"22 March 2019" Archive

RBI defers implementation of Ind AS for Banks till further notice

RBI/2018-2019/146DBR.BP.BC.No.29/21.07.001/2018-19 (22/03/2019)

The legislative amendments recommended by the Reserve Bank are under consideration of the Government of India. Accordingly, it has been decided to defer the implementation of Ind AS till further notice....

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New GST Structure for Real Estate W.E.F. 1st April, 2019

GST Council met for the 34th time since its constitution yesterday (19th March, 2019) for taking crucial decisions on real estate sector. Taking forward the discussions and decisions of 33rd GST Council meeting dated 24.02.2019 GSTC has now taken important decisions in relation to levy of GST on real estate sector including manner of tran...

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Extension of attempt for Practical Training Assessment for CA students

Institute of Chartered Accountants of India Extension of attempt for Practical Training Assessment for students who have completed their first/ second year of training during April-June, 2018 The students who have completed their 1st/ 2nd year of practical training during the second quarter of 2018, i.e. April-June, 2018 were eligible to ...

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Posted Under: Fema / RBI |

GST on Apparel Sector

Apparel sector of India is one of the oldest and largest contributors toward the development of the Indian economy, concerning GDP, employment, export promotion, etc. Known as one of the oldest manufacturing industry in the country and the second largest after agriculture, the textile industry employs both skilled and unskilled people. Th...

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Posted Under: Fema / RBI |

New GST Returns: Normal, Sahaj and Sugam

There has been a constant effort on the part of the government to encourage compliances by making the GST Portal more Assessee friendly. Though there has been issues since implementation in July 2017, the Government has fairly addressed most of the issues & now we are getting into the next stage of simplification of GST […]...

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Posted Under: Fema / RBI |

Beneficial Interest under Section 90 explained with examples

BEN Interest Section 90 read with Declaration of BEN Interest Notification Ministry of Corporate Affairs vide its Notification dated 8th February, 2019 released a notification regarding disclosure of Beneficial Interest in the Reporting Company by the individual ultimately holding 10% or more of the total shareholding in the Reporting Com...

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Posted Under: Fema / RBI |

Note on Officer in default under Companies Act, 2013

We have analysed the impact of new Companies Act, 2013 with respect to non-compliances and the penalties imposed for the same on the Directors and in this regard we found the following points: (a) The working directors (viz. Managing Director, Whole-time Director, CEO, CFO, Company Secretary) are responsible for all the activities of th...

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Posted Under: Fema / RBI |

Note on Banning of Unregulated Deposit Scheme

Objective: Banning of Unregulated Deposit Scheme Ordinance, 2019 is promulgated with the objective of providing mechanism to ban unregulated deposit schemes and protect the interest of depositors. Applicability: Banning of Unregulated Deposit Scheme Ordinance, 2019 applicable to Whole of India except the state of Jammu and Kashmir. What i...

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Posted Under: Fema / RBI |

New GST Rates on Real Estate Sector FAQs)

The GST council in the 34th GST council meeting held on 19th March, 2019 at New Delhi decided new GST rates and other related issues on real estate sector. Followings are the main provisions (other than transition related provisions) as have been published by way of press release by CBIC on its website. Q1: What is the […]...

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Posted Under: Fema / RBI |

SEBI (Custodian) (Amendment) Regulations, 2019

No. SEBI/LAD-NRO/GN/2019/04 (22/03/2019)

1. These Regulations may be called the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2019.2. They shall come into force on the date of their publication in the Official Gazette....

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CBDT refutes Media Report on Yeddyurappa diaries

Ministry of Finance CBDT refutes Media Report   Dated:  22 MAR 2019  by PIB Delhi  A search action under Section 132 of the Income-tax Act, 1961 was carried-out on Sh. D.K Shivakumar and Group of Cases on 2nd August, 2017 by the Income Tax Investigation Directorate of Karnataka & Goa. A large evidence of incriminating material [&...

