"13 March 2019" Archive

CBIC creates National Bench of GST Appellate Tribunal (GSTAT)

Notification No. S.O. 1359(E) (13/03/2019)

GST Council, hereby notifies the creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi, with effect from the date of publication of this notification in the Gazette of India (Extraordinary)....

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Analysis of New GST Returns

The new GST returns would be implemented on a pilot basis from April 1, and will be made mandatory from July 1, according to a decision by the GST Council. Option to file quarterly return is optional and need to be exercised at the beginning of Year. The periodicity of the return filing will remain unchanged during the next financial year...

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S. 80IB Each new project for a new film cannot be considered as split up or reconstruction of existing business

DCIT Vs Shri K.T. Kunjumon (ITAT Chennai)

Assessee-producer having film production unit entitled for income tax deduction under section 80IB as assessee was running a production house and each new project for a new film, could not be considered as split up or reconstruction of the business already in existence. ...

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Analysis of GST notifications issued by CBIC on 07th March 2019

On 7th March 2019, the Central Board of Indirect Taxes & Customs, issued three notifications bringing into effect the decisions taken by the GST Council in view of ease of doing business. Let us analyse these notifications: Notification No. 10/2019 DATED 07th March 2019 This notification is a landmark notification seeking to increase ...

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Sec. 2(22)(e) not applicable to inter banking transactions between group concerns

Neha Home Builders (P.) Ltd. Vs DCIT (ITAT Mumbai)

Since the transaction between assessee-company and other group concern were in the nature of current account and inter banking account containing both types of entries i.e., receipts and payments and assessee was neither the beneficial nor the registered shareholder of the company, therefore, the amount received from other group concern c...

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Change in order of Input Tax Credit Set-off & impact on working capital

Change in order of set-off of Input Tax Credit (ITC) and impact on your working capital Introduction CGST (Amendment) Act, 2018 has come into force w.e.f. 01/02/2019. Apart from various changes that were made by it, one significant change has been made in the order in which input tax credit has to be set-off. Let […]...

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Penalty under section 271(1)(c ) after CIT (Appeal) order

Time limit for levy penalty under section 271(1)(c) after Commissioner Appeal order Recently, my  friend made me a panic call as he received a notice for levying penalty under section 271(1)(c) of the Income Tax Act after the commissioner (A) has dismissed quantum appeal and the assessee has further filed the appeal before the Honorable ...

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Exigency for an Ideal Economy- Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Code, 2016 consolidates existing laws relating to insolvency of corporate entities and individuals into a single legislation. The Code has unified the law relating to enforcement of statutory rights of creditors and streamlined the manner in which a debtor company can be revived to sustain its debt without exting...

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Registration under Shop and Establishment

Lets Get Some initial knowledge about Registration under Shop and Establishment to start your small or big start-up. Article explains Why to Register under Shop & Establishment, Applicability of Shop & Establishment Registration, Registration under Shop & Establishment Act, Features or Benefits of the Shop & Establishment ...

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All About Issue of Preference Share on Preferential basis

Meaning of Preference Shares: As per Explanation (ii) to section 42 of the Companies Act, 2013 (‘the Act’), the term preference shares mean and includes that part of the share capital the holders of which have a preferential right over payment of dividend (fixed amount or rate) and repayment of share capital in the event […]...

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Tax Free Gratuity limit increased from Rs.10 Lac to Rs.20 Lac

Now the CBDT vide Notification No. 16/2019/F. No. 200/8/2018-ITA-I dated 8th March, 2019 has specified twenty lakh rupees as the limit for the purposes of Section 10(10)(iii) of the Income Tax Act, 1961 in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 29th day of March, 2018...

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GST amendment in Credit & Debit Notes viz-a-viz post supply discounts

The Interim Budget 2019 did not propose any changes with respect to Indirect Tax. In as much as GST is concerned, the GST Council in its 28th meeting held on July 21, 2018, recommended certain amendments in the CGST Act, IGST Act, UTGST Act and the GST (Compensation to States) Act, 2017. These amendments were passed […]...

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MCA Releases National Guidelines on Responsible Business Conduct

Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines on Responsible Business Conduct (NGRBC). These guidelines urge businesses to actualise the principles in letter and spirit. These principles ar...

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Sale of sweets, namkeens etc. is ‘composite supply’ and no input credit allowed: AAAR

In re M/s Kundan Mishthan Bhandar (GST AAAR Uttarakhand)

In re M/s Kundan Mishthan Bhandar (GST AAAR Uttarakhand) (i) The ruling no. 08/2018-19 –dated 22.10.2018 made-by–the-Authority-on Advance-. Rulings for the State of Uttarakhand is set aside. (ii) Sale of sweets, namkeens, cold drinks and other edible items through restaurant will be treated as ‘composite supply’ w...

