"25 April 2019" Archive

CBDT notifies India-USA agreement on exchange of Country-by-Country reports

Notification No. 37/2019 [S.O.1653(E)] (25/04/2019)

S.O.1653(E).—Whereas an Inter-Governmental Agreement for Exchange of Country-by-Country Reports was entered into by the Government of the Republic of India and the Government of the United States of America, which was signed at New Delhi on 27th day of March, 2019 (hereinafter referred to as the said Agreement and enclosed herewith as...

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Interest Whether on Gross or Net GST Dues?

Interest Whether on Gross or Net GST Dues?? HC Ruling and Additional Contentions 1. Recently, Telangana High Court in the case of Megha Engineering & Infrastructures Ltd. v. The Commissioner of Central Tax and others (Writ Petition No. 44517 of 2018) held that in the event of the delayed filing of the return, the interest […]...

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Posted Under: Income Tax |

Companies (Incorporation) Fourth Amendment Rules, 2019

G S R. 332(E) (25/04/2019)

In In the Companies (Incorporation) Rules, 2014, in rule 25A, in sub-rule (1), in the third proviso, for the words and figures 'on or after 26th April, 2019, the words and figures 'on or after 16th June, 2019 shall be substituted....

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Rs. 10000 Fees on Filing of e- Form ACTIVE after 15.06.2019

F. No. 01/16/2013 CL-V (Pt-I) [G.S.R. 329(E)] (25/04/2019)

FEE FOR FILING e- Form ACTIVE under rule 25A of the Companies (Incorporation) Rules, 2014 (i) Fee payable till 15.06.2019 on e -form ACTIVE- Rs, Nil (ii) Fee payable (in delayed case). Rs. 10,000...

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80C Limits Have Not Increased but Your Savings Can, Here’s How?

Like every year, this time too, taxpayers were hoping for announcements that would reduce their tax burden. One notable speculation was that the government would use the opportunity to please the salaried taxpayers by enhancing the limits for deduction under Section 80C. The wishlist of the common man was simple – increase the prese...

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Posted Under: Income Tax |

GST Statement / Return to be filed by 6% Composition dealers

Special procedure for person paying tax under section 10 or availing benefit of Notification No. 2/2019-Central Tax (Rate) dated 07th March 2019 The Central Board of Indirect Taxes and Customs, vide notification no. 21/2019 – Central Tax dated 23rd April, 2019 has laid down special procedure to be followed by specified categories of pe...

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Posted Under: Income Tax |

MCA Extends due date of filing Form No. INC-22A ACTIVE

G S R. 330(E) (25/04/2019)

MCA has extended due date for filing FORM NO. INC-22A - ACTIVE (Active Company Tagging Identities and Verification) - Prescribed under [Rule 25A of The Companies (Incorporation) Rules. 2014 from existing 25.04.2019 to 15.06.2019....

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Latest Clarification on Manner of Utilisation of Input Tax Credit

The registered taxpayer under GST is very much concerned about the ITC utilization rules since dealing with three types of ITC i.e. ITC of IGST, CGST and SGST. The taxpayer has already seen various amendments in the utilization rule which directly affects its finance. The amendment in ITC utilization rule, vide insertion of section 49A, [...

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Posted Under: Income Tax |

ITC Reversal of Common GST Credit of Input & Input Services

Manner of ITC Reversal of Common credit of Input and Input Services In GST Law provision has been made for reversal of ITC of Common credit of Input and Input Services used commonly between Taxable Business Supplies, Non business Supplies and Exempt Supplies . Below is the clarification with example on the relevant provision:- Common [&he...

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Posted Under: Income Tax |

Relief to service suppliers under new GST Composition Scheme

Quarterly tax payment and annual filing of return for taxpayers availing the benefit of Notification No. 02/2019– Central Tax (Rate) {N/N 21/2019 -CT dt 23/04/2019} Notifies the registered persons paying tax under the provisions of section 10 of the said Act or by availing the benefit of notification of the Government of India, Ministry...

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Posted Under: Income Tax |