notifications were focused on Real Estate Sector. The notifications provide lower effective GST Rates for customers. Let’s see what’s...

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Posted Under: Income Tax |

Interest on borrowing to pay earliest money deposits allowable as deduction u/s 36(1)(iii)

DCIT Vs M/s. Prestige Garden Estates Pvt. Ltd. (ITAT Bangalore)

DCIT Vs M/s. Prestige Garden Estates Pvt. Ltd. (ITAT Bangalore) Conclusion: Deduction was allowable under section 36(1)(iii) on interest on borrowing to pay earnest money deposits (EMD) to purchase properties being lands, flats, etc. as the same was for purpose of assessee’s business of acquiring properties. Held: In the present case, a...

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Share issue expenses can be claimed u/s 35D by banks as preliminary expenses

Dhanalakshmi Bank Ltd. Vs CIT (Kerala High Court)

Deduction under section 35D for amortisation of preliminary expenses in connection with the issue of shares for public subscription was allowable to assessee bank extending financial services. ...

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Analysis of Post facto Discount & its impact on ITC under GST Regime

The valuation of Supply comes within the ambit of Section 15 of the Central Goods and Service tax Act. At the inception of discussion, it is requisite here to peruse the provisions of section 15(3)(b) which deals with the post facto discount, which are reiterated for sake of your reference-...

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Posted Under: Income Tax |

Interest on enhanced compensation on compulsory acquisition by government eligible for exemption u/s 10(37)

ITO Vs Shri Vinayak Hari Palled (ITAT Bangalore)

Assessee was eligible for exemption under section 10(37) on interest received by him on enhanced compensation as the same partook the character of compensation paid by government on compulsory acquisition of assessee’s agricultural land....

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Refund of security deposit given during Voluntary MVAT Registration

Trade Circular No. 12T of 2019 (30/03/2019)

The dealer who applies for voluntary registration was required to make the payment of Rs. 25,000/- as a security deposit, at the time of application for registration. Refund of such security deposit is to be given as per rule 60A of the Maharashtra Value Added Tax Rules, 2005....

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Professional Tax- Exemption from payment of late fee u/s. 6(3)

Trade Circular No. 11T of 2019 (30/03/2019)

Revocation of Late fee exemption: If it is found that the employer has not fulfilled the conditions or has submitted false information to avail the benefit of exemption then, his exemption of late fee shall be revoked and action will be taken against him as per the provisions of law....

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No disallowance u/s 40(a)(ia) on payment to film distributors u/s 40(a)(ia) if not subject to TDS

ITO Vs M/s. Eylex Films Pvt. Ltd. (ITAT Ahmedabad)

Payment to the film distributors is not subject to TDS and therefore disallowing expense by invoking the provisions of Section 40(a)(ia) is not justified...

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CBIC issues 23 New notification on 29.03.2019- GST on Real Estate

CBIC issues 23 notifications / Orders on 29th March 2019 which related to new rate of CGST in the real estate (residential unit). Notifications relates to Rate of Tax payable on Real Estate Sector Services and Goods, Applicability of Reverse Charge Mechanism on Real Estate Goods and Services and also  Applicability of Reverse Charge Mech...

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Posted Under: Income Tax | ,

Commission of overseas agents for marketing, procurement of orders not liable to TDS u/s 195

M/s. Evolv Clothing Company Pvt. Ltd. Vs ACIT (ITAT Chennai)

Payment of commission to overseas agents for marketing, procurement of orders and systematic market research was not liable to TDS as the same was not liable to tax in India as per Section 9(1)(vii)....

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Capital Gains – Various Aspects about Sale of Immovable Property

Understanding Capital Gains on Transfer of Immovable Property: 1. Capital Gains —taxable in the hands of the Seller i. Profits or gains arising from the transfer of an immovable property, held as a capital asset, are taxed under the head “Capital Gains”. ii. The incidence of tax on Capital Gains depends upon the period for [...

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Posted Under: Income Tax |

11 GST related advises to act before finalization of books of A/cs for FY 2018-19

1. GSTR 1 RELATED ‘AMENDMENTS’ FOR OF 17-18 AND 18-19 ♣ If  you have made export with payment of Taxes and  IGST refund has not been received then You might need to amend your export details in TABLE 9A ♣ If counter party is not able to find our sales invoice in his GSTR 2A […]...