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Posted Under: Fema / RBI |

GST on packaging materials viz. cut to size blanks manufactured with corrugation

In re TCPL Packaging Limited (GST AAR Maharashtra)

In re TCPL Packaging Limited (GST AAR Maharashtra) Question :- Whether the packaging materials viz. cut to size blanks manufactured by TCPL with corrugation and having requisite creases at designated places, supplied to the Customers in flat form with folding, can be categorized under Tariff Item Code no 4819 and subject to GST @ 12%? [&h...

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Tax on Income from mushrooms grown in controlled conditions

DCIT Vs Inventaa Industries (P.) Ltd. (ITAT Hyderabad)

Agricultural operations carried out by assessee on land/soil, being human skill and labour were basically agricultural operation and as such just because mushrooms are grown in controlled conditions it does not negate claim of assessee that income arising from sale of such mushrooms was agricultural income and thus exempt under section 10...

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How to choose the right current account for your business

Here in this blog, we talk about choosing the right bank account for your business if you are trying to understand what best fits your business or you wish to know what features of bank account such as interest rates, fixed deposits, etc. you must have. It could also assist if you are planning to […]...

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Posted Under: Fema / RBI |

How tax saving mutual funds can help you?

Investing in tax planning instruments is a priority for those looking to finalize their tax planning for the financial year. Besides investing in term life insurance, Public Provident Fund and other instruments, one should also consider tax saving mutual funds. Tax saving mutual funds is the kind of mutual funds that offer an additional b...

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Posted Under: Fema / RBI |

Sensitization: The key to implementation of PIT Regulations

CS Ambika Mehrotra Background of the Regulations The strong and decisive steps taken by the Securities and Exchange Board of India with respect to the Prohibition of Insider Trading Regulations have been quite a matter of concern for last couple of months. The modifications in the existing SEBI (Prohibition of Insider Trading) Regulation...

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Posted Under: Fema / RBI |

S. 271(1)(c) Penalty notice is defective if not specifies a particular charge

RBM Pati Joint Venture Vs DDIT (ITAT Delhi)

RBM Pati Joint Venture Vs DDIT (ITAT Delhi) An insight over the penalty order, we find that the penalty was initiated on account of loss claimed by the appellant on sale of assets, even though, that particular block of assets had not been exhausted. We do not find any justification to discard the findings reached […]...

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Incidence of CST or sale of goods, occurs where goods are appropriated to contract

Commissioner of Value Added Tax Vs OTIS Elevator Company (India) Ltd. (Delhi High Court)

Commissioner of Value Added Tax Vs Otis Elevator Company (India) Ltd. (Delhi High Court) The placement of an order by the agent for procurement of the lifts, in this case, was merely an offer. It is only upon its acceptance and further steps taken by the supplier that an offer crystallizes into a binding promise […]...

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 No Penalty U/s. 271E on conversion of the loan into equity

Arkit Vincom (P) Ltd. Vs ACIT (ITAT Kolkata)

The loan received by the assessee was squared off by way of conversion of loan into equity by the assessee through book entries without any physical outflow of funds. It is usual business practice and is part of routine corporate debt restructuring exercise carried out by various banks and financial institutions. Therefore, the said trans...

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Tata Harrier vehicle classifiable under Tariff Item 87033291: AAR

In re Tata Motors Limited (GST AAR Maharashtra)

In re Tata Motors Limited (GST AAR Maharashtra) Question 1.1 Whether Tata Harrier vehicle, which has following specifications, is classifiable under Tariff Item 8703 32 91 or 8703 32 99 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)? Answer:- In view of the above discussions Tata Harrier vehicle, is classifiable unde...

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Kalava Raksha Sutra (Braided textile yarns) classifiable under HSN 5607

In re Malli Ramalingam Mothilal (Proprietor of M/s. M.R.Mothilal) (GST AAR Tamilnadu)

In re Malli Ramalingam Mothilal (GST AAR Tamil Nadu) Whether Kalava Raksha Sutra is exempted under the Sl.No. 148 in Any Chapter and also classification of HSN code of the product? It is evident that the commodity manufactured by the Applicant is a braided yarn made by a braiding machine which takes in dyed yarn […]...

