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Archive: 03 May 2019

Posts in 03 May 2019

ICAI postpones 2 papers of CA Final and 1 of CA Foundation

May 3, 2019 1371 Views 0 comment Print

it is notified for general information that due to certain unavoidable circumstances, Paper – 3 of Foundation Examination and Paper 4 & 5 of Final Examination {Old as well as New Scheme} stand postponed and the examination in the said paper(s) shall now be held as detailed below.

“Waste to Energy plant”-Triveni Turbines (AAAR Karnataka)

May 3, 2019 1071 Views 0 comment Print

This is with reference to the decision of AAAR (Karnataka) in case of M/s Triveni Turbines Ltd dated 03rd April 2019 whereby the appellate authority for Advance ruling had set aside the order of AAR and held that the ‘Waste to energy plants’ are to be taxed @ 5% under Sr.No 234 of Notification No. 01/2017-IGST rate dated 28th June 2017.

Major Income Tax Changes – A Comparison AY 2018-19 , 2019-20 , 2020-21

May 3, 2019 5337 Views 0 comment Print

In this article author compares Major Income Tax Changes for AY 2018-19 , 2019-20 , 2020-21. AY 2018 – 2019 AY 2019 – 2020 AY 2020 – 2021 Tax Slab TI 0 to 2,50,000 – NIL TI 0 to 2,50,000 – NIL TI 0 to 2,50,000 – NIL TI 2,50,000 to 5,00,000 – 5% TI […]

Taxation of Artistes, Entertainers and Sportspersons

May 3, 2019 29388 Views 2 comments Print

Ever wondered, when Virat Kohli hits centuries on cricket grounds situated outside India, which country shall have right to tax his income arising from such play? Or when the audience outside India gets Goosebumps listening to the voice of Arijit Singh, how the said income shall be taxed? The taxation rights of Artistes and Sports […]

Secretarial Compliance Report for listed entities and their material subsidiaries

May 3, 2019 5031 Views 0 comment Print

The SEBI vide its Circular dated February 8, 2019, specified that the listed entity and its unlisted material subsidiaries shall continue to use the same Form No. MR-3 as required under Companies Act, 2013 and the Rules made thereunder for the purpose of compliance with Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) regulations, […]

Steps for Conversion of Private Limited Company into LLP

May 3, 2019 11463 Views 0 comment Print

1. On Conversion, all the members/shareholders of the company shall become partners of the LLP in the same proportion in which their capital accounts stood in the books of the company on the date of the conversion. 2. Company must file their  Income tax returns & Annual returns upto date. 3. Consent of all the […]


May 3, 2019 32592 Views 18 comments Print

The Ministry of Corporate Affair (MCA) vide notification dated January 22, 2019 had directed all the Companies, who have received any supply of goods or services from Micro or Small enterprises (MSME) and the payment against the said supply of goods or service is overdue for more than 45 (forty five) days, then such companies […]

Retiring partner to pay capital gain tax on excess amount received against Capital A/c

May 3, 2019 30741 Views 0 comment Print

Savitri Kadur Vs DCIT (ITAT Bangalore) Conclusion: When the partnership firm paid lump-sum amount to retiring partner, it was paid in consideration of her retirement in the partnership and assignment of her interest to other partners, the transaction would amount to transfer u/s 2(47) and liable to tax excess amount over partner’s capital account under […]

Discussion Paper on Corporate Liquidation Process along with Draft Regulations

May 3, 2019 1128 Views 0 comment Print

The Insolvency and Bankruptcy Code, 2016 (Code) provides for a market mechanism for rescuing, failing but viable corporate debtors (CDs) and liquidating, failing and unviable ones. There is no precise mathematical formula, however, to identify a CD as an unviable one.

ICAI releases Compendium of Ind AS (E-version) effective from April 01, 2019

May 3, 2019 2454 Views 0 comment Print

ICAI Press Release ICAI releases Compendium of Ind AS (E-version) effective from April 01, 2019 Indian Accounting Standards Framework (Ind AS Framework) is based on IFRS Standards. IFRS Standards undergo regular upgrades due to issuance of new Standards and amendments in existing Standards by way of annual improvements etc. The Central Government, prescribes under Section […]

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