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Archive: 27 March 2019

Posts in 27 March 2019

Notification No. 13/2019-Customs (N.T./CAA/DRI), Dated: 27.03.2019

March 27, 2019 543 Views 0 comment Print

Notification No. 13/2019-Customs (N.T./CAA/DRI) Principal Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the Table below to act as a common adjudicating authority

Rent from letting out shop rooms in mall taxable as Business Income

March 27, 2019 12309 Views 0 comment Print

Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business.

CBDT enables Facility to view Form 2 Declaration filed with DPIIT

March 27, 2019 25572 Views 0 comment Print

Facility to view Form 2 Declaration filed with DPIIT by startup available in Income tax e-Filing portal CBDT has enabled Facility to view Form 2 Declaration filed with DPIIT (Department for Promotion of Industry and Internal Trade) by a startup on its e-filing portal. Form 2 (Section 56 Exemption declaration) is a Declaration by a […]

Transfer of Securities only in Demat Form from 01.04.2019: SEBI

March 27, 2019 1980 Views 0 comment Print

Transfer of Securities of Listed Companies only in Demat Form – SEBI Clarification The Board (SEBI), on March 28, 2018, decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in dematerialized form with a depository. This measure shall […]

Applicability of RCM on Royalty paid to Authors

March 27, 2019 53733 Views 5 comments Print

Whether GST under Reverse Charge Mechanism is applicable on Royalty paid to Authors? Will GST be paid by Publisher if the payment is made to legal heirs of the author or when the recipient of royalty is an University or Corporate Entity – domestic or foreign or trust, etc? CBIC vide Notification No 13/2017 – […]

7 Rules to Follow When Taking a Loan

March 27, 2019 5259 Views 0 comment Print

If we had enough money for all our needs, the world would have been a happy place. But the reality is different. Needs of modern households are constantly growing but earnings are not growing in the same proportion. This necessitates the need of loan to meet various expenses like buying a house, arranging a grand […]

Top Small Business Loan offered by the Government

March 27, 2019 2895 Views 0 comment Print

The MSME (Micro Small and Medium Enterprises) sector in India is expanding at a very fast pace and because of their increasing expansion, the Government time and again introduces new business loan schemes for this sector. The loan schemes are initiated through some of the programmes as mentioned below: A. MUDRA (Pradhan Mantri Mudra Yojana) […]

Due date for Filing Income Tax Return for HUF Partner- Belated return cannot be revised

March 27, 2019 3228 Views 0 comment Print

Since assessee was an HUF and HUF itself could not become a working partner in the partnership firm, therefore, the due date of filing of the return applicable to assessee was 31st July of the relevant assessment year and belated return filed by assessee could not be revised.

Reassessment based on material available during original scrutiny assessment not permitted

March 27, 2019 1566 Views 0 comment Print

Precilion Holdings Limited Vs DCIT (Bombay High Court) Conclusion: AO was not permitted to reopen assessment merely because in the later year, he took a different view on the basis of similar material available at the time of original scrutiny assessment as there was no failure on the part of assessee to disclose truly and […]

Sec. 41(1) addition cannot be made for liabilities that had not ceased

March 27, 2019 1836 Views 0 comment Print

AO was unjustified in making addition under section 41(1) on the reason that sundry creditors and other liabilities had ceased to exit as the opening balances of the liabilities were already admitted in the immediately preceding assessment years and the issue for revival was pending before BIFR because of which the creditors remain suspended but there had been no notice which could extinguish the existing right except to the extent that they became part of the sanctioned scheme. 

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