"16 April 2019" Archive

CBDT Amends Form-16 and Form-24Q

CBDT vide Notification No. 36/2019/F.No. 370142/4/2019-TPL dated 12th April, 2019 has amended Form 16 and Form 24Q. The said notification will come into effect from 12th May, 2019. Recently the CBDT notified the new Income Tax Return Forms for AY 2019-20. The new ITR Forms requires that the salary income reported in ITR must be […]...

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Posted Under: Income Tax |

Critical Aspects for GST Returns in 2019

In light of the recent barrage of notifications, Act amendments, we have prepared a small article on few major changes that GST has undergone, and the impact it could have on the GST returns in the year 2019. We would be speaking on the following topics: 1. RCM on Security Personnel services 2. RCM on […]...

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Posted Under: Income Tax |

GST Impact on Supply of Used Car

Introduction: Since one and half year from date of implementation of GST, there are several confusions regarding rate of tax applicable on supply of motor vehicles. In this article I would like to throw some light on changes on GST implications on supply of old/used vehicles. In this article we would aim to cover: 1) […]...

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Posted Under: Income Tax |

Nyay or Anyay a Bhagwat Gita Analogy

A recent political propaganda is going viral and drawing glares across the country: ‘Under the ‘Nyay’ scheme, Nyuntam Ayay or Minimum Income of Rs. 6000 per month (Rs. 72000 annually) would be directly credited to the Below-Poverty-Line families resembling 20% of India’s poor families. Honestly speaking, on the basis of ration...

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Posted Under: Income Tax |

Analysis of recent changes by MCA, SEBI, CBDT, RERA & CBIC

MCA Amendment No. 1: Filing of DIR-3 KYC required on an annual basis: It has been clarified by the MCA on 13th April, 2019 that DIN holders are required to file the DIR-3 KYC Form every year, so that they are aware of and confirm the data and information as available in the MCA21 system. MCA has mentioned […]...

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Posted Under: Income Tax |

Incorporation of Company- Recent Changes

With the advent of Companies Act, 2013 the series of amendments, regular notifications, insertion of new rules, frequent updates in the forms has become a thing of common. One such Chapter of Companies Act, i.e. Chapter II Incorporation of Company and Matters Incidental thereto has underwent quite frequent changes especially in the manner...

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Posted Under: Income Tax |

TDS U/s. 195 not deductible on commission paid to USA based payee

ACIT Vs M/s Calcutta Export Co. (ITAT Kolkata)

ACIT Vs M/s Calcutta Export Co. (ITAT Kolkata) The Revenue has failed to place on record even a single document throwing light towards the fact that the payee herein has rendered any of its services in India thereby making it liable to be assessed u/s 9 r.w.s 5 of the Act. The assessee’s payee has […]...

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CIT(A) cannot permit an assessee to withdraw an appeal or dismiss it in limine

Ms Deekay Gears Vs ACIT (ITAT Mumbai)

Ms Deekay Gears Vs ACIT (ITAT Mumbai) Undisputedly, in the course of proceedings before the first appellate authority the assessee had filed letter dated 19thSeptember 2017, seeking withdrawal of the appeal. Taking note of the said letter, learned Commissioner (Appeals) dismissed assessee’s appeal in limine without deciding it on merit....

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Sec. 54 deduction available on purchase of flats even if investment was not made out of sale proceeds

Neelam Nananni Vs Income Tax Officer (ITAT Mumbai)

Neelam Nananni Vs ITO (ITAT Mumbai) Conclusion: Deduction under section 54 was available on purchase of  new flats by assessee from long-term capital gain earned on sale of old asset even if investment was not made out of the proceeds of capital gain. Held: Assessee earned a long-term capital gain on the sale of immovable […]...

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Clarification on DIR-3-KYC

Ministry of Corporate Affairs has issued clarification on  Filing of DIR-3-KYC annually by DIN holders. It is evident from filing of DIR-3-KYC for financial year 2019-20 that DIR-3-KYC is not required to be filed every year as DIR-3 KYC available on MCA website is not taking DIN of Directors who has already filed DIR-3 KYC but […...

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Posted Under: Income Tax |