"May, 2019" Archive

Union Budget for 2019-20 on Friday, 5th July, 2019

The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday, the 5th July, 2019 at 11.00 am and after presentation/laying of the Budget, the respective Houses will be adjourned for the day....

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Posted Under: Finance |

Challenges of New GST Returns

The Annual GST Return is an important document as the facts/ figures/ data disclosed in this document carries various implications. Any incorrect information may attract serious amount of litigations and disputes with the concerned tax authorities and accordingly the assesse may face various hardships. All big and small firms have already...

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Posted Under: Finance |

Amount claimed to be received as nominee of deceased friend without supportive documents is taxable

Shri Satyendra Nath Kukreja Vs ITO (ITAT Delhi)

Shri Satyendra Nath Kukreja Vs ITO (ITAT Delhi) AR for the assessee challenging the impugned order passed by ld. CIT (A) contended that since the assessee has received the amount in question as a nominee of Shri Tek Chand Bhardwaj after his death being a childhood friend, the same is not liable to be taxed; […]...

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Traders & Farmers to get pension coverage : Major Decision by Govt

In Some Major decisions Government has decided to give pension coverage to Traders, PM-KISAN Scheme extension to include all eligible farmer families irrespective of the size of land holdings and Pension scheme to secure lives of 5 crore farmers in three years. 1. Traders to get pension coverage! Cabinet clears pension scheme for traders ...

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Posted Under: Finance |

ICAI President’s Message – June 2019

hile UDIN will be made mandatory under 3rd and final phase for all attest and assurance functions from 1st July 2019, in the mid 2nd phase, the number of UDINs generated has crossed the one million mark....

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Posted Under: Finance |

Anurag Thakur takes charge as Minister of State for Finance & Corporate Affairs

Shri Anurag Singh Thakur assumed charge of office as the Union Minister of State (MoS) for Finance & Corporate Affairs here today.  Shri Thakur took the charge in the august presence of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman....

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Posted Under: Finance |

HC expresses concern at tendency of Dept to file unnecessary appeals u/s. 260-A

Pr. CIT(A) Vs M/s Bank Note Paper Mill (Karnataka High Court)

Pr. CIT (A) Vs M/s Bank Note Paper Mill (Karnataka High Court) HC expresses concern and anguish at the tendency of the Revenue Department to file unnecessary appeals u/s. 260-A of the Act even though the issues are ex facie covered by the decision of the jurisdictional High Courts or even the Hon’ble Supreme Court […]...

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12 Errors in GST Law and Forms which needs to be resolved

1. The period mentioned in GSTR 9 needs to be changed from Sept 2018 to March 2019 2. IGST paid on Import in the year 2017-18 but claimed in 2018-19 Current: 3. Erroneous Auto Population in column 8A of GSTR-9 4. Error faced by assessee migrated from regular tax scheme to composition scheme...

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Posted Under: Finance | ,

Depreciation allowable on Customer Relationship Rights as Goodwill

M/s. Incap Manufacturing Service Pvt. Ltd. Vs DCIT (ITAT Bangalore)

M/s. Incap Manufacturing Service Pvt. Ltd. Vs DCIT (ITAT Bangalore) The sole disputed issue raised by the assessee in respect of granting of depreciation on Customer Relationship Rights which is in the nature of non-compete fee. We found that the co-ordinate bench of the Tribunal based on the findings of the AO. has observed that [&hellip...

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Smt. Nirmala Sitharaman takes charge as Union Minister of Finance & Corporate Affairs

Smt. Nirmala Sitharaman assumed charge as the Union Minister of Finance & Corporate Affairs here today.  She was greeted at the office in North Block by Minister of State for Finance & Corporate Affairs designate, Shri Anurag Singh Thakur, Finance Secretary Shri Subhash Chandra Garg and other Secretaries of the Ministry. Smt. Sit...

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Posted Under: Finance |