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Posted Under: Income Tax |

Depreciation cannot be denied on block of assets in subsequent years

ACIT Vs M/s Krystal Colloids Pvt. Ltd. (ITAT Mumbai)

Once an asset was part of the block of assets and depreciation was granted on that block, it could not be denied in its subsequent year on the ground that one of the assets was not used by assessee in some of years....

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How to change E-mail ID and/or Mobile Number on GSTN Portal

Step by Step guide to change E-mail ID and/or Mobile Number on GSTN Portal How do I change Email ID and Mobile Number of Primary Authorised Signatories provided at the time of enrolment or obtaining new registration? Tax Payers have registered in GST Regime either as migrated category based on provisional ID provided based on […]...

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Posted Under: Income Tax |

Taxability of Fabric and Furnishing Cloth under MVAT Act

Trade Circular No. 13T of 2019 (31/03/2019)

Clarification with regards to the taxability of the Fabric and Furnishing Cloth as covered under Entry 101(a) and 101(b) of the Schedule-C appended to the MVAT Act....

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Only Advocates are authorized to plead and argue on behalf of litigants before court of law

Usha Kanta Das (Deceased) Vs SM. Sefalika Ash (Calcutta High Court)

Only a special class of persons, namely, Advocates enrolled under The Advocates Act, 1961, have been authorised to plead and argue before a court of law, thus, any other person authorized or a recognized agent can do 'other than pleading'....

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Dormant Company

Meaning of Dormant Company 1. As per Section 455 of the Companies Act, 2013, a company which has not been carrying out any business or has not had any significant accounting transaction during the last two financial years, or has not filed financial statements and annual returns during the last two financial years may apply […]...

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Posted Under: Income Tax |

Company KYC – Form No. INC -22A (Active)

MCA vide its notification dated 21st February, 2019 amended the companies (Incorporation) rules 2014 to Companies (Incorporation) Amendment Rule 2019, which came into Force w.e.f 25th Feb., 2019. As per Rule 25A of Companies (Incorporation) Amendment Rule, 2019 Every company incorporated on or before the 31st December, 2017 shall file th...

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Posted Under: Income Tax |

Online GST Registration

What is GST Registration ? Starting From 1st July 2017, Many state and Central Govt indirect taxes have been subsumed in one across the country tax, i.e. Goods and Services Tax. Earlier each state has their own indirect tax such as VAT and central Govt has Services tax. There was a different set of registration […]...

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Posted Under: Income Tax |

Syllabus for Limited Insolvency Examination w.e.f. 1st July, 2019

No. IBBI/PR/2019/09 (30/03/2019)

Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st July, 2019....

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MCA – ACTIVe Form – status as on March 28, 2019

It has been more than a month since the Ministry of Corporate Affairs issued Companies (Incorporation) Amendment Rules, 2019 mandating all the Companies that are incorporated on or before December 31, 2017 to file ACTIVe Form. While by now everyone knows what is ACTIVe form and what all information are required to be filed with form. [&h...

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Posted Under: Income Tax |

Format of Balance sheet for CA Inter/B.com

This format of Balance sheet under revised schedule VI if companies act is different & easy from others format on internet. This has practical approach & very easy, just fill the annexure. This is highly recommended for those CA inter or CMA inter or B.Com pass who works in an organisation....

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Posted Under: Income Tax |

Insolvency and Bankruptcy Law In Various Countries

The term Insolvency is used for individuals as well as organisation/corporate. If insolvency is not resolved, it leads to Bankruptcy in case of individual and liquidation in case of corporate....

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Posted Under: Income Tax |

All about Audit under Goods & Services Tax

Introduction The Goods and Services Tax was introduced in July 2017 across nation and since its implementation it has not been less than a roller coaster ride for the assesses, practitioners and consultants. Within a few months of its implementation, there was a flood of amendment notifications from the Government and the people across na...

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No Profiteering as there was commensurate reduction in base price

Kerala State Level Screening Committee Vs M/s Peps Industries Pvt. Ltd (NAA)

Kerala State Level Screening Committee Vs M/s Peps Industries Pvt. Ltd (NAA) It is apparent from the perusal of the facts of the case that admittedly there was a decrease in the rate of tax on the said product from 28% to 18% w.e.f. 15.11.2017 but it is also established that the base (excluding GST) of the […]...

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Buyer cannot be expected to wait Indefinitely for Possession

Kolkata West International City Pvt Ltd Vs Devasis Rudra (Supreme Court)

Kolkata West International City Pvt Ltd Vs Devasis Rudra (Supreme Court of India) In terms of the agreement, the date for handing over possession was 31 December 2008, with a grace period of six months. Even in 2011, when the buyer filed a consumer complaint, he was ready and willing to accept possession. It would […]...

