"06 May 2019" Archive

All about Amendments to Maharashtra Value Added Tax Act, 2002

Trade Circular No. 16T of 2019 (06/05/2019)

A dealer can also apply to the assessing officer in case claims against declarations or certificates were disallowed in the assessment order due to non-production of such declarations or certificates and if such declarations or certificates have now been received. [sec. 24(2)] Rectification application can be filed only if appeal is not f...

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Recording of reasons to believe & not reasons to suspect is pre-condition of section 147

Purnima Komalkant Sharma Vs DCIT (Gujarat High Court)

Purnima Komalkant Sharma Vs DCIT (Gujarat High Court) In the given case, the petitioner is an individual and engaged in the business of real estate and transportation and ship breaking. The return of income was accepted without any scrutiny. Thereafter, a search action took place at the premises of the petitioner. Upon conclusion of such...

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Key Highlights of the India-Hong Kong DTAA

The India-Hong Kong DTAA enters into force from 30th November, 2018. The same would be effectively applicable from 01st April, 2019.  Accordingly, the benefit of the provisions of the DTAA can be claimed in respect of the income derived in any year starting from April 1, 2019. The companies engaged into cross-border transactions with Hon...

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Brief comparison Right issue, Private placement & Preferential Allotment

Article compares Right issue, Private placement and Preferential Allotment on following points- Applicable provisions under Companies Act, 2013, Meaning & Coverage, Definition of Security, If any, Approval Required, Offer period, Mode of Dispatch of offer letter, Format of offer Letter, Forms to be filled, Time period for allotment of...

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Registration of Taxpayers in GST

SECTION RANGE: 22 to 30 As per Section 22 of the CGST/SGST Act 2017, every supplier who makes a taxable supply with all India Aggregate Turnover exceeding Rs 20 lakh will have to register in every state in which he conducts business. This threshold will be 10 lakh if business is in Assam, Arunachal Pradesh, J&K, Himachal Pradesh...

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Labour Audit Documents

BRIEF LIST OF DOCUMENTS under Shop and Establishment Act, The Contract Labour (Regulation And Abolition) Act 1970 – Central Act, The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 – Central Act, The Equal Remuneration Act, 1976, The Maternity Benefit Act 1961 – Central Act, The Minimum Wages Act ...

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Changes in Direct, Indirect & International taxation W.E.F. 01st April, 2019

With the start of the new financial year 2019-20, following are some of the changes that can affect your financial planning as a few changes related to income tax, GST and international taxation came into effect from 01st April, 2019: A) Income Tax  Following are the changes under Income-tax law applicable from April 1, 2019: 1. [&helli...

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FORM MSME-1 Furnishing return with ROC

FORM MSME-1 Furnishing return with ROC in respect of outstanding payments to Micro or Small Enterprises As you are aware that the MCA wide order dated 22nd January, 2019 directed all companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty [&h...

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Full Fledged Money Changers /Authorised Money Changers

Full Fledged Money Changers (FFMCs)/Authorised Money Chnagers (AMCs) Authorised Money Changers (AMCs) are entities, authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. An AMC is a Full Fledged Money Changer (FFMC). In addition to Authorised Dealer Category -I Banks (AD Category–I Banks) and Auth...

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Taxation of Development rights under GST

Arjuna, Yes the taxation of Development Rights under GST has changed from 1st April 2019. But before seeing the changes let us know something about TDR/JDA. Joint Development Agreement (JDA) is an agreement between a landowner and a real estate developer to construct new projects; where the landowner provides the land and the builder carr...

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Remove Director Disqualification Before Filing INC 22A

The new e-Form INC 22A- Active Company Tagging Identities and Verification (ACTIVE) has been initiated by MCA based on Rule 25A of Companies (Incorporation) Amendment Rules, 2019. ...

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Assessee cannot be blamed for non-disclosure if AO had such info during assessment proceeding

Rajbhushan Omprakash Dixit Vs DCIT (Bombay High Court)

Once the Department i.e. the Assessing Officer had certain information, material, or document before him during the assessment proceeding, irrespective of the source of such information, material, or document, the Assessee cannot be blamed for non-disclosure thereof....

