"10 March 2019" Archive

No property tax for small houses (carpet area less than 500 sq.ft) in Mumbai

MAHARASHTRA ORDINANCE No. XI OF 2019. (10/03/2019)

Mumbai Muncipal Corporation shall not levy property tax leviable under this clause, on residential buildings or residential tenements, having carpet area of 46.45 sq. meter (500 sq. feet) or less....

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Form AOC-5

Every Company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the […]...

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Posted Under: Corporate Law |

Section 54F deduction fully allowable despite property purchase in joint names

Shri Bhatkal Ramarao Prakash Vs ITO (ITAT Bangalore)

Assessee was entitled to the benefit of deduction u/s.54F to the whole extent of investment in purchase of new asset, even though property had been purchased in the joint names of assessee, his wife and son....

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Critical Points to be taken care before 31st March 2019

As you are aware that Financial year 2018-19 is about to end, below are some of the points that shall be kept in mind prior to 31st March 2019: 1. Accounting related: a) All Bank Accounts should be reconciled with bank statement. b) Depreciation to be charged in books of accounts as per Companies Act 2013 […]...

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Posted Under: Corporate Law |

GST: Situs – the vices therein

It just so happened that India had to implement a dual model GST, not that it was an inspiration from Canada or Brazil, but because of the structure of the country. Not to doubt the intentions of the government, we have come very far from the gloomy days of sales tax, [except the ones who […]...

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Posted Under: Corporate Law |

Sales Promotion Schemes / Trade Discounts under GST

In the general trade and business, there are several promotional schemes and discounts which are offered by taxable persons to increase sales volume and to attract new customers for their products. Circular No. 92/11/2019-GST; Dated the 7th March, 2019 issued to clarify on the aspects of taxability, valuation, availability or otherwise of...

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Posted Under: Corporate Law |

Policy for preservation of Documents under Regulation 9 of SEBI (LODR) Regulations, 2015

Regulation 9 of the SEBI (LODR) Regulations, 2015 deals with the documents which a listed entity needs to keep. Nowadays, maintaining records is very important and prior to this provision there was a lack of proper  mechanism of documents management. However, this provision is a step forward in introducing proper document management syst...

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Posted Under: Corporate Law |

Income Tax Tax Updates – December 2018 to February 2019

TAX UPDATES – DECEMBER  2018 NEWS 1. CBDT vide Notification dated 06th December, 2018 notifies the norms for conversion of Branch of Foreign Banks in India into Subsidiary Company. [Notification No. 85/2018/F.No.370133 /34/2016-TPL] 2. CBDT vide Notification 06th December, 2018 further clarifies that no tax deduction at source u/s ...

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Posted Under: Corporate Law |

Brief Provisions regarding “Tax Invoice under GST”

The Tax invoice is a compulsory required document to be issued for supply made by the every registered person under the provisions of GST Act . This document primarily represents the transaction entered between the two parties. The provisions regarding the Tax Invoice is given in the Section 31 of the CGST (As Amended) Act […]...

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Posted Under: Corporate Law |

The Power of Patience

Before I start, I just want to clear that I am not a guru and I am just like you a life long learner. Only sharing with all of you the knowledge which I got and most of us got from our own experiences. So in this article I am going to share with you […]...

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Posted Under: Corporate Law |

Blocked Credits under Goods & Services Tax (GST)

Article explains Meaning of Input Tax, What is eligible ITC in GST, Conditions to claim credit, What is Blocked Credit under GST, Items on which credit not allowed in GST, Who can claim refund in GST and Amendment Notification with respect to the provisions of the Input Tax Credit. I. Introduction & Meaning of Input […]...

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