"15 April 2019" Archive

How to Save Fee Leviable U/S. 234E for Late / Non Filing of TDS Returns

According to Section 234E of Income Tax Act, a fee for late / non filing of the TDS Return is leviable at the rate of Rs. 200 per day for the period of failure (Not more than the amount of TDS)....

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Posted Under: Income Tax | ,

Changes in Income Tax/GST Provisions Applicable From 1st April, 2019

With the starting of new Financial Year 2019-20 some changes have been made in the provisions of Income Tax Laws which were proposed in the Interim Budget 2019 by Hon’ble Finance Minister Piyush Goyal. These changes will be applicable from 1st April, 2019 onwards which are as follows: ♦ SECTION 87A REBATE  Individual taxpayers with [...

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Posted Under: Income Tax |

GST Credit on Canteen of an Industrial Unit

Newly introduced proviso to Section 17(5)(b) of the CGST Act, 2017 should, inter alia, enable availment of input tax credit for goods and services procured for providing canteen facility to employees, where the employer is obligated to provide such canteen facility under any law for the time being in force....

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Posted Under: Income Tax |

New Amendments of 2019 under Companies Act 2013

The Ministry of Corporate Affairs (MCA) in the month of January & February 2019 has issued the following amendments notification under the Companies Act 2013 (the Act): 1. Changes in Companies (Significant Beneficial Owners) Rules 2018 to identify individuals/entities having significant control over the affairs of a company. 2. Comp...

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Posted Under: Income Tax |

Interest on NPAs cannot be taxed on accrual basis in case of NBFC

Pr. CIT Vs Bajaj Finance Limited (Bombay High Court)

Even if there was a special provision in s. 43D for taxing interest income on NPAs on receipt basis but the same did not apply to NBFCs, therefore, NBFCs had not to offer interest on bad or doubtful debts to tax on accrual basis as as the same was not taxable on basis of real income theory....

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Branch Office or Subsidiary Company: Which is a Better Option for a Foreign Company Entering India

A foreign company can commence operations in India by incorporating the subsidiary company most preferably as a Private limited company under the Companies Act, 2013. It is treated as a domestic company under Indian taxation laws and is eligible for all exemptions, deduction benefits as applicable to any other Indian Company. ...

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Posted Under: Income Tax |

Sec. 68 addition unjustified when assessee explains both nature & source of share capital

M/s Baba Bhootnath Trade & Commerce Ltd. Vs ITO (ITAT Kolkata)

Since assessee had explained both the nature & source of share capital received with premium and also submitted PAN details, bank account statements, audited financial statements and Income Tax acknowledgments to prove the identity, creditworthiness and genuineness of the share applicants, therefore, addition under section 68 was unjustif...

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Dharmada cannot be included in transaction value of goods: SC

M/s D.J. Malpani Vs Commissioner of Central Excise, Nashik (Supreme Court of India) Civil Appeal No. 5282 of 2005

When an amount was paid as Dharmada along with the sale price of goods, such payment was not made in consideration of the transfer of goods but for charity, therefore, the same did not form part of the income of assessee and could not be included in the transaction value or assessable value of the goods...

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Posted Under: Income Tax |

Depreciation claimed in revised return cannot be denied for non-claim in original return

Gilbarco Veeder Root India Private Limited Vs Dy. CIT (ITAT Mumbai)

Since assessee had duly filed revised return within the mandate of section 139(5), therefore, the same could not be treated as non est and claim of depreciation in revised return could not be denied on the ground that it was not claimed in original return and also, assessee was not required to seek condonation of delay in terms of section...

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Separate GST registration not required for godowns in different states

In re Gandhar Oil Refinery (India) Limited (GST AAR Maharashtra)

In re Gandhar Oil Refinery (India) Limited (GST AAR Maharashtra) Question 1:- Whether the applicant requires registration in each State separately? Answer :- In the present case as mentioned above the place of supply is the location of the importer who is situated in the State of Maharashtra and hence the applicant will be clearing [&hell...

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