"05 April 2019" Archive

CBIC clarifies on 3% GST Rate option under notification No. 2/2019 ­CT(R)

Circular No. 97/16/2019-GST (05/04/2019)

Attention is invited to notification No. 02/2019-Central Tax (Rate) dated 07.03.2019 which prescribes rate of central tax of 3% on first supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year,...

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Advisory to GST Taxpayers on Invoice Series to be used wef 1st April, 2019

Attention of all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters – hyphen or dash and slash symbol...

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Know the return you made on your real estate investment

Here's how you can analyse your potential investment properties and determine the return you made on real estate investment. it's important to calculate the ROI (return on investment) to determine the profitability from such property. ...

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Jharkhand HC stays Service Tax proceedings initiated post GST introduction

Ms Sulabh International Social Service Organization Vs Union of India through the Commissioner (Jharkhand High Court)

M/s. Sulabh International Social Service Organization Vs Union of India (Jharkhand High Court) Division Bench of Jharkhand High Court igranted stay (status quo) to the proceedings initiated under Service Tax after introduction of GST by issuing notice, summons and visit of officers after taking into account one of the main contention that...

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ITC available on passenger vehicles leased to vendors on rent

In re M/s. Narsingh Transport (AAR GST Madhya Pradesh)

In re Ms Narsingh Transport (AAR GST Madhya Pradesh) The applicant desire the advance ruling on the subject that whether the GST paid on these cars provided to their different customers on lease rent will be available to it as INPUT TAX CREDIT(ITC) in terms of Section 17(5) of Central Goods and Service Tax Act, […]...

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No GST exemption to non-clinical body on Healthcare services

In re M/s. J C Genetic India Private Limited (GST AAR Madhya Pradesh)

Applicant has failed to prove their legal status as Clinical Establishment and they are merely working as ancillary or sub-contractors to other accredited companies, and accordingly the Applicant are not entitled to avail exemption under Notification no.12/2017-CT(Rate) and corresponding notification issued under MPGST Act. We hold accord...

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Exemption U/s. 11 can be denied for Advances given to unregistered trusts in violation of Section 13

ACIT Vs Hooghly Engineering & Technology College Society (ITAT Kolkata)

Where assessee registered under section 12AA had given advances to unregistered trusts, then it could be held guilty for violation of provisions of section 13 and consequently be denied exemption under section 11, if it was established that the president of the recipient trusts was having substantial interest in such trusts....

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GST on Turbine Generator set to execute waste to energy project awarded by Govt

In re M/s Triveni Turbine Limited (GST AAAR Karnataka)

In re M/s Triveni Turbine Limited (GST AAAR Karnataka) The appallate authority for advance ruling has set aside the rulings passed under section 98(4) of the CGST Act 2017 vide NO.KAR.ADRG 28/2018 dated 17/11/2018 i.e. Contention of the appeallant is allowed based on the Circular No 80/54/2018-GST dated 31.12.2018, at Para 11, has clarifi...

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No profiteering as tax rate in GST era increased to 28% from earlier 14.75%

Kerala Screening Committee on Anti-Profiteering Vs M/s Saint Gobain India Pvt. Ltd. (National Anti-Profiteering Authority)

Kerala Screening Committee on Anti-Profiteering Vs M/s Saint Gobain India Pvt. Ltd. (National Anti-Profiteering Authority) It is apparent from the perusal of the facts of the case and the invoices placed on record that there was no reduction in the rate of tax on the above product w.e.f. 01-07-2017 instead the rate of tax in […]...

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Scale of Fee for application for reimbursement of benefits under TMA

Public Notice No. 02/2015-2020-DGFT (05/04/2019)

Scale of Fee for application for reimbursement of benefits under Transport and Marketing Assistance (TMA) notified. PUBLIC NOTICE NO. 02/(2015-2020)...

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Exposure Draft of Revised Guidance Note on Division II- Ind As Schedule III to Companies Act, 2013

Following is the Revised Guidance Note on Division II - Ind AS Schedule III to the Companies Act, 2013 issued by the Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India, for comments....

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Builder/Promoter and agent : Functions and Duties under RERA

 Functions of Real Estate Agent (Sec. 10) The Real Estate (Regulation and Development Act, 2016) Every real estate agent registered u/s 9 shall:- a) Not facilitate the sale or purchase of any plot, apartment or building, in a real estate project or part of it, being sold by the promoter in any planning area, which […]...

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Exposure Draft Revised Guidance Note on Division I – Non Ind AS Schedule III to Companies Act, 2013

Following is the Exposure Draft of the Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act, 2013 issued by the Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India, for comments....

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Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019

Date : Apr 03, 2019 RBI releases Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019 under section 45 W of the RBI Act, 1934 The Reserve Bank of India today released Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions 2019. Comments on the draft directions are invited from banks, market participants and oth...

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Governor’s Statement on Framework for Resolution of Stressed Assets

Reserve Bank of India will take necessary steps, including issuance of a revised circular, as may be necessary, for expeditious and effective resolution of stressed assets....

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SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/08 (05/04/2019)

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2019 shall come into force on the date of their publication in the Official Gazette....

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Recruitment of 40 Chartered Accountants with IDBI Bank

IDBI Bank invites online applications from eligible Indian citizens for the below mentioned posts. Candidates fulfilling required eligibility criteria may apply On-line through the link given in Bank's website www.idbi.com....

