"12 March 2019" Archive

Unregulated Deposits Scheme – An Analysis

The Banning of Unregulated Deposits Schemes Ordinance 2019 (‘UDS’) is a bold ordinance introduced to comprehensively ban illicit deposit taking schemes. The article has been divided into the following sections – I. Background The need of UDS On the social media platforms, UDS is being viewed as a law to restrict raising of unsecured...

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Posted Under: Finance |

Investment by Resident Indian in JV/WOS abroad

With the aim to diversify the business abroad, avail the opportunity given by the overseas market, in order to make full utilization of full capacity, branding, and many more reasons to inspire the entities to go overseas, invest and set up an entity outside the jurisdiction. Further, it’s not only benefits the investing entities, but [...

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Posted Under: Finance |

Change in Financial Year under Companies Act, 2013

Major Takeaways From Provisions Of Section 2(41) Of Companies Act 2013:Financial Year has to be started from 1stof April and to be ended on 31st of March.Existing companies or bodies corporate had a transitional period of 2 years to align their financial year as per these provisions....

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Posted Under: Finance |

Refreshing the Amendments made through Finance Act 2018

Certain major amendments were made in Income Tax provisions through Finance Act 2018.This write-up is just to highlight amendments in brief mainly applicable from A.Y 2019-20....

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Posted Under: Finance |

Composition Scheme for Service Providers w.e.f. 01/04/2019

In view of notification No. 2/2019 – Central Tax (Rate) dated 07/03/2019, the Central Government, on the recommendations of the Council, has notified Composition Scheme for Service provider which can be opted from 01/04/2019. Previously, service providers are kept out of ambit of composition scheme u/s 10(1) of CGST Act. A. Description ...

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Reassessment not Valid if Objection of assessee not disposed of

India Good News Associates Vs ITO (Allahabad High Court)

Reassessment order passed by Assessing Officer without disposing of objections raised by assessee to issuance of notice under section 148 of Income Tax Act, 1961 by a separate order, was not valid and thus, was liable to be quashed....

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Applicability of amended Section 43B on employees contribution to PF

High Volt Electricals (P.) Ltd. Vs ACIT (ITAT Mumbai)

Since both the employee’s and employer’s contribution to Provident Fund was covered under the amended provision of section 43B, therefore Employees contribution to Provident fund (EPF), beyond the due date stipulated under the Provident Fund Act but before the due date of filing return of income under section 139(1) could not be disal...

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Sales surrendered outside books can only be added as undisclosed income and not entire sales

Anil Kumar Bajaj Vs DCIT (ITAT Delhi)

Anil Kumar Bajaj Vs DCIT (ITAT Delhi) When in statement under section 153A assessee surrendered sales outside books, only profit thereon would be added as undisclosed income, and not the entire sales as done by revenue authorities. It is not in dispute that the declaration of 2.6 crore by the assessee u/s 132(4) of the […]...

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Payment not made to related party cannot be disallowed U/s. 40A(2)

Kay Dee Industries Vs JCIT (ITAT Delhi)

Kay Dee Industries Vs JCIT (ITAT Delhi) Since it was not the first year of the payment of commission to the party and the recipient of the commission income was also not related party in terms of section 40A(2), therefore, revenue was only authorized to see whether the expenditure was laid out or by the […]...

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Post GST Rollout Refund Claims must be sanctioned in Cash: CESTAT

Ms Great India Steel Fabricatros Vs C.C.E. & S.T. Panchkula (CESTAT Chandigarh)

Ms Great India Steel Fabricatros Vs C.C.E. & S.T. Panchkula (CESTAT Chandigarh) Considering the fact that on introduction of Central GST Act, 2017, Section 142 deals the situation which directs the authorities to sanction all the refund claims in cash, therefore, no authority can sanction refund claim to be credited in Cenvat credit a...

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