"04 March 2019" Archive

DGFT & CBIC: The ugly face of corrupt practices- 6th Story

There is no educational institution, which taught you to cheat therefore I fail to understand that where did the Indian bureaucracy learn to cheat the citizens. Further, the way systemic corruption pervades the complete system is mind boggling. To me, this is most despicable & disgusting feature of the Indian bureaucracy & every I...

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Posted Under: DGFT |

Big dilemma – Strike off of Company without Annual Filing

As per section 560 of the Companies Act, 1956, Registrar of Companies may strike off the name of companies on satisfying the conditions therein.As per Section 560, a company desirous of getting its name struck off has to apply to Registrar of companies in e-form 61. All pending statutory returns are required to be filed along with e-form ...

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Posted Under: DGFT |

New filing requirement under Company Law till April, 2019

Article compiles filing requirement with due date, fees, penalty and applicability of MSME-1 (Initial Return)- Every Outstanding to MSME more then 45 days as on 22.01.2019, DPT-3 – Details of outstanding Loan/ receipt of money as on 22.01.2019, DIR-3 KYC – Every Person holding DIN as on 31.03.2019, INC-22A (ACTIVE)– Ever...

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Posted Under: DGFT |

E-Form INC 22A Active: Active Company Tagging Identities & Verification

MCA on 21st February, 2019, came out with draft of Companies (Incorporation) Amendment Rules, 2019. These rules shall come into force from 25th February, 2019. A new Rule 25A inserted after Rule 25. A New Form 22A (e-form Active) Introduced. In this Flash Editorial author begins by discussion on the provisions of e-form Active (its [&hell...

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Posted Under: DGFT |

Who is eligible for Valuation of Securities under Company Law or Income Tax

We have received queries / questions many persons Like: Professionals / corporate on subject ‘Who is eligible to do valuation of Securities under Companies Act or Income Tax Act?‘ There is difference in views of professionals, business entities even authorities on above mentioned question. In below mentioned editorial author w...

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Posted Under: DGFT |

Liquidated damages claim are allowable for non-fulfilment of business obligations to own customers

DCIT Vs M/s Hindustan Urban Infrastructure Ltd. (ITAT Kolkata)

Liquidated damages which were in nature of contractual liability on account of non-compliance of business obligations to customers were allowable expenditure...

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Order passed without disposing objection: HC directs AO to pass fresh order after disposing objection

Home Finders Housing Ltd. Vs ITO (Madras High Court)

In case an order is passed without following a prescribed procedure, the entire proceedings would not be vitiated. It would still be possible for authority to proceed further after complying with the particular procedure....

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New Delhi International Arbitration Centre Ordinance, 2019

Notification No. 10 of 2019 (02/03/2019)

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 2nd March, 2019 NEW DELHI INTERNATIONAL ARBITRATION CENTRE ORDINANCE, 2019 NO. 10 of 2019 Promulgated by the President in the Seventieth Year of the Republic of India. An Ordinance to provide for the establishment and incorporation of New Delhi International Arbitration C...

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NDMC (Determination of Annual Rent) bye laws, 2009 are Ultra Vires of NDMC Act

New Delhi Municipal Council Etc. Etc. Vs Association of Concerned Citizens of New Delhi And Others Etc. Etc.(Supreme Court of India)

New Delhi Municipal Council Etc. Vs Association Of Concerned Citizens Of New Delhi And Others Etc. (Supreme Court of India) FACTS – NDMC made NDMC House Tax Bye-laws, 1962 and was published on 24th April, 1964. Section 60 empowers levy of taxes which includes property tax. NDMC adopted existing 1962 bye-laws in so far as levy […...

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Mere fall In G.P. Rate cannot be a ground for rejection of books of A/cs

Kamani Oil Industries Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Mere fall in GP rate could not be the ground for making in-depth inquiry. As per section 145(3), books could be rejected only in the situation where AO was not satisfied about the correctness / completeness of the accounts of the assessee....

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A Critical Analysis of Cross-Border Mergers and Acquisitions in a Global and Regional Perspective

Abstract: The Globalisation of business over the past decades has spawned a search for competitive advantage that is worldwide in scale. Companies have followed their customers who are going global themselves as they respond to the pressures of obtaining scale in a rapidly consolidating global economy. In a combination with other trends, ...