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EPFO to provide calculation sheet at the time of PF withdrawal

No. WSU/Grievances/2019/19201 (22/03/2019)

In order to increase transparency in respect of provident fund settlement withdrawal and to reduce the confusion & grievances of the subscribers, it has been decided that calculation worksheet of provident fund withdrawal of each member is to be provided either on their registered mobile number or the Email ID provided in the claim form....

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AAR cannot give ruling on ‘Place of Supply’ of goods: AAR Tamil Nadu

In re Dagger Die Cutting (India) Private Limited (GST AAR Tamilnadu)

The Act limits the Advance Ruling Authority to decide the issues earmarked for it under Section 97(2) and no other issue can be decided by the Advance Ruling Authority. The issue for which Advance Ruling is sought depends on the 'Place of Supply' of the goods, which is not in the ambit of this authority. The Application is therefore rejec...

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Polypropylene Mat plaited using polypropylene Straw falls under CTH 46019900

In re Sameer Mat Industries (Mr. Abubacker Kaleelrahman) (GST AAR Tamilnadu)

In re Sameer Mat Industries (GST AAR Tamilnadu) 1. Whether Polypropylene Mat which are plaited using polypropylene Straw falls under Chapter Heading 4601 or 3902? The Polypropylene Mat which are plaited using Polypropylene Straw is classifiable under CTH 46019900 2. What is the  tax rate for Polypropylene Mats ? The applicable tax rate f...

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No cessation of trading liability for mere non-submission of confirmation from creditors

M/s. Flo Dyne Controls (India) Pvt. Ltd. Vs ITO (ITAT Mumbai)

Merely because liability was outstanding, it could not be presumed that the said liabilities had ceased to exist. Since the liability did not cease to exist and the assessee had acknowledged debt in his books, the same could not be taxed under section 41(1)....

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Active Company Tagging Identities and Verification

With reference to MCA notification dated 21st February, 2019 (attached herewith) , please note the below – 1. Company incorporated on/ before 31stDecember, 2017, are required to file e-form – ACTIVE (i.e. Active Company Tagging Identities and Verification) disclosing the particulars of the Company and its registered  office on/ bef...

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Posted Under: Fema / RBI |

National Guidelines on responsible Business conduct

Ministry of Corporate Affairs (MCA), Government of India, released a set of guidelines and principles called the National Guidelines on Responsible Business Conduct (NGRBC).  The NGRBC has been designed to assist businesses to perform the requirements of regulatory compliance....

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Posted Under: Fema / RBI |

SEBI (Payment of Fees) (Amendment) Regulations, 2019

No. SEBI/L.A.D.-N.R.O./G.N./2019/03 (22/03/2019)

These Regulations may be called the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2019.2. They shall come into force with effect from April 01, 2019....

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Expenditure on payment of software – Revenue or Capital?

DCIT Vs Lovelock & Lewes ITAT (ITAT Kolkata)

Lovelock & Lewes  case: Expenditure incurred by the assessee on payment of software licence fees for applications software for the right to use the software for limited/particular period of time held to be revenue expenditure...

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64 officers reverted back to the post of Income Tax Inspectors

No. MUM/pr.CCIT/Admn/Gaz./prom./ITO/2018-19 (22/03/2019)

As per the directions of Hon’ble CAT, Mumbai Bench in its Order dated 06.02.2019 in the Contempt Petition (CP) No. 18/2018 of the OA No. 623/2016 in the case of Sanjeev Kumar & Others v/s Union of India & Others, the following 64 officers are hereby reverted to the post of Income Tax Inspectors with […]...

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Thou Shall Invent The Power of Hope

Every one of us aspires to achieve what we desire. We dream about it. The only force that drives us to realise our dream is our hope that we will achieve it one day. Hence, hope is the sustaining power of the life. Hope is the indispensable power that motivates us to act. Mere hope […]...

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Posted Under: Fema / RBI |

Real estate and GST – 8 critical issues you must know about recent proposed amendments

In its 34th meeting, the GST Council, in its much- awaited attempt to revamp the GST structure (or simplifying the GST framework) for the real estate sector has put across some path breaking propositions. However, we need to deliberate whether the propositions are indeed path breaking and may bring about simplicity in GST framework or it ...