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Ind AS 116 applicable from 1 April 2019

The stakeholders may note that Ind AS 116, Leases shall be applicable with effect from 01st April, 2019 and necessary notification for the same shall be issued in due course after complying with the necessary procedure....

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Posted Under: Income Tax |

I-T offices to remain open on 30th & 31st March, 2019 (Saturday & Sunday)

F. No. 225/86/2019-ITA-II (29/03/2019)

The last date for filing belated/revised tax-returns for assessment year 2018-19 is 31' March, 2019. The Financial Year 2018-19 also closes on 31' March, 2019. In view of the closed holidays on 30th March, 2019 and 31st March, 2019, being Saturday and Sunday,...

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Central Goods and Services Tax (Second Amendment) Rules, 2019

Notification No. 16/2019-Central Tax [G.S.R.294(E)] (29/03/2019)

CBIC notifies Central Goods and Services Tax (Second Amendment) Rules, 2019 vide Notification No. 16/2019—Central Tax dated 29th March, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 16/2019—Central Tax New Delhi, the 29th March, 2019 G.S.R.294(E). ...

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Income Tax Dept carries out more search actions in J&K Region

Income Tax Department carried out search actions at 5 premises located in and around Srinagar on 28th March, 2019. Two groups who have connived with local officials in facilitation of absorption of undisclosed income of undesirable elements in shops, buildings and land in Srinagar were searched....

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Posted Under: Income Tax |

Procedure & formats for limited review / audit report of listed entity- Reg.

CIR/CFD/CMD 1/44/2019 (29/03/2019)

Revised Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity...

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Interest rates of NSC, PPF, KVP, SSAS, SCSS for Q1 of FY 2019-20

rates of interest on various small savings schemes for the first quarter of financial year 2019-20 staring Ist April, 2019 and ending on 30th June, 2019 shall remain unchanged from those notified for the fourth quarter of financial year 2018-19....

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SEBI (Listing Obligations And Disclosure Requirements) (Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/07 (29/03/2019)

SEBI notifies Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2019...

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Execution of power of attorney not amounts to transfer of property

Shri S.S. Manthirikumar Vs ITO (ITAT Chennai)

Mere execution of power of attorney could not be considered to be transfer of property. For transfer of property, assessee had to enter into an agreement for sale either by himself or through power of attorney agent and also hand over the physical possession of the property as contemplated under Section 53A of Transfer of Property Act....

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Levy of penalty u/s 271D and 271E in case of non-genuineness of transactions between director and assessee-company

M/s. Vasan Healthcare P Ltd. Vs Addl. CIT (Madras High Court)

Penalty u/s 271D and 271 E was leviable as there was absolutely no genuinity or bonafideness in the transaction done between the promoter/ director and assessee- company....

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While determining sugarcane purchase price profit component to be considered as sharing of profit and rest was deductible expenditure

C.I.T. Bombay Vs Tasgaon Taluka S.S.K.Ltd. (Supreme Court of India)

C.I.T. Bombay Vs Tasgaon Taluka S.S.K.Ltd. (Supreme Court of India) Conclusion: AO was directed while determining sugarcane purchase price paid to the cane growers by the assessee-society to take into account the manner in which the business works, the modalities and manner in which SAP/additional purchase price/final price were decided a...

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General overhead expenses on mall that was work-in-progress to be allowed as per AS-2

M/s Hagwood Commercial Developers Pvt. Ltd Vs ACIT (ITAT Mumbai)

M/s. Hagwood Commercial Developers Pvt. Ltd Vs ACIT (ITAT Mumbai) Conclusion: Since assessee had set up the business by acquiring land and obtaining approval for construction of mall and residential complex although the mall had not commenced business till the end of the relevant previous year, therefore, assessee had rightly charged the ...

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Transfer of a portion of land in lieu of built-up area on retained land vid JDA was transfer u/s 2(47)(v)

Udai Hospitals Private Ltd Vs ITO (ITAT Hyderabad)

By virtue of JDA, assessee was parting with a portion of its land and in consideration thereof, was receiving built-up area on the land retained by it which was a transfer within the meaning of section 2(47)(v) however, AO was directed to re-compute the capital gain again by considering only elements which were necessary for the construc...

