"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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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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Seizure of goods from premises of job-worker, when not valid: HC explains

M/s. Josco Bullion Traders Pvt Ltd Vs Commissioner State Goods and Services Tax Department (Kerala High Court)

Observing that allegations regarding evasion of tax, against person engaged in the business of hallmarking, can only be with reference to its business activity, Kerala High Court has held that seizure of the gold jewellery, belonging to petitioners but seized from the premises of the hallmarker, was not justified. The Court also observed ...

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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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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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Reassessment proceedings invalid if officer issuing notice & recording reasons are different

Pankajbhai Jaysukhlal Shah C/o. Meena Agency Ltd. Vs ACIT (Gujarat High Court)

Pankajbhai Jaysukhlal Shah C/O. Meena Agency Ltd. Vs ACIT (Gujarat High Court) It is the officer who records the reasons who has to issue the notice under section 148(1) of the Act whereas in the present case the reasons have been recorded by the jurisdictional Assessing Officer, whereas the notice under section 148(1) of the […]...

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Section 54F deduction cannot be restricted to stamp duty value

I.T.O. Vs Shri Roop Narayan Sharma (ITAT Jaipur)

Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty. ...

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July 2022