"02 May 2019" Archive

Review of Tribunal order on a possible hidden transaction not permissible

JCIT Vs M/s. Flipkart India Private Limited (ITAT Bangalore)

Power of review is not an inherent power but must be conferred by law either specifically or by necessary implication. Courts have consistently held that review proceedings imply those proceedings where a party, as of right, can apply for reconsideration of the matter already decided upon after a fresh hearing on the merits of the contro...

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Analysis of GST Circular/Notification/Press Release issued or or after 23.04.2019

CBIC has issued two more Circulars, viz, Circular No. 100 dated 30.4.2019 on applicability of GST on seed certification tags and Circular No. 101 dated 30.4.2019 on GST exemption on upfront amount payable in installments for long term lease of plots. Earlier 3 Notifications, 2 Circulars and one Order were issued on 23.04.2019. Circular No...

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Posted Under: Income Tax |

Reversals under GST for Inputs and Capital goods if used for providing partly taxable and partly exempt supplies

Under Rule 42 a registered person has to reverse the portion of the input tax credit availed attributable to its exempt supplies. A formula therein has been prescribed for such reversal...

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Posted Under: Income Tax |

GST – Input Tax Credit And Utilization

The Article on GST- Input Tax Credit and Utilization highlights: (a) Definitions of Input tax credit, Input tax, Input, Input services and Capital Goods. (b) Eligible Input tax credit and illustrative list of expenses (c) Taxes paid on supply of goods or services which are not eligible for input tax credit (d) Conditions to be fulfilled f...

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Posted Under: Income Tax |

GST collection for April 2019 recorded highest collection

GST Revenue collection for April, 2019 recorded highest collection since GST implementation The total gross GST revenue collected in the month of April, 2019 is Rs 1,13,865 crore of which CGST is Rs. 21,163 crore, SGST is Rs 28,801 crore, IGST is Rs 54,733 crore (including  Rs 23,289 crore collected on imports) and Cess is […]...

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Posted Under: Income Tax |

CBIC notifies Rate of Exchange of Foreign Currencies wef 03.05.2019

Notification No. 35/2019-Customs (N.T.) (02/05/2019)

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 3rd May, 2019 notified vide Notification No. 35/2019–Customs (N.T.) dated 2nd May, 2019....

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Temporary Surrender and Revival of Professional Membership of Insolvency Professional

No. IBBI/IP/021/2019 (02/05/2019)

Temporary surrender of professional membership creates inconveniences where the IP is:(a) conducting a process - corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy - under the Code;(b) is acting as an authorised representative representing any class of financial creditors;...

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Reversal of GST ITC on Real Estate on Transition w.e.f. 01-04-2019- Complete Guide

GST on Real Estate under new regime from 01-04-2019 & Reversal of ITC for supply which has time of supply after 31-03-2019 GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower […]...

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Posted Under: Income Tax | ,

RTI – A weapon to CA CS CMA Students

Today, I have a great news to share with you all, especially for the students of Professional courses viz., CA – Chartered Accountancy, CS – Company Secretary, CMA – Cost and Management Accountancy and also useful for other students. On 11th of April, 2019 The Supreme Court of India under the Coram, HON’BLE MR. JUSTI...

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Posted Under: Income Tax |

All about Indian Accounting Standards (Ind As) and Its Implementation

1. What are IND AS? IND AS stands for Indian Accounting standards and are converged standards for International Financial Reporting standards (IFRS). In simple terms, Indian accounting standards came into existence to meet the requirements of IFRS. The Government of India in consultation with ICAI decided to converge and not to adopt IFRS...

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Posted Under: Income Tax |

Interest on I-T Refund cannot be denied for Mistake committed by assessee

Pr. CIT Vs State Bank of India (Bombay High Court)

Pr. CIT Vs State Bank of India (Bombay High Court) The Assessing Officer has been given no discretion in the matter of granting interest. The amount of interest has to be paid to an assessee in terms of Section 244A of the Act. The only limitation provided therein under Section 244A of the Act is […]...

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All about MSME Form I – Initial Return & Half yearly Return

This article is regarding to ‘Micro and Small Enterprise Suppliers’ notified as MCA notification on date 22nd January 2019 “Specified Companies (Furnishing of Information about payment to micro and small enterprise suppliers) Order, 2019” Act Reference e-Form MSME FORM I is required to be filed pursuant to Order dated 22 January,...

