"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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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)01/01/1970

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)01/01/1970

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)01/01/1970

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)01/01/1970

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)01/01/1970

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)01/01/1970

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 |

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April 2021