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Archive: 23 April 2019

Posts in 23 April 2019

TReDS all Compliance required for registration

April 23, 2019 31245 Views 7 comments Print

TReDS = A Gateway of Finance for MSMEs Seller With the daily changes in the laws taking place around us, a new concept of Trade Receivables Electronic Discounting System i.e. TReDS has been introduced with the MCA notification dated 02.11.2018 which mandates all the companies with turnover of more than Rs 500/- crore to register […]

Time allowed for filing of return of income by Trust claiming exemption

April 23, 2019 29418 Views 3 comments Print

Thus, for a trust registered u/s 12AA of the Act to avail the benefit of exemption u/s 11 shall inter-alia file its return of income within the time allowed u/s 139 of the Act. Accordingly, orders u/s 143(1)(a) in those cases in which demand has been raised on this issue may please be rectified.

A relook at Income Tax changes applicable for A.Y.2018-19 – Part 2

April 23, 2019 2022 Views 1 comment Print

As said earlier, the scrutiny selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019. The Finance Act, 2017 has made a slew of changes in various heads of income.  Business incomes and Other incomes are the most toughest of all other sources that leads to additions, disallowances […]

Deductions U/s 80IA coming to an end in respect of certain incomes

April 23, 2019 19389 Views 0 comment Print

This article attempts to briefs about the deductions U/s 80IA which is coming to end for certain categories of enterprises in respect of certain incomes. (a) Developing Roads etc. :  The eligible enterprise should commence business between 01.04.1995 and 31.03.2017.  100% of profit for any 10 consecutive assessment years in a block of 20 years […]

Why differential treatment of creditors under IBC does not amounts to discrimination

April 23, 2019 4824 Views 0 comment Print

Firstly, there is no real difference between financial and operational creditors as the debtor has an obligation to pay outstanding dues to both the types of creditors. This obligation exists either for the repayment of loans advanced or paying the price of the goods purchased or the services rendered. Hence the distinction lacks the backing of a sound logical differentia.

No TDS on Payment to bank for Credit Card transaction processing

April 23, 2019 1353 Views 0 comment Print

The so-called bank guarantee commission was not in the nature of commission paid to an agent but it was in the nature of bank charges for providing one of the banking services. The requirement of section 194H of the Act, therefore, would not arise.

AAR bound to pronounce ruling within 90 days of receipt of application

April 23, 2019 369 Views 0 comment Print

In re Kayden Investments Pvt. Ltd. (GST AAR Haryana) In order to decide the admissibility of the application, the applicant was called upon to appear before this Authority on 12.04.2019 vide memo no. 664 dated 09.04.2019, but none appeared on behalf of the applicant. Thereafter, notice of appearance was sent for 22.04.2019 vide memo no. […]

After amendments Onus of proving a benami transaction rests entirely on owner/ benamidar

April 23, 2019 4317 Views 0 comment Print

Shri Akashdeep Vs Manpreet Estates LLP (Appellate Tribunal For PBPT Act) It is correct that after amendment in Prohibition of Benami Property Transactions Act, 1988 (PBPT Act) , the onus of proving a benami transaction rests entirely on the shoulders of the respondents. Before amendment, the burden of proof was on the prosecution to prove […]

Intent or objective of any club or association immaterial for leviability of GST

April 23, 2019 1392 Views 0 comment Print

Accordingly, it is believed that under the GST Law, the intent or objective of any club or association is immaterial in so far as the leviability of GST is concerned. Therefore, provision by club, association, society, or any such body (for a subscription or any other consideration) of the facilities or benefits to its members will surely attract GST irrespective of the fact that such club is not set up with the objective of providing any goods or service to its members.

Manner of determining minimum allotment for publicly offered InvITs and REITs

April 23, 2019 786 Views 0 comment Print

For determining the allotment in an initial offer, by a publicly offered InvITs/REITs, following guidelines shall be applicable: The value of each allotment lot shall not be less than Rs 1 lakh for InvITs and Rs 50,000 for REITs, where such lot shall consist of 100 units. Allotment to any investor shall be made in the multiples of a lot.

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