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Posted Under: DGFT |

INC 22A- ACTIVE KYC of Registered office of Company

Ministry of Corporate affairs after the introduction of Director KYC through e form DIR-3 KYC has decided that KYC of the Registered office of the Company shall be there, accordingly Ministry of Corporate affairs has introduced a concept of ACTIVE (i.e. Active Company Tagging Identities and Verification) to tag the identity of the Compan...

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Posted Under: DGFT |

Reopening of Completed Assessment based on change of opinion on same facts is invalid

ITO Vs TechSpan India Private Ltd. & Anr. (Supreme Court of India)

Reopening Of A Completed Assessment Not Allowed On A Issue Which Was Based On Nothing But A Change Of Opinion On The Same Facts And Circumstances Which Were Already In Knowledge Of Income Tax Officer Even During The Original Assessment Proceedings...

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Service Tax Under BAS not payable on re-rubberisation of old rollers

Rajit Jain-succeesor And Legal Heir Vs Commissioner of Customs (CESTAT Allahabad)

Rajit Jain-succeesor And Legal Heir Vs Commissioner of Customs (CESTAT Allahabad) 1. The appellant is in appeal. 2. Brief facts of the case are that appellants are engaged in re-rubberisation of old, worn out rubberised rollers of various industries. The customers send them their used rollers at random and re-rubberisation comprises remov...

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Ind AS 24 – Related Party Disclosures

Indian Accounting Standard (Ind AS) 24 – Related Party Disclosures A related party transaction is a transfer of resources, services or obligations between RE (reported entity) and related party regardless of whether a price is charged or not. Definition of related parties: a) Close members are those who may be expected to influence...

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Posted Under: DGFT |

ITAT liberally Interprets CBDT Instruction to include silver utensils of married lady

Smt. Rashmi Mujumdar Vs DCIT (ITAT Indore)

Smt. Rashmi Mujumdar Vs DCIT (ITAT Indore)  We are surprised to note that the Ld.CIT(A) did not allowed the claim of silver articles weighing 609 grams and 280 grams valuing Rs.24,639/- and Rs.9856/-. CBDT instruction No.1916 dated 11.5.1994, CBDT directs the income tax authorities conducting the search not to seize the jewellery ornamen...

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29 Tax free income sources in India

In India, every person who comes under taxable income keeps no stone unturned to save his/her taxes. He or she tries to avail various deductions as permitted under section 80C to 80U available under the income tax act 1961. Fortunately, now in India, there are various incomes and investments that are tax-free. In this column, […]...

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Posted Under: DGFT | ,

Five reasons why you should opt for a Fixed Deposit investment scheme

Ask any financial expert about their recommendation when it comes to a particular mode of investment, and there’s a high probability that the words ‘Fixed Deposit’ will probably be the first thing that comes out of their mouth. And why wouldn’t this be the case? After all, the concept of fixed deposits has pretty much […]...

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Posted Under: DGFT |

IND AS 116: Changes and Practical Aspects for Lessee Perspective

The new standard will require lessees to recognize most leases on their balance sheets. Lessees will use a single accounting model for all leases, with limited exemptions. Ind AS 116 is likely to be effective for accounting periods beginning on or after 1 April 2019....

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Posted Under: DGFT |

Revised Return and Belated Income Tax Return Filing

Made mistake while filing your ITR? It is usual that sometimes we make mistakes while filing our Income tax return online, this might be a case of sufficing incorrect figures, taking unjust deductions, ignored interest incomes and other income sources etc. It is necessary that we take utmost care to avoid such probable mistakes. But [&hel...

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Posted Under: DGFT |

Do you think tax before Investing? Personal Investments & Income Tax

The more conventional personal investment alternatives are shares/securities, real estate properties and funds. Personal Investments Decisions are primarily guided by important factors such as rate of return, risk appetite of the investor & time frame of the investments. In addition, one more crucial parameter influencing the personal inv...

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Posted Under: DGFT |

Food / FSSAI Registration

WHAT IS FSSAI REGISTRATION/LICENSE Food Safety and Standards Authority of India (FSSAI) license is mandatory before starting any food business. This food License is location specific and is also term bound. All the manufacturers, traders, restaurants who are involved in food business must obtain a 14-digit registration or a license number...

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Posted Under: DGFT |

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