"26 April 2019" Archive - Page 2

Guide to related party transaction

With growing participation of investors and other stakeholders in companies, the question of transparency in arrangements with related parties has often been a topic of much debate and discussion. With the objective to usher increased degree of transparency in such transactions, to determine the exact financial position of the entity, Sec...

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Posted Under: Company Law |

Mere delay in TDS deposit in time is offense sufficient to attract Section 276B

Golden Gate Properties Ltd Vs DCIT (Karnataka High Court)

Golden Gate Properties Ltd Vs DCIT (Karnataka High Court) Section 278AA makes it clear that in order to get over the penal consequences that follow on account of non-payment of tax deducted at source, it is open for the accused persons to come clean of the said charge by showing reasonable cause for failure to […]...

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Macro for Demand Draft preparation application letter

There are various method of payment available like cash, cheque, DD, NEFT, RTGS etc. In case of every business enterprise demand draft need to be prepared. Now a days demand draft are generally asked by the Govt authorities, for participating in tenders and for making payment to vendors. For preparation of Demand Draft there is […]...

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Posted Under: Company Law |

Rationale and Design of a Sound Insolvency and Bankruptcy Law

The BLRC Report proposed the introduction of a Comprehensive Code on Insolvency and Bankruptcy which provides for a comprehensive reform, covering all aspects of insolvency and bankruptcy along with an aim for a time bound resolution mechanism in order to maximise the value of assets of all stakeholders. It is aimed to be efficient, cost ...

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Posted Under: Company Law |

If place of supply & service provider are in same State, CGST & SGST is payable

In re Bilcare Limited (GST AAR Maharashtra)

In re Bilcare Limited (GST AAR Maharashtra) In the present case we find that, though the location of the recipient is outside India, the services supplied are in respect of goods which are made physically available by the recipient of the services to the supplier of the services for the services to be performed. We […]...

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Stadiometer & Infantometer falls under tariff item 90189019

In re Medi Waves Inc (GST AAR Haryana)

In re Medi Waves Inc (GST AAR Haryana) Both Stadiometer and Infantometer are medical instrument used exclusively for clinical and medical experimental purposes and are not scale rods or divided scales of general nature. Hence, these are covered under tariff item 9018 90 19 (other category) with rate of tax being 12% (6% each under [&helli...

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RBI extends Ombudsman Scheme to eligible Non-Deposit Accepting NBFCs

Press Release : 2018-2019/2542 / Notification No. Ref. CEPD. PRS. No.4535/13.01.004/2018-19 26/04/2019

Reserve Bank Extends Ombudsman Scheme for Non-Banking Financial Companies to eligible Non-Deposit Taking Non-Banking Financial Companies with effect from April 26, 2019....

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Vacancies with Air India for CA/ICWA/MBA/CA & ICWA Inter/B.Com

Air India have 25 vacancies for the post of Accounts Executive for who should be CA/ICWA/MBA-Finance (full time) with 2 years experience (Preferably in IT Systems) and they have 36 vacancies for the post of Accounts Clerk who should be CA Inter / ICWA Inter or B.Com with two years experience in SAP (Airline Accounting) […]...

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Posted Under: Company Law |

GST on tobacco leaves procured at auction platforms or directly from farmers

In re M/s. VST Industries Limited (GST AAR Andhra Pradesh)

The GST Rate of tax for the tobacco leaves procured at tobacco auction platforms or directly from farmers, which are cured and dried by farmers themselves is 5% as per the notification 4/2017 Central Tax (Rate), under 'Reverse charge'...

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Normal Tax paid cannot be adjusted against Tax on Income disclosed under IDS

Umesh D. Ganore Vs Pr. CIT (Bombay High Court)

Advance tax, self assessed tax and TDS paid prior to filing of declaration, should not be adjusted towards discharge of assessees liability to pay tax, surcharge and penalty under the scheme of Income Tax Declaration Scheme, 2016 in absence of any specific provision in the scheme, granting benefit of the self assessed tax or advance tax u...

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