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No GST exemption to IMS Proschool on services not in relation to NSDC programme

In re IMS Proschool Pvt. Ltd. (AAAR Maharashtra)

In re IMS Proschool Pvt. Ltd. (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling upheld  the ruling given by the Advance Ruling Authority by observing  that since they are not providing any services in relation to the NSDC programme implemented by the NSDC, they are not eligible for the  exemption provided in the entry [...

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Online filing of MEIS applications in respect of SEZ shipping bills

Trade Notice No. 51/2018-2019-DGFT (29/03/2019)

Online filing, processing and system based approval of MEIS applications in respect of SEZ shipping bills- The Directorate has been on regular basis taking measures to simplify the implementation of the FTP Schemes by establishing processes which are smooth, free from manual interface and are quick and efficient. ...

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CBIC offices to remain open on 30th & 31st March, 2019 (Saturday & Sunday)

F .No. 296/15/2019-CX-9 (29/03/2019)

As per past practice, all field offices of CBIC will remain open during the last weekend of the current financial year also i.e. 30.03.2019 and 31.03.2019 for assisting the taxpayers in all matters. All officers/officials of CBIC may attend office as per normal working hours....

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UTGST: CBIC amends new GST Composition Scheme rules related to ITC

Notification No. 09/2019-Union Territory Tax (Rate) [G.S.R.269(E).] (29/03/2019)

Notification No. 09/2019-Union Territory Tax (Rate)-  Seeks to amend notification No. 02/2019- Union Territory Tax (Rate) so as to provide for application of Composition rules to persons opting to pay tax under notification no. 2/2019- Union Territory Tax (Rate). Government of India Ministry of Finance (Department of Revenue) Notificatio...

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UTGST rate on supply of goods for real estate sector under RCM by unregistered person

Notification No. 08/2019-Union Territory Tax (Rate) [G.S.R.267(E).] (29/03/2019)

Notification No. 08/2019-Union Territory Tax (Rate)- Seeks to amend notification No. 1/2017- Union Territory Tax (Rate) so as to notify UTGST rate of certain goods as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No. 08/2019-Union Territor...

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UTGST on real estate sector under RCM on supply from unregistered supplier

Notification No. 07/2019-Union Territory Tax (Rate) [G.S.R. 266(E).] (29/03/2019)

Notification No. 07/2019-Union Territory Tax (Rate)- Seeks to notify certain services to be taxed under RCM under section 7(4) of UTGST Act as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No. 07/2019-Union Territory Tax (Rate) New Delhi, ...

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CBIC notifies person liable to pay UTGST on development rights, FSI etc

Notification No. 06/2019-Union Territory Tax (Rate) [G.S.R.265(E).] (29/03/2019)

Notification No. 06/2019-Union Territory Tax (Rate) – Seeks to notify certain class of persons by exercising powers conferred under section 148 of CGST Act, 2017. Government of India Ministry of Finance (Department of Revenue) Notification No. 06/2019-Union Territory Tax (Rate) New Delhi, the 29th March, 2019 G.S.R.265(E).– In...

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Real estate Services taxable under RCM wef 01.04.2019

Notification No. 05/2019-Union Territory Tax (Rate) [GSR.264(E).] (29/03/2019)

Notification No. 05/2019-Union Territory Tax (Rate) –  Seeks to amend notification No. 13/2017- Union Territory Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue...

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UTGST on Real Estate Sector- CBIC exempt certain services

Notification No. 04/2019-Union Territory Tax (Rate) [G.S.R.263(E).] (29/03/2019)

Notification No. 04/2019-Union Territory Tax (Rate) – Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No. 04/2019-Union Territory T...

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Procedure to apply for Scheme for Rebate of State and Central Levies and Taxes

Public Notice No. 83/2015-2020-DGFT (29/03/2019)

Addition of provisions under the Handbook of Procedures for implementation of the Scheme for Rebate of State and Central Taxes and Levies, as notified by the Ministry of Textiles for issuance of scrip for RoSCTL under a MEIS type mechanism...

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UTGST rates on real estate sector services wef 01.04.2019

Notification No. 03/2019-Union Territory Tax (Rate) [G.S.R.262(E).] (29/03/2019)

Notification No. 03/2019-Union Territory Tax (Rate)- Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector. Also Read- CORRIGENDUM to Notification No. 03/2019-Union Territory Tax (Rate) Dated 29th March, 2019 Government o...

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Procedure / ANF to avail Transport & Marketing Assistance for Specified Agriculture Productions

Public Notice No. 82/2015-2020-DGFT (29/03/2019)

Procedure and Aayat Niryat Form to avail Transport and Marketing Assistance (TMA) for Specified Agriculture Products e notified ....

