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Archive: 15 April 2019

Posts in 15 April 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7173 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

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

April 15, 2019 83010 Views 27 comments Print

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).

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

April 15, 2019 22428 Views 7 comments Print

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 […]

GST Credit on Canteen of an Industrial Unit

April 15, 2019 35598 Views 5 comments Print

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.

New Amendments of 2019 under Companies Act 2013

April 15, 2019 19464 Views 7 comments Print

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. Companies (Incorporation) Rules, 2014 mandating all the companies incorporated […]

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

April 15, 2019 6702 Views 0 comment Print

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.

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

April 15, 2019 37815 Views 4 comments Print

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.

Dharmada cannot be included in transaction value of goods: SC

April 15, 2019 2571 Views 0 comment Print

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

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

April 15, 2019 1563 Views 0 comment Print

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 119(2)(b).

Separate GST registration not required for godowns in different states

April 15, 2019 65310 Views 0 comment Print

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 […]

Analysis of Section 3A of The Companies Act, 2013

April 15, 2019 21954 Views 2 comments Print

You must be aware that section 3A of the Companies Act, 2013 was not part of this act originally at the time of introduction of the Companies Act, 2013, however this section has been inserted in Companies Act, 2013 through Companies (Amendment) Act, 2017 w.e.f. 9.2.2018. Section 3A of the Companies Act, 2013 corresponds to […]

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