"18 March 2019" Archive

Provisions of GST Effective From 1st April 2019

Article discusses changes in 1. GST Provisions related to Threshold Limit for Registration in case of goods , Services and Both Goods & Services 2. Changes in GST Composition Scheme 3. Supply with or without consideration – treated as supply under GST, Changes in TCS Provisions and 4. Proposed New GST Return Formats....

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Notification dated 5th March 2019 by CBDT on Angel Tax, Icing on cake

As per current Income Tax provisions, if a closely-held company i.e. a company in which public is not substantially interested, issues shares at a price which is more than its fair market value (FMV), then the excess amount i.e. excess of issue price over fair market value will be taxed as income from other sources in the hands of the com...

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ESOPs Holding period to be from date of grant not from date of vesting

Shri. N. R. Ravikrishnan Vs ACIT (ITAT Bangalore)

Period of holding ESOP options transferred by the assessee in course of buy-back scheme of his employer was to be counted from the date of grant of ESOP option and date of vesting was not relevant as options were transferred without any exercise....

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Last Minute Tax Saving Options

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful […]...

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GST Provisions Related to Information Technology Sector

Following write-up summarises the GST provisions as applicable to IT/ITES sector. 1. Goods or Services: Though GST is applicable to both goods or services, it is necessary to determine as to whether the impugned supply is ‘supply of goods’ or ‘supply of services’ and all machinery provisions of GST law differentiat...

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Conversion of Unlimited Liability Company into a Limited Liability Company by Shares or Guarantee

Conversion of Unlimited Liability Company into a Limited Liability Company by Shares or Guarantee Under Companies Act, 2013 1) Without prejudice to any other provision in the Companies Act for effecting the conversion of an unlimited liability company with or without share capital into limited liability Company by shares or guarantee, suc...

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An Overview with respect to Real Estate (Regulation & Development) Act, 2016 (Rajasthan)

Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the provisions of the Act have came into force with effect from May 1, 2017. Under this Act, Government of Rajasthan has notified the Rules namely Rajasthan Real Estate (Regulation and Development) Rules, 2017. The State Government, vide its Orde...

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GST and Statutory Compliance under Dropshipping business

1) What exactly is the Business Model of Dropshipping ? The business model is some what like a middle man between the supplier and prospective customer. But in this neither the supplier or Seller knows about each other. In this Supply Chain Management System the Consignor who carried out the sale through his Website/App never […]...

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Why to choose ELSS as your tax saving Instrument

It is last few days to save tax. It’s time to submit investment proof, please do not confuse yourself with wrong choice of Investments. I would recommend ELSS as tax saving instrument because of following reasons- Lowest lock-in period When you make any investment, the next thought is how and when you will be able […]...

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Indian GAAP – Time to converge to Ind AS

Indian GAAP: A show stopper in achieving the overall objective of comparability and acceptability of Indian Financial Statements In India, we have two different framework for preparing financials statements: 1. Indian GAAP (IGAAP) 2. Indian Accounting Standards (Ind AS) Ind AS is applicable to companies having net worth more than INR 250 ...

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