"05 March 2019" Archive

Exemption to startup companies from angel tax w.e.f. 19.02.2019

Notification No. 13/2019 [S.O. 1131(E)] (05/03/2019)

CBDt has vide Notification No. 13/2019 granted exemption to startup companies from angel tax w.e.f. 19.02.2019 if such companies fulfill the conditions specified in para 4 of the notification number G.S.R. 127(E), dated the 19th February, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 13...

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SSI/MSME/Udyog Aadhar Registration

MSME is the short form for Micro Small Medium Enterprises. It is also called as Small Scale Industry (SSI). It is an Act called as MSMED Act, also Micro, Small and Medium Enterprises Development Act, 2006 for the growth of the small business upto the investment for 10 crores in manufacturing sector and 5 crores in […]...

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Posted Under: Income Tax |

आयकर रिटर्न भरने में ये 8 गलतियां भिजवा सकती है नोटिस

इनकम टैक्स रिटर्न (आईटीआर) फाइल करने में सावधानी जरूरी है. आईटीआर की छोटी सी गलती भी आपके लिए बड़ी परेशानी बन सकती है. इनकम टैक्स रिट...

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Posted Under: Income Tax |

Joint Development Agreements (JDAs): Income Tax Perspective

Joint Development Agreement (JDA) means an agreement or arrangement between the landowner and the developer wherein the land owner contributes the land to the project and the developer undertakes the construction/development of the said land into a developed estate, at mutually agreeable terms and conditions. ...

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Posted Under: Income Tax |

NAA found builder Guilty of profiteering for not passing ITC benefit

Shri Ashok Khatri Vs M/s S3 Infra Reality Pvt Ltd (NAA)

Shri Ashok Khatri Vs M/s S3 Infra Reality Pvt Ltd (NAA) From the documents placed on record and the DGAP’s report it is evident that the Respondent has sold 780 units out of 816 residential units, out of which for 29 units there was no consideration paid after introduction of GST, hence the profiteered amount […]...

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Writ Petitions on Safeguard Duty on ‘Solar cells whether or not assembled in modules or panels’ -reg

F. No. 276/206/2018-CX.8A (05/03/2019)

Since number of petitions on similar issue have been filed in various High Courts throughout the country, the undersigned has been directed to request you that Hon’ble High Courts may please be apprised of the fact that the similar issue is sub-judice before the Hon’ble Supreme Court, so that any adverse interim/final order by the res...

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RFP for Appointment of Audit firm for conducting Internal Audit & ICFR with BOB Financial Solutions Ltd

BOB Financial Solutions Limited invites sealed tender offers (Eligibility, Technical bid and Commercial bid) from eligible, reputed entities for RFP for Appointment of Audit firm for conducting Internal Audit & ICFR...

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Posted Under: Income Tax |

Demystifying Banning of Unregulated Deposit Schemes Ordinance, 2019

The Banning of Unregulated Deposits Scheme Ordinance puts a check on illicit deposit schemes that dupe investors and does not prohibit any schemes regulated by statutory authorities as mentioned in Column – 3 of the First Schedule to the Ordinance....

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Posted Under: Income Tax |

Complete Assessment of case of substantial cash deposit during demonetisation by 30.06.2019

No. 225/363/2017-ITA.II (05/03/2019)

SOP for handling of cases related to substantial cash deposit during the demonetisation period in which notice under section 142(1) of the Income-tax Act, 1961 has not been complied-regd.-...

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Rental Income from Sublease of Office Premises to be Considered for Section 10A Benefit

Subex Limited Vs. ITO (Karnataka High Court)

Subex Limited Vs. ITO (Karnataka High Court) Facts of the case: Subex Limited (taxpayer), a public limited company, is engaged in the business of development and export of software. The taxpayer is a 100% Export Oriented Unit (EOU) approved by the Software Technology Park of India (STP). The taxpayer had entered into a non-cancelable leas...

