"13 April 2019" Archive

GST on Cheque Dishonour Charges Collected by Assessee

Whether GST should be charged on `Cheque Dishonour  Charges’  had been issue of advance rulings before the various State  Advance  Ruling Authorities.  Recently this issue came before Hon’ble Appellate Authority for Advance Ruling  of Rajasthan  against the judgement by Ld.  Rajasthan Authority for Advance Rulings(RAAR). Appel...

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eform Dir-3 KYC (Director KYC) Filings on Annual Basis

As per Ministry of Corporate Affairs, if any person has been allotted ‘Director Identification Number’ as on 31st March of a financial year as per these rules shall submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year. It should be done before 30th April of the immediatel...

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Deduction u/s 80IC allowable in absence of splitting or reconstruction of existing business

ITO Vs Indica Industries Pvt. Ltd. (ITAT Delhi)

Since assessee had not transferred any old machinery from the existing unit to new unit and the transactions of purchase of raw material from the existing unit were at arm’s length price, deduction u/s 80IC was allowable as there was no splitting up or reconstruction of the business already in existence at Noida Unit. ...

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FAQ Annual Return Form GSTR-9A

Who needs to file Form GSTR-9A ?All taxpayers registered under the composition scheme under GST, for any period during the financial year, need to file Form GSTR-9A.This will include a taxpayer- Who have opted for composition scheme since registration and have never opted out subsequently; and- Who have opted in for composition scheme an...

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4 Recent updates related to SEBI and Company Law

1. SEBI has revised Annual maintenance charges levied on Debt Securities held through Basic Services Demat Accounts from June 1. The move is expected to further boost participation of retail investors in the debt market. Basic Services Demat Account (BSDA) offers limited services at a lower cost for retail investors. SEBI has decided to...

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Sec 194A TDS deductible on interest on loan availed for vehicle purchase

Asstt. Commissioner of Income Tax Vs Ms. Krystal Aviation Services Pvt. Ltd. (ITAT Mumbai)

TDS under section 194A was  liable to be deducted on amount paid towards interest on loan availed for purchasing a vehicle even when the amount in question was debited from the account of assessee through ECS and disallowance under section 40(a)(ia) was to be made for non-deduction of tax at source even when nothing remained outstanding ...

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DIN holders required to file DIR-3 KYC form every year: MCA

MCA Clarification – Filing of e Form DIR – 3 KYC annually by all Directors holding DIN The Ministry of Corporate Affairs (MCA) has on 13th April, 2019, given the clarification with regards to filling of e-Form DIR – 3 KYC by all Directors holding DIN clarifying that all DIN holders are required to file […]...

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Form INC –20A under Rule 23A of Companies (Incorporation) Rules, 2014

Governing Section & Rule: Section 10A(1)(a) of Companies Act, 2013 Rule 23A of Companies (Incorporation) Rules, 2014 inserted vide Companies (Incorporation) Fourth Amendment Rules, 2018. What is INC – 20A? It’s a Declaration by director to Registrar that “Every subscriber to MOA has paid the value of shares  agreed to be taken ...

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SC explains legal effect of dismissal of a SLP by a speaking/ non-speaking order

Khoday Distilleries Ltd. Vs Sri Mahadeshwara Sahakara Sakkare Karkhane Ltd. (Supreme Court of India)

The doctrine of merger is not a doctrine of universal or unlimited application. It will depend on the nature of jurisdiction exercised by the superior forum and the content or subject-matter of challenge laid or capable of being laid shall be determinative of the applicability of merger. The superior jurisdiction should be capable of reve...

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New e-TDS/TCS Return Preparation Utility Ver. 2.6 wef 12th April 2019

New e-TDS/TCS Return Preparation Utility Ver. 2.6 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08. This version of RPU is applicable with effect from April 12, 2019....

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July 2021