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Posted Under: Fema / RBI |

Impact of New GST Regime (Without Input Tax Credit) on Real Estate Sector- (FAQs)

CA Rajesh Bhauwala 1. What is the definition of Affordable Housing : a) A Residential House/flat of carpet area of up to 90 Sqm(968.752 sq ft) in Non metropolitan Cities/towns having value up to 45 Lacs . b) A Residential House/flat of Carpet area of up to 60Sqm(645.835 sq ft.) in Metropolitan cities/towns having value […]...

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Posted Under: Fema / RBI |

Income Tax on notional rental income in case of builders U/s. 23(5)

Builders generally as a matter of practice are not interested in leasing of such property (ies) hence even the department in most of the cases, did not invoke provisions of section 23 of Income-tax Act, 1961 (‘the Act’) to tax the notional income deemed to accrue on completed vacant property(ies) held as stock-in-trade by the builders...

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Posted Under: Fema / RBI |

All About Form INC 22A & rules thereunder

A. Applicability of Form INC 22A– Every Company incorporated on or before 31st  December 2017. B. Companies restricted from filing  INC 22A 1. Companies which has not filed its Financial statements u/s 137 or Its Annual returns u/s 92 or Both 2. Companies in which Directors DIN status is other than approved. C. Companies Not [&hel...

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Posted Under: Fema / RBI |

Search and Seizure (Raid) by Income Tax Department Part II- After raid

Following Steps will ease to handle raid : 1. PAN can be migrated to Central Circle thus making common place for all files at same common place where assessment under raid can be done. Order U/S 127 of IT Act is passed by CIT for PAN migration. Assessee are intimated by mail. 2. Assessment under […]...

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Posted Under: Fema / RBI |

Compliance of GST Returns made easy by Government!

We all know that government has put enormous efforts in bringing us the compatible GST Systems in order to encourage the habit of compliance and simplify the existing compliance complications. In its first step, it brought an exhaustive reporting system of uploading the invoices where the intension is to digitalise the document process an...

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Posted Under: Fema / RBI |

Unregulated Deposits Scheme Ordinance 2019

THE BANNING OF UNREGULATED DEPOSITS SCHEME ORDINANCE 2019   Introduction:    The Banning of Unregulated Deposit Schemes Bill, 2019, which was passed on the 13th day of February, 2019 in the House of the People and . The Hon’ble President of India, on the aid and advice of the Union Government, on February 21, 2019 […]...

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Posted Under: Fema / RBI |

New Facts about Business Connection

In order to align the domestic laws with the modifications being done by Organisation for Economic Co-operation and Development (OECD) through Base Erosion and Profit Shifting (BEPS) and the Multilateral Instruments (MLI) some very significant amendments have been done in international taxation. Business connection as defined in section 9...

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Posted Under: Fema / RBI |

Green Shoe Option (GSO), Price stabilization through GSO

Public issue of shares (also knows as IPO) is a very common way of raising funds by a corporate entity. However many a times it has been seen that after public issue of shares the listed price of securities falls below issue price which creates panic in the market and discourages the investors to put […]...

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Posted Under: Fema / RBI |

TDS Rate Chart for Financial Year 2019-20

Article compiles Section wise TDS Rates / TDS Rate Chart for Financial Year 2019-20 or Assessment Year 2020-21 with Nature of Payment, Threshold Limit and Percentage TDS rate applicable to Individual, HUF and to other category of Assessees. Article takes into account recent changes by Interim Budget 2019 in TDS Threshold Limits.      ...

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Posted Under: Fema / RBI |

Ingredients of becoming “sterling” employee

Job or service!!! Whenever one hears the name of this precious or routine word nowadays, one picture depicts in once mind, i.e. person is going to office or work place by wearing official attire and return with boredom in the evening. Some of my colleagues agree with me that presently job timing has changed drastically. […]...

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Posted Under: Fema / RBI |

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