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Applicability of para 5.10(c) of HBP 2015-20 on third party exports

Policy Circular No. 22/2015-2020-DGFT (29/03/2019)

This Directorate has received references from the trade and RAs seeking clarification regarding the applicability of para 5.10(c) of HBP 2015-20 on third party exports. The matter has been examined in consultation with the Department of Revenue....

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SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/05 (29/03/2019)

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2019 shall come into force on the date of their publication in the Official Gazette....

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Anti-Dumping Duty investigation: Saccharin import from Indonesia

Notification F. No. 6/13/2018-DGAD (29/03/2019)

Anti-Dumping Duty investigation concerning imports of Saccharin originating in or exported from Indonesia. Saccharin is a non-nutritive sweetener and considered to be a low calorie substitute for cane sugar....

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IGST rate on supply of goods for real estate sector under RCM by unregistered dealer

Notification No. 08/2019- Integrated Tax (Rate) (29/03/2019)

Notification No. 08/2019- Integrated Tax (Rate)– Seeks to amend notification No. 1/2017- Integrated Tax (Rate) so as to notify IGST rate of certain goods as recommended by Goods and Services Tax Council for real estate.  Government of India Ministry of Finance (Department of Revenue) Notification No. 08/2019- Integrated Tax (Rate) ...

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IGST on real estate sector under RCM on supply from unregistered supplier

Notification No. 07/2019-Integrated Tax (Rate) (29/03/2019)

Notification No. 07/2019- Integrated Tax (Rate)– Seeks to notify certain services to be taxed under RCM under section 5(4) of IGST Act as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No. 07/2019- Integrated Tax (Rate) New Delhi, the...

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CBIC notifies person liable to pay IGST on development rights, FSI etc

Notification No. 06/2019-Integrated Tax (Rate) (29/03/2019)

Notification No. 06/2019-Integrated Tax (Rate)– Seeks to notify certain class of persons by exercising powers conferred under section 148 of CGST Act, 2017. Government of India Ministry of Finance (Department of Revenue) Notification No. 06/2019-Integrated Tax (Rate) New Delhi, the 29th March, 2019 G.S.R (E).- In exercise of the po...

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IGST: CBIC notifies Services taxable under RCM of real estate sector

Notification No. 05/2019- Integrated Tax (Rate) (29/03/2019)

Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No. 05/2019- Integrated Tax (Rate) New Delhi, the 29...

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IGST on Real Estate Sector- CBIC exempt certain services

Notification No. 04/2019- Integrated Tax (Rate) (29/03/2019)

Notification No. 04/2019- Integrated Tax (Rate)– Seeks to amend notification No. 9/2017- Integrated Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector Government of India Ministry of Finance (Department of Revenue) Notification No. 04/2019-Integrated Tax (Rate) New Del...

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IGST rates on real estate sector services wef 01.04.2019

Notification No. 03/2019- Integrated Tax (Rate) [G.S.R. 256(E).] (29/03/2019)

Notification No. 03/2019- Integrated Tax (Rate)– Seeks to amend notification No. 8/2017- Integrated Tax (Rate) so as to notify IGST rates of various services as recommended by Goods and Services Tax Council for real estate sector. Also Read- CORRIGENDUM to Notification No. 03/2019-Integrated Tax (Rate) Dated 29th March, 2019 Governm...

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CBIC amends new GST Composition Scheme rules related to ITC

Notification No. 9/2019-Central Tax (Rate) [G.S.R. 268(E).] (29/03/2019)

Notification No. 9/2019-Central Tax (Rate)- Seeks to amend notification No. 02/2019- Central Tax (Rate) so as to provide for application of Composition rules to persons opting to pay tax under notification no. 2/2019- Central Tax (Rate). Government of India Ministry of Finance (Department of Revenue) Notification No. 9/2019-Central Tax (R...

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GST rate on supply of goods for real estate sector under RCM by unregistered person

Notification No. 08/2019-Central Tax (Rate) (29/03/2019)

Notification No. 08/2019-Central Tax (Rate)– Seeks to amend notification No. 1/2017- Central Tax (Rate) so as to notify CGST rate of certain goods as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No. 08/2019-Central Tax (Rate) New De...

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GST on real estate sector under RCM on supply of goods or services from unregistered supplier

Notification No. 07/2019-Central Tax (Rate) [G.S.R. 254(E).] (29/03/2019)

Notification No. 07/2019-Central Tax (Rate) – Seeks to notify certain services to be taxed under RCM under section 9(4) of CGST Act as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No. 07/2019-Central Tax (Rate) New Delhi, the 29th ...

