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Archive: 15 April 2019

Posts in 15 April 2019

GST on interest subvention income received by DFSI from Mercedes-Benz

April 15, 2019 14757 Views 0 comment Print

In re Daimler Financial Services India Private (GST AAR Tamilnadu) Whether the interest subvention income received by Daimler Financial Services India Private Limited (DFSI) from Mercedes-Benz India Private Limited (MB India) to reduce the effective interest rate to the final customer is chargeable to GST? The interest subvention income received by Daimler Financial Services India […]

18% GST Payable on Gemini Modern Auto / Traditional Coffee Filter

April 15, 2019 3156 Views 0 comment Print

In re Ms. V. V.Enterprises Private Limited (GST AAR Tamil Nadu) 1. Gemini Modern Auto Coffee Filter and Gemini Modern Traditional Coffee Filter supplied by the applicants are classifiable under Chapter Heading 84198190. 2. For the period 01.07.2017 to 14.11.2017, the applicable rate on “Gemini Modern Auto Coffee Filter” and “Gemini Modern Traditional Coffee Filter” […]

No disallowance u/s 14A in absence of exempt income

April 15, 2019 4152 Views 0 comment Print

In the present case, AO noticed investments made by assessee-company and invoked section 14A leading to disallowance whereas assessee claimed that no dividend income earned during the year under consideration. It was held since assessee-company did not have any dividend income and it had strategic investment therefore no disallowance under 14A could be made.

Transport and Marketing Assistance (TMA) : An Incentive Scheme to Boost Agri-Exports

April 15, 2019 21018 Views 5 comments Print

As a part of implementation action plan of Agriculture Export Policy, 2018, which the Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved in December 2018, with an aim to double the shipments to $60 billion by 2022 and integrating Indian farmers and agricultural products to the global value chain, the government now […]

15 Important Changes in New ITR Forms for F.Y. 2018-19

April 15, 2019 27717 Views 4 comments Print

Arjuna (Fictional Character) : Krishna, new ITR forms have been notified by CBDT, what is your view on that? Krishna (Fictional Character): Arjuna, recently CBDT has notified new changes in the ITR for F.Y. 2018-19 and now the taxpayers will have to give detailed information of their agriculture income, gross profit and net profit from […]

Place of Effective Management in India – A Detailed Analysis

April 15, 2019 67437 Views 3 comments Print

Background   The term “Place of Effective Management’ (POEM) had already been in existence in the Income Tax Act, 1961 (‘The Act’) for the purpose of application of special provisions for taxing shipping companies based on their POEM. However, the usage of the concept for the purpose of determination of residence of a foreign company […]

Compulsory dematerialisation of Securities for Unlisted Public Limited Companies

April 15, 2019 10218 Views 2 comments Print

The Ministry of Corporate Affairs vide notification dated.10.09.2018 had introduced a new set of compliance regime for Unlisted Public Companies under Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018 by inserting a new sub rule 9A after the existing Rule . Benefits  entailed 1.  Transparency 2. Protection of the interest of the Investors […]

Requirement of documents for online IEC application-modification Reg.

April 15, 2019 1383 Views 0 comment Print

In case the RA observes that there is any variance in the records vis-a-vis the details in IEC, RA should ask the applicant / send an email to the applicant entity at the registered email ID and ask them to rectify the deficiencies / variance noticed in the application / records. Sufficient time of 15 days from the date of communication may be provided to the applicant to rectify such deficiencies; failing which the RA may suspend the IEC.

Why J&K, & New Approach to Terrorism will Remain a Key Political Issue

April 15, 2019 504 Views 0 comment Print

During the course of election campaign, whenever issues relating to the terror attack at Pulwama and the Air Strikes at Balakot are raised, India’s Opposition is on the back-foot. Why are national security and terrorism related issues being made into subject matters of electoral debate? This is a question they raise.

Tariff Notification No. 31/2019-Customs (N.T.) dated 15th April, 2019

April 15, 2019 936 Views 0 comment Print

Tariff Notification No. 31/2019-Customs (N.T.) dated 15th April, 2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver – Reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 31/2019-CUSTOMS (N.T.) New Delhi, 15th April, 2019 […]

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