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15 FAQs on FORM INC-22A (ACTIVE)

FORM INC-22A (E-ACTIVE) Active Company Tagging Identities and Verification Companies (Incorporation) Amendment Rules, 2019 MCA came with a notification dated 21st February, 2019 under which Every companies incorporated on or before 31st December, 2017 is required to file form INC-22A as per Rule 25A of Companies (Incorporation) Amendment...

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Posted Under: Income Tax |

Relevant Date for Determination of Rate of Duty & Tariff Valuation under Customs Act, 1962

Introduction Rate of duty and Tariff Valuation in case of Import and export of Goods is determined on the basis of Rate applicable on the Relevant date, which has been discussed below. 1. Date of determination of Rate of duty and tariff valuation of Imported Goods [Section 15 of Customs Act, 1962] Relevant date for […]...

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Posted Under: Income Tax |

आईटीआर फाइलिंग में फॉर्म 26AS कैसे करता है आपकी मदद?

फॉर्म 26AS में आपके द्वारा सरकार को चुकाए गए कर की जानकारी होती है, इनकम टैक्स रिटर्न फाइल करने की आखिरी तारीख करीब आ चुकी है. अगर आप भी...

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Posted Under: Income Tax |

NBFC-Loan Category A and its Compliances

The Non Banking Financial Companies (NBFC) is a Company incorporated under the provisions of the Companies Act that provide financial services and banking facilities without meeting the legal definition of Bank. They are covered under the prudential norms laid down by the Reserve Bank of India and provide various banking services like l...

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Posted Under: Income Tax |

Charitable Trusts: Income Tax Perspective

ARE INCOME TAX AUTHORITIES REALLY CHARITABLE WHEN IT COMES TO CHARITABLE TRUSTS? CHARITABLE TRUSTS: INCOME TAX PERSPECTIVE ‘Charity begins at home but should not end there.’ –Francis Bacon  The essence of the above quote has been fully captured in the definition of the expression “charitable purpose” as envisaged in the...

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Posted Under: Income Tax |

Vacancies for CA/ICWA/MBA/LLB with NTC Limited

Advertisement No. NTC/Pers/FR-2019 (05/03/2019)

NTC Limited is currently in the lookout for qualified and experienced professionals in various disciplines for recruitment on regular basis as per details given below:...

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GST on under construction house property (including affordable housing) w.e.f. April 01, 2019

GST on under construction house property (including affordable housing) w.e.f. April 01, 2019 To boost demand in the real estate sector, the GST Council, on February 24, 2019, slashed tax rates for under-construction flats to five per cent and affordable homes to one per cent, effective April 1, 2019. Currently, the Goods and Services Tax...

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Posted Under: Income Tax |

All About Credit Note and Debit Note under GST

Article explains  Definitions  of Credit Note and Debit Note under GST,  Issuance of Credit Note – Section 34(1),  Issuance of Debit Note – Section 34(3), Format of Debit Note and Credit Note, Details of Credit Note to be furnished in return – Section 34(2), Details of Debit Note to be furnished in return – Section […]...

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Posted Under: Income Tax | ,

Export of Services without IGST | A Deep Insight

As per the Indian indirect tax laws including Customs and GST, taxes shall not be exported outside India. In other words, the taxes shall not be charged from customers located outside India. The reason is to boost the exports to increase the inflow of foreign currency in India. In this write up, we will analyse […]...

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Posted Under: Income Tax |

Financial Reporting: Why our standards need an innovative overhaul?

Progressing from Accounting Standards to IndAS (or globally IFRS) has indeed been a huge step up in the Accounting world. Companies as well as regulators haven’t yet recovered from the dust risen by the IFRS storm. However, is this change enough? Is IFRS sufficient to factor in the changes happening at lightening speed in the […]...