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CBIC notifies person liable to pay GST on development rights, FSI etc

Notification No. 06/2019-Central Tax (Rate) (29/03/2019)

CBIC hereby notifies the following classes of registered persons, namely:-(i) a promoter who receives development rights or Floor Space Index (FSI) (including additional FSI) on or after 1st April, 2019 for construction of a project against consideration payable or paid by him, wholly or partly, in the form of construction service of comm...

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CBIC notifies Services to be taxed under RCM of real estate sector

Notification No. 05/2019- Central Tax (Rate) [G.S.R. 252(E).] (29/03/2019)

Notification No. 05/2019- Central Tax (Rate)– Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No....

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GST on Real Estate Sector- CBIC exempt certain services

Notification No. 04/2019-Central Tax (Rate) (29/03/2019)

Notification No. 04/2019- Central Tax (Rate)– Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector. Government of India Ministry of Finance (Department of Revenue) Notification No. 04/2019-Central Tax (Rate) New Delhi, the...

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GST rates on real estate sector services wef 01.04.2019

Notification No. 03/2019-Central Tax (Rate) [G.S.R.250(E).] (29/03/2019)

Notification No. 03/2019-Central Tax (Rate)– Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by Goods and Services Tax Council for real estate sector. Also Read- CORRIGENDUM to Notification No. 03/2019-Central Tax (Rate) Dated 29th March, 2019 Government of In...

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Addition of provision related to Scheme for RoSCTL notified by Textile Ministry

Notification No: 59/2015-2020-DGFT [S.O. 1484(E)] (23/03/2019)

A new sub para has been inserted in the Foreign Trade Policy to give effect to the Ministry of Textiles Notification No. 14/26/2016-IT ( Vol II) dated 07.03.2019 regarding the Scheme for Rebate of State and Central Taxes and Levies...

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SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/06 (29/03/2019)

Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2019 shall come into force on the date of their publication in Official Gazette....

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Transport & Marketing Assistance for Specified Agriculture Products

Notification No. 58/2015-2020-DGFT [S.O1483(E)] (29/03/2019)

A new chapter 7(A) is added in Foreign Trade Policy, 2015-2020 and the scheme titled ‘Transport and Marketing Assistance (TMA) for Specified Agriculture Products’ as notified vide DoC’s Notification No. 17/2018-EP (Agri.IV) dated 27.2.2019 is incorporated therein. GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEP...

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Notification No. 27/2019-Customs (N.T.) Dated 29th March, 2019

Notification No. 27/2019-Customs (N.T.) [S.O. 1482(E)] (29/03/2019)

Tariff Notification No. 27/2019-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 27/2019-CUSTOMS (N.T.) New Delhi, 29th March, 2019 S....

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Anti-dumping duty on Ethylene Vinyl Acetate sheet for Solar Module

Notification No. 15/2019-Customs (ADD) (29/03/2019)

NOTIFICATION No. 15/2019-Customs (ADD)– Seeks to impose definitive anti-dumping duty on ‘Ethylene Vinyl Acetate (EVA) sheet for Solar Module’, originating in or exported from China PR, Malaysia, Saudi Arabia and Thailand GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 15/2019-Customs (ADD...

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Tax Recovery to achieve Recovery Targets should be only after following due process of law

We have noted the internal instruction No. F.NO. D.01380/02/2018-IT(B) Dt. 26th March, 2019 issued by Member, CBDT and Special Secretary to Government of India, Instructing all Pr. CITs across India to take all possible actions with respect to recovery of arrears and current demand to achieve shortfall of 14.9% in the targeted revenue col...

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Posted Under: Income Tax |

CBIC postpone increased customs duty on specified imports from USA

Notification No. 11/2019-Customs [G.S.R. 247(E)] (29/03/2019)

Notification No. 11/2019-Customs – Amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 1st April, 2019 to 2nd May, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 11/2019-Customs New De...

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Due date extension of Return of Job Work in Form GST ITC-04

The last date to furnish Return for Job Work of the period July 2017 to December 2018 was extended to 31st March, 2019 vide CBIC Notification No 78/2018-Central Tax dated 31st December 2018. Now, the Central Board of Indirect Taxes and Customs (CBIC) has by issue of Notification No 15/2019 dated 28th March 2019, further […]...

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Posted Under: Income Tax |

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