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CBI Arrests two ITOs In A Bribery Case of Rs.14 Lakh

The Central Bureau of Investigation has arrested two Income Tax Officers posted in Ward 7(1)(4) and Ward 7(1)(3) at Koramangala, Bangalore in a bribery case of Rs.14 lakh....

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No deemed dividend in case of loan to borrower not being shareholder

Microfinish Valves Private Limited Vs ACIT (ITAT Bengalore)

Microfinish Valves Private Limited Vs ACIT (ITAT Bengalore) No deemed dividend u/s 2(22)(e) in case loan to borrower not being shareholder in lender company Conclusion: Since assessee was not a shareholder in lender company, therefore, AO was unjustified in taxing loan received by assessee as deemed dividend under section 2(22)(e). Held: ...

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Section 45(4) is not applicable on reconstitution of partnership firm

PCIT Vs Electroplast Engineers (Bombay High Court)

What was given to the retiring partners was money representing the value of their share in the partnership and no capital asset was transferred on the date of retirement. Therefore, no capital gains or profit could arise & section 45(4) had no application....

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

CIT Vs M/s. Oberon Edifices & Estates (P) Ltd (Kerala High Court)

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

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Section 50C cannot be invoked if sale has not taken place

Shri Vinod Kumar Chugh Vs ITO (ITAT Delhi)

Shri Vinod Kumar Chugh Vs ITO (ITAT Delhi) Conclusion: Section 50C could be invoked only when sale had taken place during the year. As the sale of vacant plot by assessee stood completed in the year 1991, there was no question of invoking the provision of section 50C for taxing the long term capital gains. […]...

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Deeming section 50 cannot be extended to restrict deduction u/s 54F

DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai)

DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai) Conclusion: Assessee was entitled for deduction u/s. 54F on the capital gains arising on the sale of depreciable assets being commercial flats computed in the manner laid down in Section 50 read with Section 48, 49 and 45  and  section 50 was a deemed provision, therefore, its […]...

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All About EPF in India

In this article I will talk in detail about What is EPF, What is UAN (Universal Account Number),Who deducts EPF, Contribution towards EPF, When can we withdraw the EPF amount, How to online transfer the EPF amount from one employer to another, How to Link Old member ID / EPF Account with UAN, Income Tax […]...

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Refund of excess credit balance lying in Electronic Credit Ledger

Whether excess credit balance lying in Electronic Credit Ledger (ECL) can be claimed as refund under GST ? Electronic Credit ledger (ECL) is a ledger under GST in which all the ITC (Input tax Credit) claimed by the dealer through filing of GSTR3B return gets accumulated and utilized based on the output tax liability. Many […]...

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Composition on Service Sector in GST

Eligibility & Registration under GST Composition Scheme of Service Providers- As Explained in  Service Provider having Turnover in preceding year upto 50 Lakh is eligible to opt for Composition Scheme....

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Impact of GST on Small and Medium Enterprises (SMEs)

With only a few months left before the implementation of GST, small business owners are engrossed in understanding the potential effects of GST on their business. It’s a well-known fact that SMEs (Small and Medium Enterprises) are the primary growth drivers of the economy and major contributors to the GDP. While some business owners hav...

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GST Compliance Calendar for the month of April 2019

Articles compiles due date of furnishing GSTR -7- Return for Tax Deducted at Source, GSTR-8- Statement for Tax Collected at source, GSTR-1-Details of Outward supplies of goods or services, GSTR-6-Return for Input Service Distributor, GSTR-4-Quarterly return for registered person opting for composition scheme, GSTR-3B-Summary details of mo...

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Income Tax Compliance Due Dates For April 2019

1. (A) Due date for deposit of Tax deducted by Office of the Government to the credit of Central government for March, 2019 (with production of Income tax challan): 7th April, 2019 Note- (i) If tax is paid without production of Income tax challan, it must be deposited on the same day of deduction. (ii) […]...

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Input Tax Credit Under GST: Section 49A & 49B with Rule 88A

UTILISATION OF INPUT TAX CREDIT – Section 49A & 49B read with Rule 88A of CGST ACT. CGST Amendment Act 2018 insert two new sections Section 49A & 49B containing new order of set off of GST liability (from 1st Feb 2019). Prior to this Section 49(5) of CGST Act contains manner of utilization of […]...

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GST on tour packages with separate invoices for services / Goods

The charges for tour package depends upon the type of accommodation choose by the customers. Now the applicant intends to change the modus operandi by issuing separate invoices to customers/guests for the services availed by them, instead of giving as packages. The services offered under different category are;...

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Recapitulation of Form-1 MSME and Related Provisions

1. Every Company who get supplies of goods or services from Micro or Small enterprise supplier and whose payments to such entities remain due for more than 45 days from the date of acceptance or the date of deemed acceptance of the goods or services shall submit a half yearly statement in Form- 1 MSME […]...

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Process to claim ITC under new proposed GST return filing system

What is Input Tax Credit (ITC)? Input Tax Credit means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax. The concept is not entirely new as it already existed under […]...

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Bank Audit from GST Angle

Bank auditing is the procedure of reviewing the services and procedures adopted by banks and other financial institutions. It is a routine procedure that all financial services entities must undergo in order to ensure that they are in compliance with industry standards and jurisdictional regulations. In this Presentation let’s Discu...

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Quick Analysis of Income Tax Forms Released for AY 2019-20

CBDT vide notification No. 32/2019 dated 1st April 2019 amended the Income Tax Rules 1962 and added certain clauses to Rule 12 and released Income Tax Return Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as applicable for return filing of Financial Year 2018-19 / Assessme...

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