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Posted Under: Income Tax |

Section 8 Company under Companies Act 2013- How to Incorporate

Procedure of Incorporation of Section 8 Company under Companies Act, 2013 In India, a non-profit organisation can be registered as Trust by executing a Trust deed or as a Society under the Registrar of Societies, or as a private limited non profit company under Section 8 Company under the Companies Act, 2013. A Section 8 Company [&hellip...

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Posted Under: Income Tax |

Loan Conversion into Equity Share Capital under Companies Act, 2013

Conversion of Loan into Equity Share Capital as per provision of Companies Act, 2013 Conversion of loan into equity share capital is most reliable mode to raise capital without immediate investments. In order to carry out smooth business, at times, debt is converted into share capital. The Companies Act, 2013 has come up with new [&hellip...

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Posted Under: Income Tax |

Recommendations to boost residential segment of real estate sector!

What decisions were taken in the GST Council Meet held on 24th February?This meeting was primarily in relation to the real Estate Sector. To boost the residential segment of the real estate sector, certain recommendations were made in GST rate, applicability, exemption, etc....

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Posted Under: Income Tax |

Cashflow And Profit/Loss Statement Analysis

CASHFLOW AND PROFIT / LOSS REPORT ANALYSIS: TOP REPORTS THAT MANAGEMENT MUST SEE. Many Companies in India use Tally as a software for their Accounts Requirement, wherein daily entries and records are updates about the sales, purchase and bank entries are updated. However, this tally helps us in analysing the financials and the loopholes o...

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Posted Under: Income Tax |

Commencement of Business Certificate

COMMENCEMENT OF BUSINESS CERTIFICATE The Ministry of Corporate Affairs has re-introduced the concept of commencement of business certificate. Under the newly introduced The Companies (Amendment) Ordinance 2018, all companies registered in India after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capital ...

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Posted Under: Income Tax |

Shops and Establishment Registration

What is Shop & Establishment Registration The Shop and Establishment Act registration regulates hours of work, payment of wages, leave, holidays, terms of service and other conditions of work of persons employed in shops, commercial establishments, establishments for public entertainment or amusement and other establishments and to p...

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Posted Under: Income Tax |

Income from shares transaction is capital income and not depends on frequency, magnitude of transaction

Shri Ashokkumar Khimraj Vs ITO (ITAT Ahmedabad)

Income from purchase and sale of shares was liable to be taxed under the capital gain instead of income under the head business and profession as the frequency, magnitude of transaction in a systematic manner could not be the criteria to hold that assessee was engaged in the business activity of shares....

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Checklist of ROC Compliances

Everyday certain changes are being made by the Ministry, and new notification and forms are issued. As a professional, we are required to be updated about the same. So here’s a checklist which will help in keeping a track of upcoming forms and filings and requirements thereof. Happy filing guys!! Sr. No. Name of Form […]...

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Posted Under: Income Tax |

GST: Composition Scheme (under section 10 of CGST Act, 2017)

The objective of composition scheme is to bring simplicity and to reduce the compliance cost for small taxpayers. The taxpayers having an aggregate turnover not more than Rs. 1 Crore (Rs. 75 Lakhs in Special Category Notified States) is eligible to opt for composition scheme....

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Posted Under: Income Tax |

शादी में मिला है गिफ्ट तो इन बातों का रखें ध्यान, बचेगा टैक्स

गिफ्ट के रूप में मिली नकदी, चेक, प्रॉपर्टी, आभूषण आदि पर कर देनदारी बनती है. आजकल शादियों का सीजन चल रहा है. लोगों को उपहार में नकद रक...

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Posted Under: Income Tax |

आपको कितने समय तक सुरक्षित रखना चाहिए आयकर से जुड़े दस्तावेज?

विदेशी संपत्तियों से आमदनी होने पर इनकम टैक्स रिटर्न से जुड़े दस्तावेजों को ज्यादा समय तक रखना चाहिए. क्या आप हर साल नियमित रूप से...

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Posted Under: Income Tax |

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