"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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