"09 April 2019" Archive

ITR Forms For Assessment Year 2019-2020- All you want to know

New ITR Forms For Assessment Year 2019-2020 Vide notification dated 1st April, 2019, the CBDT has introduced Income Tax (Second Amendment) Rules, 2019. Vide the said notification the CBDT has notified Income Tax Return (ITR) Forms for the Assessment Year 2019-2020 (Financial year 2018-2019). In total 7 types of Income Tax Return Norms are...

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Posted Under: Income Tax | ,

New ITC Utilization Rules under GST from Apr-19 onwards

Rules for Utilization of Input Tax Credit (ITC) have undergone a major change and considering its impact, this change will have on Working Capital Management, an explanatory note prepared by us about new Rules is given below :- Old set off rules for ITC under GST were as follows: – Payment for  First use  Then […]...

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S. 154 Applying individual tax rates to AOP not a mistake apparent from records

M/s. Shreeya Welfare Trust Vs ITO (ITAT Hyderabad)

Conclusion: Since assessee- AOP was a trust formed for the benefit of a sole beneficiary, therefore, applying individual tax rates to assessee-AOP was not a mistake apparent on the face of the record and therefore, it could not be rectified through Section 154....

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Phasing out of physical copies of MEIS/SEIS Duty Credit Scrips

Circular No. 11/2019-Customs (09/04/2019)

Circular No. 11/2019-Customs- Phasing out of physical copies of Merchandise Exports from India Scheme (MEIS)/Services Exports from India Scheme (SEIS) Duty Credit Scrips issued with EDI port as Port of registration...

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Turnover tax payable on ‘total turnover’ under section 6B of KST Act

M/s. Achal Industries Vs State of Karnataka (Supreme Court of India)

Except the deductions provided under the first proviso to Section 6B(1) nothing else can be deducted from the total turnover as defined under Section 2(u2) for the purpose of levy of turnover tax under Section 6B of the Act....

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Procedure for utilisation of paperless MEIS and SEIS scrips

Notification No. 01/2019-Central Excise [G.S.R. 294(E)] (09/04/2019)

CBIC amends Notification Nos. 20/2015-Central Excise and No. 21/2015-Central Excise both dated 08.04.2015 to incorporate procedure for utilisation of paperless MEIS and SEIS scrips MINISTRY OF FINANCE (Department of Revenue) Notification No. 01/2019-Central Excise New Delhi, the 9th April, 2019 G.S.R. 294(E).—In exercise of the powers ...

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ITAT kept Decision on taxability of interest on compensation under Motor Vehicle Act pending till SC Verdict

Smt. Sharda Pareek Vs ITO (ITAT Jaipur)

Conclusion: AO was directed to wait  in respect of tax ability of interest income received from the insurance company on MACT claim till the Supreme Court pronounce a judgement in Sharda Pareek v. Assistant Commissioner of Income Tax & another as the same issue was pending before the Court....

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Audit fees/bank charges, communication & office expenses allowable U/s. 37

HIPL India Private Ltd. Vs ACIT (ITAT Bangalore)

Conclusion: Receipt of agency commission, travel by directors to explore possibilities of getting business and taking premises on lease for the purpose of manufacturing activity was sufficient to conclude that business of assessee had been set up during the relevant previous year, therefore, assessee was entitled to claim deduction of all...

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Guardian liable to discharge tax obligation of minor in absence of minor’s parents

R.P. Sarathy for Minor Pranuthi Vs JCIT (Madras High Court)

If parents are not available, Section 160 (1) (ii) of the Act will stand attracted and the Guardian will become the Legal Representative, liable to discharge all the tax obligations under the Act on behalf of the minor....

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Order on quantum of Punishment without providing opportunity of being heard is invalid

Gayathri Pasarakayala Vs Disciplinary Committee (ICSI Appellate Authority)

Gayathri Pasarakayala Vs Disciplinary Committee (ICSI Appellate Authority) It is clear that the Disciplinary Committee has not followed the due procedure as prescribed statutorily as no opportunity of being heard was provided to Ms. Gayathri Pasarakayala on the question of quantum of punishment irrespective of her admission of guilt conve...

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Posted Under: Income Tax |

FY 2017-18: Actions in March 2019 returns & Annual Returns

The main intention of removal of difficulties (ROD) order no. 02/2018 was to facilitate all the registered persons providing additional opportunity to rectify the errors or omissions of the financial year 2017-18 including availment of the GST input tax credit which was not availed within the due date i.e. September 2018. ...

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Cash transaction that Income Tax department frowns upon!

In a bid to implement the government’s mission to make India a cashless or less cash country and weed out corruption, the Income Tax Department has again warned people to refrain from large cash transactions, contravention of which may result in the levy of penalty or disallowance of tax deductions. Following are the five transactions [...

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e-Form INC-35 (AGILE)- All about filing with ROC

Form INC-35: Application for Goods and services tax Identification number, employees state Insurance corporation registration pLus Employees provident fund organisation registration (AGILE) 1. Law(s) Governing the eForm AGILE INC-35 eForm AGILE INC-35 is required to be filed pursuant to rule 38(A) of the Companies (Incorporation) Rules, 2...

