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Archive: 23 April 2019

Posts in 23 April 2019

Income Tax Provisions an NRI should know!!

April 23, 2019 37209 Views 26 comments Print

Are you an *NRI (defined at the end), then you should know few provisions of Indian Income Tax Act which treat NRIs differently from resident Indians. I have tried to articulate few provisions of Income Tax Act, which makes tax implication on residents Indian and NRIs different: 1.For Residents, their global income is taxable while […]

ITR Forms for AY 2019-20 New Changes & Additional information

April 23, 2019 29463 Views 0 comment Print

Discover the new changes and additional information in the ITR forms for AY 2019-20. Stay updated with the latest requirements for filing your income tax return.

FORM INC-22A (E-ACTIVE) applicability & practical problems: FAQs

April 23, 2019 70866 Views 11 comments Print

Which companies are required to file the Form INC-22A ACTIVE? Every company incorporated on or before 31st December, 2017 except excluded companies shall file form INC- 22A.

Treatment of Free samples, Discounts & Offers under GST

April 23, 2019 28617 Views 1 comment Print

You cannot claim Input Tax Credit (ITC) on the inputs, input services and capital goods to the extent they are used in relation to the free samples and gifts supplied without any consideration.

Important ROC form | Creation/modification of Charge | Form No. CHG 1

April 23, 2019 65901 Views 1 comment Print

CHARGE Companies Act, 2013: Section 77 to 87 and Companies (Registration of Charges) Rules, 2014. Form CHG-1 is to be filed by every company to intimate the Registrar of Companies regarding creation/modification of charge within or outside India, on its property or assets or any of its undertakings, whether tangible or otherwise to register the […]

e-Way Bill System Enhancements in e-Way Bill System (April-2019)

April 23, 2019 59100 Views 1 comment Print

Following are the enhancements in e-Way Bill System: 1. Auto calculation of distance based on PIN Codes 2. Knowing the distance between two PIN codes 3. Blocking the generation of multiple e-Way Bills on one Invoice/Document 4. Extension of e-Way Bill in case the Consignment is in Transit/Movement 5. Report on list of e-Way Bills about to expire soon

Section 56(2)(vii) not applies to stock-in-trade

April 23, 2019 7377 Views 0 comment Print

Provisions of section 56(2)(vii) have application to ‘property’ which is in nature of a capital asset of recipient and, thus, when assessee purchased a piece of land as stock-in-trade, the addition made by AO in respect of the purchase of land by invoking provisions of section 56(2)(vii)(b)(ii), was to be set aside.

Restrictions on formation of LLP with Manufacturing Activities withdrawn by MCA

April 23, 2019 4902 Views 0 comment Print

1. MCA Issued Circular bearing Vide OM No. CRC/LLP/e-Forms Dated 06.03.2019 directing that incorporation of LLPs and conversion into LLPs with the proposed business activity(ies) including manufacturing & allied activities are not to be allowed. It stated that the LLPs as body corporate has been set up for the purposes of carrying out business activities related […]

Personal Loan Offers that Come with Zero Processing Fees

April 23, 2019 41622 Views 52 comments Print

Personal Loan Personal loans are unsecured loans available to meet your financial needs. Both salaried, as well as self-employed people can borrow this loan to help meet their personal expenses such as debt consolidation, wedding expenses, medical expenses, vacations etc. Practically these loans can be used for almost any type of expenses that are vital […]

Financial impact of HC Judgment on Section 50 GST interest

April 23, 2019 6021 Views 7 comments Print

The liability to pay interest under Section 50 (1) is self-imposed and also automatic, without any determination by any one. Hence, the stand taken by the department (i.e. interest is to be paid on Gross Value of tax payable without adjusting available ITC) that the liability is compensatory in nature, appears to be correct

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