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Audit requriement for Form DPT 3 Compliance

The Form for this compliance requirement has been deployed on 01 May 2019. This form will be used for both compliances i.e. under Rule 16 and Rule 16A of Companies (Acceptance of Deposits) Rules, 2014. The basic reporting requirements under this Form has been given hereunder: A. Reporting under Rule 16 (Annual reporting of Deposits [&hell...

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It’s Time to Save ₹ 2,67,280 Under Pradhan Mantri Awas Yojana!

Are you an aspiring first time home buyer?Then this blog may help you save up to ₹ 2,67,280 on your home loan, and your monthly EMI can come down by ₹ 2500. Find out here how. ...

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HDFC Obtained the RBI Nod to hold stakes in Bandhan Bank

The Reserve Bank of India (RBI) granted its approval to HDFC Bank last week to acquire a share of maximum 9.9% of the Bandhan Bank paid-up capital, with effect from the date of the proposed amalgamation between the two entities. This was in reply to the earlier application made by HDFC to RBI (post the announcement of the proposed deal) t...

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NCLAT directs Liquidator’ to proceed in accordance with law

S.C. Sekaran Vs Amit Gupta & Ors. (NCLAT)

S.C. Sekaran Vs Amit Gupta & Ors. (NCLAT) Learned counsel appearing on behalf of the ‘Liquidator’, on instructions from the ‘Liquidator’, who is present, submits that the ‘Liquidator’ will ensure that both the companies remain going concern and if so necessary, he will take appropriate orders from the Adjudicating Authorit...

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Salary accrued outside India cannot be taxed in India merely because it is received in India

ITO (International Taxation), Vs Sri. Dylan George Smith (ITAT Bangalore)

ITO (International Taxation) Vs Dylan George Smith (ITAT Bangalore) Tribunal in the case of Prahlad Vijendra Rao (supra) in identical circumstances has held as follows: “We have heard the rival submission and perused the material on record. We are of the view that AO has wrongly construed the provision of section 5(2)(a) of the Act [&he...

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AO not bound to follow formula prescribed in rule 8D to compute disallowance u/s. 14A

Pr. CIT Vs  Britannia Industries Ltd. (Calcutta High Court)

Pr. CIT Vs Britannia Industries Ltd (Calcutta High Court) If an assessing officer doubts the quantum of expenditure incurred towards exempted income, is it mandatory for the assessing officer to apply the formula prescribed in rule 8D of the Income Tax Rules, 1962 or can he take a view otherwise? This is the question which is […]...

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List of documents required for closure of ESI & PF account

List of documents required for closure of ESI account In case of company  the following documents may be an evidence for closure of your ESI code No: 01. Proof of Sale of your machinery; 02. Full & final Settlement of workers along with evidence, such as acquitance of all the discharged employees towards full and […]...

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RBI eMandate: A Welcome Step to Facilitate Auto-debits by Fintech Firms

The Reserve Bank of India (RBI) has provided its much-awaited nod for electronic mandates (both through net banking and credit/debit cards), instead of the prevailing Adhar based authentication. This is a welcome approval for fintech companies as they will be able to auto-debit recurring payments related to mutual funds, home loans and so...

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GST on establishment of Solar Power Plant- AAR allows withdrawal of Application

In re M/s. Vikram Solar (GST AAR  Andhra Pradesh)

In re M/s. Vikram Solar (GST AAR  Andhra Pradesh) 1. Whether following three separate contracts  awarded to a contractor for establishment of a Solar Power Plant namely: a) Contract for supply of Goods. b) Contract for supply of Erection and Installation Services c) Contract for supply of Operation and Maintenance Service for a period o...

