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Archive: 19 April 2019

Posts in 19 April 2019

AGILE form (INC-35)- 24 things you must know

April 19, 2019 6429 Views 0 comment Print

1. Who all can apply for GSTIN through AGILE form? Any user who intends to incorporate a company through SPICe eform having registered office address can now also apply for GSTIN through this eform. The application (SPICe) for incorporation of a company shall be accompanied by a linked e-form AGILE to obtain GSTIN along with […]

New Format of Form 16 & Form 24Q in line with changed ITR-1

April 19, 2019 17076 Views 0 comment Print

New Format of Form 16 (TDS Certificate) & Form 24Q (e_TDS Return) in line with Changed Income Tax Form ITR – 1 The CBDT has recently made changed in the Form 16 & Form 24Q vide notification Dated April 12, 2019 which will be effective from May 12, 2019. Looking at the due date for […]

Misinterpretation of Section 12A(1)(ba) by CPC shall lead to Huge Tax Demands

April 19, 2019 32106 Views 6 comments Print

Draconian Misinterpretation of Sec. 12A(1)(ba) of the Income Tax Act, 1961 by CPC (Income Tax Centralized Processing Center) shall lead to Huge Tax Demands The Finance Act, 2017 has inserted a new provision sec. 12A(1)(ba) w.e.f. 01/04/2018 (applicable from A.Y. 2018-19 and onwards as follows: “Conditions for applicability of sections 11 and 12. 12A. (1) The provisions of section […]

FAQs on IGST Refunds on Goods Exported out of India

April 19, 2019 5616 Views 1 comment Print

What is Zero Rated Supply under GST? Under GST, exports and supplies to SEZ are zero rated as per Section 16 of the IGST Act, 2017. By zero rating, it is meant that the entire supply chain of a particular supply is tax free, i.e., there is no burden of tax either on the input […]

Development Rights and its Taxability under CGST Act, 2017

April 19, 2019 3756 Views 0 comment Print

Transfer Of Land And Its Developments Rights Under GST Regime We generally consider land as an immovable property, it is a part of surface of Earth not covered by water or land is an area of ground, especially one that is used for a particular purpose such as farming or building. Now we have to […]

Annual E-Filing as Per Companies Act 2013

April 19, 2019 8055 Views 1 comment Print

Every Company incorporated under Companies Act 2013 or any previous Act is required to file financial statements along with Annual return every year in the following E-forms with the Registrar of Companies:- AOC4- For Filing Balance Sheet AOC 4 CFS- For Filing Statement containing features of consolidated financial statements of Group Companies AOC 4 XBRL- For Filing Financial […]

Rule of Issuing Invoice in GST for financial year 2019-20

April 19, 2019 72390 Views 6 comments Print

According to Rule 46 (b) of the CGST Rules 2017, it has been specified that the GST tax invoice issued by a registered person -should have a consecutive serial number, -not exceeding 16 characters -in one or multiple series -containing alphabets or numerals or special characters and any combination thereof unique for a financial year. […]

In absence of consideration service tax cannot be charged

April 19, 2019 2322 Views 0 comment Print

Arguably, service tax payment is necessary when the four things are satisfied;(i) There is a service(ii) There is a service provider(iii) There is a service recipient(iv) There is a consideration for such service paid by the recipient of service to the provider of the service.

Pre-GST Cases should be decided at the earliest : Allahabad HC

April 19, 2019 1017 Views 0 comment Print

M/s LG Electronics (India) Pvt Ltd Vs. State of U.P. (Allahabad High Court) The Sale Tax regime came to an end on 13th May, 1994. Thereafter, Trade Tax regime came into force by U.P. Act No. 31 of 1995 with effect from 14.5.1994 but, the scheme of the erstwhile that continued without any change in […]

Competition from exempt /compounding manufacturers not valid ground to indulge in Profiteering

April 19, 2019 1128 Views 0 comment Print

The claim of the Respondent that he could not have reduced his prices after the tax reduction due to stiff competition from other exempted and compounding manufacturers, resistance from his customers, increase in the raw material and transportation costs and he was providing robust profit margins and discounts to his dealers cannot be accepted as the present proceedings are only conecerned with ascertaining whether the Respondent had passed on the benefit of rate reduction to his customers or not

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