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Verify documents attested by CAs on UDIN Portal: IBA

CI-I/ICAI/UDINI (11/03/2019)

Unique Document Identification Number is an 18 Digit Number randomly generated through the UDIN portal on a predefined algorithm. The portal is available at https://udin.icai.org/ with exhaustive FAQs. ...

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Proper Identification of MSME Before Disclosure

The Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 protecting the interest of MSME by giving them privilege to get the payment with in time. The Act is not only gives them a shelter for getting payment but also facilitate them to get many privileges in different areas....

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Choosing the right health insurance for senior citizens

The best way to make your aging parents feel cared for is to give them a health insurance policy. A customized health insurance for senior citizens plans is critical; as it assures that they’re independent financially and taken care of in case of critical illness. With several health insurances for senior citizens available at your dis...

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Shifting of Company Registered Office

In accordance with Section 12 of the Companies Act, 2013, a Company shall have its registered office within a period of 30 days capable of receiving an acknowledging all communications and notices as may be addressed to it. It might happen that the Company intends to shift its registered office and accordingly, we shall discuss […]...

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RBI- Trade Credit Policy – Revised framework

RBI/2018-2019/140A.P. (DIR Series) Circular No. 23 (13/03/2019)

Trade Credits can be raised under the automatic route up to the amount specified in the Annexto this circular and in compliance with the other applicable norms. The designated AD Category I bank while considering the Trade Credit proposal is expected to ensure compliance with applicable Trade Credit guidelines by their constituents. Any c...

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Narcotic Drugs and Psychotropic Substances (Amendment) Rules, 2019

Notification No. G.S.R. 215(E). (13/03/2019)

Government hereby makes the following rules further to amend the Narcotic Drugs and Psychotropic Substances Rules, 1985, namely: ‑(1) These rules may be called the Narcotic Drugs and Psychotropic Substances (Amendment) Rules, 2019....

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CIT (e-Verification) shall be subordinate to Principal DGIT (Systems)

Notification No. 21/2019-Income Tax [S.O. 1362(E)] (13/03/2019)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 21/2019 New Delhi, the 13th March, 2019 (INCOME-TAX) S.O. 1362(E).—In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Commissioner of Income-tax ...

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CBDT delegates further powers to PDGIT (Systems), Delhi

Notification No. 20/2019-Income Tax [S.O. 1361(E)] (13/03/2019)

Central Board of Direct Taxes hereby directs that the Principal Director General of Income-tax (Systems), Delhi, shall exercise the powers and perform the functions in respect of such territorial area or such persons or class of persons or such incomes or class of incomes or such cases or class of cases, in respect of which the Commission...

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CBDT designates CIT for centralised issuance of notice etc.

Notification No. 19/2019- Income Tax [S.O. 1360(E).] (13/03/2019)

CIT to exercise concurrent powers in addition to any other authority under the Income-tax Act–(i) for the purpose of centralised issuance of notice and for collection and processing of information or documents and making available the outcome of the collection and processing under sub-sections (1) and (2) of section 133C of the Income-...

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CBDT approves Indian Institute of Science Education and Research, Bhopal U/s. 35(1)(ii)

Notification No. 18/2019-Income Tax (13/03/2019)

It is hereby notified for general information that the organization M/ s Indian Institute of Science Education and Research, Bhopal (PAN:- AAAAI2511F) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 ...

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Consideration of applications for grant of authorization for import of gold dore-reg

Trade Notice No. 48/(2015-2020)-DGFT (13/03/2019)

New applicants who have obtained NABL Certification are representing for allowing them imports of gold dore for obtaining BIS License. Matter has been discussed with BIS and it has been accordingly decided that new applicants, having NABL certification, will be considered for 1 MT of gold dore for obtaining BIS License. Subsequently, no f...

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Is Your Company Active..??? Yes..!! To Continue It File “Active”

Government of India is on Clean Mode since last year attacking with the several Strikes i.e. Surgical Strikes, Company Striking off, Air Strikes and now the shell companies are on the same screen towards the Good Corporate Governance. Promoter(s)/Director(s) have companies to convert their money into white not to business, doing the ficti...

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SEBI (Delisting of Equity Shares) Regulations, 2015: Timelines for Counter Offer Process”

SEBI/HO/CFD/DCR2/CIR/P/2019/35 (13/03/2019)

Securities and Exchange Board of India CIRCULAR SEBI/HO/CFD/DCR2/CIR/P/2019/35 March 13, 2019 To All Listed Entities All Recognized Stock Exchanges All Registered Merchant Bankers Dear Sir / Madam, Sub: SEBI (Delisting of Equity Shares) Regulations, 2015 – “Timelines for Counter Offer Process” 1. SEBI (Delisting of Equity Shares) Re...