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Posted Under: Income Tax |

Conversion of Public Company into Private Company -Checklist

As per Section 14(1) - for conversion of Public Company into Private Limited Company approval of Tribunal is required. By Companies (Amendment) Ordinance, 2018, power of Tribunal has been transferred to Central Government. Therefore, after notification of ordinance Public Company can be converting into Private Company with approval of C...

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Posted Under: Income Tax |

Presentation on GST Audit and Annual Return

Presentation on GST Audit and Annual Return. Covering handy material on Relevant provisions governing GST Audit , Indicative Checklist for GST Audit, Key Focus Areas for GST Audit, Important Facts on GST Annual Return, Annual Return (FORM GSTR-9) and Reconciliation Statement (Form GSTR-9C). About GST Audit What is Audit under GST Law ? An...

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Posted Under: Income Tax |

Disallowance of Interest-free advances made to sister concern

K. T. M. India Vs DCIT (ITAT Delhi)

 If the assessee has huge interest free funds including the profit earned by it during the year, which is sufficient to cover the advancement of loan, then no interest could be disallowed under section 36(i)(iii)....

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No higher GST on preferential location, car parking, common areas & facilities: AAR

In re Bengal Peerless Housing Development Company Limited (GST AAR West Bengal)

GST should not be collected by builders at higher rate on services relating to the preferential location of the unit and right to use car parking space and common areas and facilities...

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Reassessment not valid if Notice under section 143(2) not issued

Pr. CIT Vs Kamla Devi Sharma (Rajasthan High Court)

The issue of notice under section 143(2) in reassessment proceedings, prior to finalizing re-assessment order, cannot be condoned by referring to section 292BB and it was fatal to the order of reassessment....

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Retraction of Statement recorded U/s. 132(4) after long lapse- Addition justified

Pr. CIT Vs Roshan Lal Sancheti (Rajasthan High Court)

Pr. CIT Vs Roshan Lal Sancheti (Rajasthan High Court) it must be held that statement recorded under section 132(4) of the Act and later confirmed in statement recorded under section 131 of the Act, cannot be discarded simply by observing that the assessee has retracted the same because such retraction ought to have been generally [&hellip...

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TDS not deductible on Roaming Charges paid by Telecom Company

Ms Bharti Airtel Ltd. Vs ACIT (ITAT Ahmedabad)

ITAT held that roaming charges paid by the appellant to other telecom companies are not covered under ‘fee for technical service’ and such payments are out of the purview of TDS provision of 194J of the Act. ...

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Practical Guide on GST impact on Real Estate

GST on real estate has been a contentious issue especially with real estate sector in India facing a challenging time over the last few years. Several representations were made to the Government for further simplification and reduction of rates, especially for residential real estate sector, in the hope that the same would bolster demand ...

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Posted Under: Income Tax | ,

Deposit Compliance | eform DPT 3 | One Time Return of Deposit

This article dealt with eform DPT – 3 and details to be furnished in this form. Act Reference eForm DPT-3 is required to be filed pursuant to Section 73 read with rule 16 and 16A of the of the Companies (Acceptance of Deposits) Rules, 2014 which are reproduced for your reference.  Rule 16: Return of […]...

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Posted Under: Income Tax |

FDI in Small Scale Industrial Undertakings & Micro & Small Enterprises

Foreign Direct Investment in Small Scale Industrial Undertakings (SSI) and Micro and Small Enterprises (MSE) In terms of the Schedule 1, an Indian company which is a small scale industrial unit and which is not engaged in any activity or in manufacture of items included in Annex A (List of activities or items for which […]...

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Posted Under: Income Tax |

FAQs on e-Form MSME-I

Ministry of Corporate Affairs (MCA) has introduced Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 on 22nd January, 2019 which requires all companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise su...

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Posted Under: Income Tax |

Founders’ Guide to Seed Funding

The term Seed Funding has to be one of the most preliminary terms which a founder cannot get out of her mind when starting her dream venture. Seed Capital is very crucial at a startup’s early stage, fueling it to form a great team, getting the minimum viable product ready and satisfying first 100 customers....

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Posted Under: Income Tax |

Filing of Income Tax Return after the deadline

Deadline for filing IT returns is 31 July for every assessment year. If you missed the deadline, you can always file a belated return up-to 31 March every year. If you have also skipped the deadline for filing a belated return for the year, 2016-17 and 2017-18, you cannot file a belated return anymore. Now, […]...

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Posted Under: Income Tax |

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