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Non-Operation of a Centralised System not an Excuse to delay Service Tax Payment & avoid penalty

Meinhardt Singapore PTE. Ltd. Vs Commissioner of Service Tax (Delhi High Court)

Meinhardt Singapore PTE. Ltd. Vs Commissioner of Service Tax (Delhi High Court) Whatever be the constraint, the assessee was faced with, it was duty bound to remit amounts collected by it towards service tax, in a planned manner, and as required by law. The deposit belatedly, by it, on the ground that the amounts were […]...

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RBI amends housing loan limits / Income for priority sector lending eligibility

RBI/2018-19/179FIDD. CO. Plan. BC.18/04.09.01/2018-19 (06/05/2019)

it has now been decided to enhance the housing loan limits for eligibility under priority sector lending. Accordingly, in respect of RRBs and SFBs, housing loans to individuals up to ₹ 35 lakh in metropolitan centres (with population of ten lakh and above) and ₹ 25 lakh in other centres, provided the overall cost of the dwelling unit ...

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Revised procedure for issue of Part B of TDS certificate in Form No. 16

Notification No. 09/2019-Income Tax (06/05/2019)

Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg....

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FAQs and User Manual – GSTR-9A Offline Utility

Article explains FAQs of GSTR-9A Offline Utility, About GSTR-9A Offline Utility, Download GSTR-9A Offline Utility, Worksheet Tabs in GSTR-9A Offline Utility, Entering Details in Offline Utility, Download the Generated JSON File, Upload the Generated JSON File, Download Error JSON File, Manual of GSTR-9A Offline Utility, GSTR-9A Offline Ut...

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Procedure to file onetime Form DPT-3

The Ministry of Corporate Affairs vide its notification dated 22.01.2019 bought a very important change w.r.t. mandatory furnishing of information regarding outstanding receipt of loan or money by every Company other than Government Company. Accordingly, sub-rule (3) was inserted after sub-rule (2) in Rule 16A of the Companies (Acceptance...

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Impact of recent amendments in GST in respect of Real Estate Sector

GST on Real Estate have undergo many changes since July 2017.The GST Council has considered the changing scenario in real estate and taken considerable changes for Rate Reductions. Central Board of Indirect taxes and Customs (CBIC) has issued notifications relating to a reduction in GST rates for real estate projects and transition relate...

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Key highlights of GST notifications issued by CBIC on 23.04.2019

Central Board of Indirect Taxes & Customs (CBIC) had recently issued series of notifications on dated 23.04.2019, specifying changes in the CGST Rules 2017 and relaxing the GST compliance burden on small businesses (composition dealers). Key highlights of the notifications are: Rule 138E of CGST Rules 2017, which, restricts generation...

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Receipt of Salary in Arrears and Relief u/s 89

Sometimes you may have received a portion of your salary in arrears or in advance, or you may have received a portion of your family pension in arrears or in advance. Do you think? Will it be fully taxable in the year of receipt at the higher rates or is there any relief available on […]...

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How to convert Public Limited Company into Private Limited Company

CONVERSION FROM PUBLIC TO PRIVATE   COMPANY 1. Convene and Hold B.M. for following matters: Consider and Approve the proposal for conversion To decide Day, Date, Time, Venue of G.M. where Special Resolution is to be passed To Approve the notice of G.M. To authorize the C.S. or Director to issue the notice of G.M. 2. […]...

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E-filing of Income Tax Returns registers an increase of 19% (Check Statistics)

NA (06/05/2019)

e-filing of Income Tax Returns registers an increase of 19%. There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns (ITR) e-filed during Financial Year (F.Y.) 2018-19 as compared to F.Y. 2017-18. Press Information Bureau Government of India Ministry of Finance 06-May-2019 18:17 IST E-filin...

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Important Aspects of GSTR-9

Article explains How to Handle Critical Issues in GSTR-9, Applicability of GSTR-9, GSTR 9A, GSTR 9B, GSTR 9C: Reconciliation Statement, Revision of Annual return in Form GSTR-9, Pre-Requisite of GST Annual Return, When “NIL” GSTR-9 RETURN can be filed, References available to prepare GSTR-9, Source of Information, Caution, Information...

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December 2020