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Posted Under: Income Tax |

INC 22A Compliance and Instructions

As we are aware, the Ministry of Corporate Affairs has issued Companies (Incorporation) Amendment Rules, 2019 and Companies (Registration offices and Fees) Amendment Rules, 2019 which have come into force from February 25, 2019. As per the Rule 25A of  Companies (Incorporation) Rules, 2014 – Every company incorporated on or before Dece...

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Posted Under: Income Tax |

How to Register LLP in India

This article explains the complete step-wise procedure for registering an LLP in India. In upcoming sections, you will read details on exact process, documents needed for LLP registration, Form to be filed for LLP registration and comprehensive guide for you to understand all about LLP registration in India. Limited Liability Partnership ...

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Posted Under: Income Tax |

Bogus capital gains: LTCG on sale of shares via recognised stock exchange

Rajesh Singhvi and Sons (HUF) Vs ITO (ITAT Chennai)

Rajesh Singhvi and Sons (HUF) Vs ITO (ITAT Chennai) Claim of the assessee for exemption u/s.10(38) of the Act, on alleged long term capital gains arising on sale of shares of M/s.Cresanda Commercial Solutions Ltd and M/s. Surabhi Chem & Investment Ltd were disallowed by the ld. Assessing Officer considering these to be penny stock co...

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CBDT notifies ‘Kerala Headload Workers Welfare Board’ for exemption U/s. 10(46)

Notification No. 35/2019-Income Tax [S.O. 1539(E)] (09/04/2019)

Notification No. 35/2019- Central Government notifies ‘Kerala Headload Workers Welfare Board’, Kochi, a Board constituted by the State Government of Kerala, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) ...

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CBDT notifies ‘Telangana State Electricity Regulatory Commission’ for exemption U/s. 10(46)

Notification No. 34/2019-Income Tax [S.O. 1538(E)] (09/04/2019)

Notification No. 34/2019-  Central Government notifies ‘Telangana State Electricity Regulatory Commission’, Hyderabad, a commission constituted by the State Government of Telangana, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTR...

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CBDT notifies ‘Mysore Palace Board’, Karnataka for exemption U/s. 10(46)

Notification No. 33/2019-Income Tax [S.O. 1537(E)] (09/04/2019)

Notification No. 33/2019-  Central Government notifies ‘Mysore Palace Board’, Karnataka, a board constituted by the Government of Karnataka, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. Also Read- Exemption to Mysore Palace Board- CBDT amends N/No. 33/2019 MINISTRY OF FINANCE ...

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ICAI’s contribution in GST recognized by GSTN

The Goods and Services Tax Network (GSTN) on the occasion of its foundation day on 5th April, 2019 felicitated The Institute of Chartered Accountants of India (ICAI) in recognition of its contribution and support in development of GST ecosystem....

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Posted Under: Income Tax |

MVAT: Jurisdiction of JC (Appeal) I, Mumbai extended to Whole of Maharashtra

Notification No. No. PWR. 2012/2/ADM-8 (09/04/2019)

Commissioner of Sales Tax, Maharashtra State, Mumbai, hereby amends the Notification No. PWR-2012/2/ADM-8, dated the 22nd June 2012, as follows, namely :––...

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Anti-dumping duty on Cast Aluminium Alloy Wheels or Alloy Road Wheels

Notification No. 17/2019-Customs (ADD) [G.S.R. 296(E)] (09/04/2019)

Notification No. 17/2019-Customs (ADD)- Seeks to impose definitive anti-dumping duty on Cast Aluminium Alloy Wheels or Alloy Road Wheels used in Motor Vehicles originating in or exported from China PR, Korea RP and Thailand. MINISTRY OF FINANCE (Department of Revenue) Notification No. 17/2019-Customs (ADD) New Delhi, the 9th April, 2019 G...

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Notification No. 16/2019-Customs (ADD), Dated: 09.04.2019

Notification No. 16/2019-Customs (ADD) [G.S.R. 295(E)] (09/04/2019)

Seeks to rescind notification No. 21/2015-Customs(ADD), dated the 22nd May, 2015 MINISTRY OF FINANCE (Department of Revenue) Notification No. 16/2019-Customs (ADD) New Delhi, the 9th April, 2019 G.S.R. 295(E).—In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read ...

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New ITR forms for FY 2018-19-What has changed

The ITR forms for each year are notified after end of the financial year incorporating changes applicable from the relevant financial year. The Income tax department has notified new ITR forms on 1st April 2019. Since this is a personal finance page, the discussion is restricted to provisions of new ITR which are applicable to […]...

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Analysis of ITC on Capital Goods

Input tax credit - input services - cost of civil works incurred under Extension project - Mechanical Works - Electrical Works - Applicant submits that input tax credit in relation to ‘Mechanical Works’ and ‘Electrical Works should be admissible as such costs pertain to construction of plant and machinery....

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Posted Under: Income Tax |

Brief highlights of Income Tax searches in NCR, Bhopal, Indore & Goa

Based upon credible information of large scale collection, possession and movement of unaccounted assets, Delhi Directorate of Income Tax (Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa. More than 300 IT officials participated in the operation at about 52 locations in 4 States....

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Posted Under: Income Tax |

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