"25 April 2019" Archive

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

Notification No. 37/2019-Income Tax [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

Notification No. 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

Notification No. 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 |

Composition taxpayer U/s. 10 & Composition as per N/N 2/2019 -CT(R)

Differences between Composition taxpayer as per section 10 of Central Goods and Services Tax Act, 2017 & Composition as per Notification No. 2/2019 -Central Tax (Rate) dated 07th March 2019. SI.No Composition scheme for all Composition scheme for supplier of service 1 Applicable as per sec 10 of the CGST act Applicable as per Notific...

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Posted Under: Income Tax |

ITC (Input tax Credit) utilization order under GST & clarification

We know that ITC (Input tax Credit) plays a very vital role in GST and avoids cascading effect to a very large extent. The order of utilization of ITC (Input Tax Credit) has undergone a lot of changes in the recent past. There are 3 phases for the same: 1st phase (w.e.f 01.07.2017 to 31.01.2019). […]...

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Posted Under: Income Tax |

Gist of GST Notifications, Circulars and order dated April 23 2019

Gist of Notifications, Circulars and removal of difficulties order issued dated 23rd April, 2019 Notification No. 20/2019-Central Tax :- Revocation of cancellation of registration & Quarterly Statement All Returns due for the Period from the date of order of cancellation of registration till date of the order of revocation of cancella...

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Posted Under: Income Tax |

Stock-in-trade transfers in the year in which sale deed gets executed

Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad)

ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provisions of section 2(47)(v) would apply only t...

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Sec. 44BB Service tax Reimbursement not forms part of aggregate amount

Director of Income Tax International Taxation Vs M/s Schlumberger Asia Services Ltd. (Uttarakhand High Court)

The amount reimbursed to the assessee (service provider) by the ONGC (service recipient), representing the service tax paid earlier by the assessee to the Government of India, would not form part of the aggregate amount referred to in clauses (a) and (b) of sub-section(2) of Section 44BB of the Act....

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FMV of capital asset can be determined only after hearing objections of assessee

Ms. Jagannathan Sailaja Chitta Vs ITO (Madras High Court)

Since a bare reading of scheme of Section 50C would show that assessee could object to presumptive value as per Section 50C (1) and, therefore, it was only after hearing the objections of assessee, the fair market value of capital asset as per 'Guidance Value' could be determined by authorities, therefore, the matter was remitted back to ...

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AAAR / AAR have No jurisdiction to consider admissibility of service tax /VAT credit

In re Kolte Patil Developers Ltd. (GST AAAR Maharashtra)

In re Kolte Patil Developers Ltd. (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling upheld the ruling given by the Advance Ruling Authority by observing  that  since the Appellant has raised questions on the admissibility of the credit of the service tax and VAT paid under the pre-GST regime, it is held that neither [&he...

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Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations, 2019

Notification No. 33/2019-Customs (N.T.) [G.S.R. 326(E)] (25/04/2019)

Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations, 2019 shall apply to export of goods from all customs stations where the Indian Customs Electronic Data Interchange System is in operation....

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Assessment u/s 153C on non-recording of reasons & unsigned order sheet invalid

Sri Sesha Sai Township P. Ltd. Vs ACIT (ITAT Visakhapatnam)

Where AO of searched person had not recorded the reasons and order sheet of  AO of assessee though reasons were typed but remained unsigned, notice issued u/s 153C and the assessment order passed by AO was not valid as AO did not comply with the statutory requirement for issue of notice u/s 153C....

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MCA Advisory on Charge related e-Forms

Form CHG-1/9 – CHG-1/9 containing changes of the Companies (Amendment) Ordinance 2019 is under progress. However, the existing form CHG-1/9 has been restricted for registering charges created or modified on or after 02.11.2018 if the form is filed after 120 days of the date of such creation or modification. Stakeholders may kindly n...

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Posted Under: Income Tax |

RBI permits Foreign Portfolio Investors to invest in municipal bonds

RBI/2018-19/176A.P. (DIR Series) Circular No. 33 (25/04/2019)

As a measure to broaden access of non–resident investors to debt instruments in India, Foreign Portfolio Investors (FPI) are now permitted to invest in municipal bonds.. FPI investment in municipal bonds shall be reckoned within the limits set for FPI investment in State Development Loans (SDLs)....

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New enhancements in e-Way Bill System w.e.f. 23-Apr-19

1. Auto calculation of distance based on PIN Codes of Source & Destination a. Users are allowed to increase it by maximum of 10% b. If both the PINs are same, he can put maximum of 100KM c. If PIN entered is invalid/Not recognized, enter manually, but the same shall be flagged to the department […]...

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Posted Under: Income Tax |

Addition of bogus share capital merely for non- production of directors unjustified

ITO Vs Blisswood Green Infrastructure and Developers Pvt. Ltd. (ITAT Delhi)

Addition under section 68 on account of bogus shre capital was unjustified as the identity and creditworthiness of share subscribers and genuineness of receipt of share capital stood established and non-production of directors of subscriber companies could not be a sole ground to make addition....

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MVAT: Submission of details of sales through Online Ledger Confirmation Utility

Trade Circular No. 15T of 2019 (25/04/2019)

Office of the Commissioner of Sales Tax, (GST),  8th floor, GST Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR No: ACST (VAT)-3/Led. Confirmation/SAP/2018-19/B- 535 Mumbai, Dt 25/04/19 Trade Circular No. 15T of 2019 Subject : Submission of details of sales through Online Ledger Confirmation Utility.. Reference : Trade Circular No. 30T ...

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Model Code for Meetings of Non-Corporate Entities by ICSI

Companies deals with more stringent regulations as compared to Non-corporate Entities which majorly pursue common objectives or formed to provide benefits/services to its members. Non-corporate Entities may be incorporated in the form of society, trust, club, welfare association, civic bodies etc. Usually the Governing Body/Council of Non...

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Posted Under: Income Tax |

Analysis of Banning of Unregulated Deposit Schemes Ordinance 2019

MCA has vide its notification dated 21st February, 2019 notified an ordinance for banning the Unregulated Deposit Scheme with immediate effect. Ordinance is named ‘The Banning of Unregulated Deposit Schemes Ordinance, 2019‘. Deposit– Deposit means an amount of money received by way of an advance or loan or in any other...

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Posted Under: Income Tax |

SC decision on PF calculation lowered take home Salary

For employees with monthly pay of less than Rs 15,000, however, inclusion of all allowances in wages for PF calculation would result in a lower take-home salary. For employees with monthly pay of more than Rs15,000, Calculation of PF for Employer Contribution will be restricted to 12% of Rs. 15,000 only. So there will be no impact for su...

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Posted Under: Income Tax |

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