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Introduction to Inc 22A (Active From)

MCA has inserted new Rule 25A Under Companies Incorporation Rules 2014 by issuing Companies Amendment Rules, 2019 with the introduction of INC 22A (ACTIVE FROM). Here are the important points to be noticed WHY ACTIVE FORM?  ACTIVE FORM i.e. Active Company Tagging Identities and Verification. Under Companies (Incorporation) Amendment Rule...

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Filing Form-22A Active Company Tagging Identities & Verification

FORM INC-22A ACTIVE (Active Company Tagging Identities And  Verification)  1. Applicability : Every company incorporated on or before 31st  December, 2017 2. Due date of Filing : On or before 25th April, 2019 3. Pre- requirement before Filing : Ensure that company has minimum number of directors as prescribed in the Act [Minimum requir...

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Notification No. 9/2019-Customs (N.T./CAA/DRI), Dated: 12.03.2019

Notification No. 9/2019-Customs (N.T./CAA/DRI) (12/03/2019)

Notification No. 9/2019-Customs (N.T./CAA/DRI) In the Table to the said notification, against serial number 7, in column 5 for the existing entry Principal Commissioner/ Commissioner of Customs, Nhava Sheva-I, Mumbai Zone-II, Jawaharlal Nehru Custom House, Raigad shall be substituted....

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Notification No. 8/2019-Customs (N.T./CAA/DRI), Dated: 12.03.2019

Notification No. 8/2019-Customs (N.T./CAA/DRI) (12/03/2019)

Notification No. 8/2019-Customs (N.T./CAA/DRI) In the Table to the said notification, against serial number 26, in column 5 for the existing entry Principal Commissioner/ Commissioner of Customs, Noida Customs Commissionerate, Noida shall be substituted....

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Stock Market – It Can Make You or It Can Break You…!!!

Once when I was traveling in a cab passing by the Fountain area in Mumbai with my Uncle & suddenly I saw in front of me, a huge building having three alphabets shining on the top of it. It was not the first time that I saw those three alphabets together, I had seen that […]...

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Checklist for form INC-22A- Active & Penalty for non/late filing

Filing Fees – NIL, Processing – STP, Due date: 25th April 2019, to be signed by: Director/KMP and certified by Practicing professional. Consequences on non-filing: Companies will be marked as “ACTIVE-non-compliant” and following forms cannot be filed- (i) SH-07 (Change in Authorized Capital); (ii) PAS-03 (Change in Paid-up Capital...

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Analysis of Exposure Draft Ind AS 116

Introduction to Exposure Draft Ind AS 116 Sets out principles for the recognition, measurement, presentation and disclosure of leases Objective to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions Proposed to be effective from 1st April 2019 Supersedes Ind AS 17 Major Ch...

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GST: Classification and rate of tax on pen parts

In re Shiva Writing Company Pvt. Ltd. (GST AAR West Bangal)

In re Shiva Writing Company Pvt. Ltd. (GST AAR West Bangal) In the Rate Notification ball point pens, classified under HSN 9608, are included under Sl No. 232 of Schedule II under the description: pens other than fountain pens, stylograph pens. The same Notification also mentions fountain pens, stylograph pens under Sl No. 447 of [&hellip...

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Bogus GST Bill: Gujarat High Court grants Bail to CA Student

Madhav Gopaldas Shah Vs State of Gujarat (Gujarat High Court)

Madhav Gopaldas Shah Vs State of Gujarat (Gujarat High Court) In a Bogus GST Billing Case Submission of learned senior advocate for the applicant that the applicant is a young person pursuing studies in Chartered Accountancy and was employed under the co-accused Hitendra Shah. . Learned advocate appearing on behalf of the applicant submit...

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34th GST Council Meeting Date Announced

34th GST Council Meeting is scheduled to be held on 19th March 2019 (Tuesday) by Video Conferencing. It is expected that the decision will be taken on GST rates for lottery, which was not been taken during 33rd GST Council Meeting....

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Advance Tax Under Income Tax – A Complete Guide

With the soon emerging payment of last installment of advance tax for the current financial year 2018-2019, which is due on 15th March for all the assessee (other than 44AD and 44ADA assessee) and 31st March for assessee who are paying tax under section 44AD and 44ADA, let understand the entire concept of advance tax […]...

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Obtain Valuation Reports after 1st Feb 2019 only from valuer Registered with IBBI

Valuation Reports after 1st Feb 2019 has to be obtained only from Registered Valuers registered with IBBI Position before commencement of these rules and Transitional Arrangement: Until effectiveness of section 247 of the Companies Act, 2013, the Valuation in case of Merger & Amalgamation has been done by Independent Merchant Banker r...

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LEI Code – A Unique Code for Entities Participate in Financial Transaction

The LEI system has been implemented in a phased manner for participants (other than individuals) in the over-the-counter markets for rupee interest rate derivatives, foreign currency derivatives and credit derivatives in India in terms of RBI circular FMRD.FMID No. 14/11.01.007/2016-17 dated June 1, 2017 and for large corporate borrowers ...

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