"19 March 2019" Archive

Threshold limits for Regular & Composition Registration under GST law

In this article, attempt has been made to enlist various thresholds (as amended from time to time) as prescribed under the GST law for normal registration in different States/UTs, thresholds for Composition registration and a snapshot on Notification No. 2/2019- CT (Rate). Normal GST Registration in case of Goods: Particulars States/UTs R...

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GST rate on real estate sector- Decisions in 34th GST Council meeting

Decisions taken by the GST Council in the 34th meeting held on 19th March, 2019 regarding GST rate on real estate sector GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower […]...

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During PMLA investigation property can be attached upto 365 days from 20.03.2019

Notification No. 1/2019 19/03/2019

Government notifies that During PMLA investigation property can be attached upto 365 days from 20.03.2019 from the earlier period of 90 days as provided in Finance Act, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2019 New Delhi, the 19th March, 2019 G.S.R. 225(E).—In exercise of the powers conferred by section 2...

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Compliance to be Made by Companies as per recent amendments

Article discusses for new Forms to be filed by Companies under Companies Act, 2013 wghich includes- A. ACTIVE (Active Company Tagging Identities and Verification), B. Form DPT-3 (RETURN OF DEPOSITS), C. Form 20A (Commencement of Business) and D. Form MSME-1. A. ACTIVE (Active Company Tagging Identities and Verification) MCA – E-FORM ACT...

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Bogus Share Premium/Share Capital – Responsibility of Assessee to Prove with Cognet Evidence

Merely because assessee company had filed all primary evidence, it could not be said that onus on assessee to establish credit worthiness of investor companies stood discharged u/s 68 of the Income Tax Act, 1961....

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Denial of Tax relief for non-submission of Tax Residency Certificate: ITAT remand back the case to AO

ACIT(IT) Vs Shri Ayan Majumdar (ITAT Kolkata)

ACIT (IT) Vs Shri Ayan Majumdar (ITAT Kolkata) It is not in dispute that the assessee is a non-resident in India and is a tax resident of UK during the year under consideration. It is not in dispute that his employment is exercised in UK. We find that the ld AO had denied the relief […]...

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Discount cannot be treated as bogus merely because some parties denied it

Mondal Construction Co. Ltd. Vs ACIT (ITAT Kolkata)

Mondal Construction Co. Ltd. Vs ACIT (ITAT Kolkata) We note that assessee had debited a sum of Rs.10,99,907/-in the profit & loss account on account of discount on sale of flat. However, the Assessing Officer disallowed the said discount stating that some of the parties to whom the discount had been given, had informed that […]...

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ITAT allows Finance Charges paid to NBFCs without TDS deduction as NBFCs included the same in their Income

ACIT Vs Smt. Champa Nandi (ITAT Kolkata)

ACIT Vs Smt. Champa Nandi (ITAT Kolkata) The Income Tax Appellate Tribunal ( ITAT ), Kolkata has held that the finance charges to Non-Banking Financial Companies (NBFCs) are not subject to Tax Deduction at Source ( TDS ) under the provisions of section 194A of the Income Tax Act. The assessee has debited in his […]...

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Cases of substantial cash deposit during demonetisation period- Reg.

F. No. DGIT(S)-ADG(5)-2/Insight Instructions/292/2018-19 15/03/2019

Functionality for viewing information related to Cases of substantial cash deposit during the demonetisation period in which notice under section 142(1) of the I. T. Act has remained non-complied...

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HC should not dismiss appeal for delay in filing when similar issue is pending before HC for earlier A.Y

Anil Kumar Nehru Vs ACIT (Supreme Court of India)

Anil Kumar Nehru Vs ACIT(Supreme Court of India) It is a matter of record that on the identical issue raised by the appellant in respect of earlier assessment, the appeal is pending before the High Court. In these circumstances, the High Court should not have taken such a technical view of dismissing the appeal in […]...

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