"12 May 2019" Archive

Changes in ITR Forms Applicable For AY 2019-2020

Now, the time has come for filling the Income Tax Returns for AY 2019-20.  So, before starting the same it is important to know the changes the Income tax department has made in the IT forms. CBDT has notified new ITR Forms vide Notification No. 32/2019 dated 1st April, 2019. The details regarding each form […]...

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Posted Under: Income Tax |

Taxability of gifts received by an individual

In this article, we will emphasis on the applicability of income tax laws on the gifts (movable or immovable) received by an individual from any person....

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Posted Under: Income Tax |

Deliberate issue of incorrect invoice is an offence U/s. 122(1)(i): NAA

Director General of Anti-Profiteering Vs M/s. VTWO Ventures (National Anti-Profiteering Authority)

Respondent had issued incorrect invoices while selling the above products to his recipients as he had incorrectly shown the base prices and had also compelled them to pay additional GST on the increased prices through the incorrect tax invoices which would have otherwise resulted in further benefit to the recipients. ...

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Object & Purpose of GST Transitional Provisions needs to be achieved

Yokogawa India Ltd Vs Union of India (Karnataka High Court)

Yokogawa India Ltd Vs Union of India (Karnataka High Court) Facts Assailing the communication dated 22.03.2019 issued by the respondent No.6, Petitioner inter alia seeks a direction to the respondents to enable them to revise their Form GST TRAN-1 in order to transit the amount of Rs.4,31,32,066/- in the Electronic Credit Ledger in terms ...

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IGST Refund cannot be denied on account of Technical Glitches

Vsg Exports Pvt Ltd Vs. Commissioner of Customs (Madras High Court)

Vsg Exports Pvt Ltd Vs. Commissioner of Customs (Madras High Court) Facts Refund of Integrated Tax (IGST) paid on the goods exported out of India. Since the respondents did not refund the IGST amount, the Writ Petition was filed. According to the petitioner, they have claimed lower rate drawback as per Notification 131/2016(NT) , dated [&...

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Seizure of Goods: HC order GST department to pass speaking order

Nikunj Steel Vs State of Punjab and others (Punjab and Haryana HC)

After hearing learned counsel for the petitioner, perusing the present petition and without expressing any opinion on the merits of the case, we dispose of the present petition by directing respondent No.2 to take a decision on the representation dated 13.3.2019 (Annexure P-10), in accordance with law by passing a speaking order and after...

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Do not levy Penalty for GST system problem due to design limitation: HC

Clix Capital Services (P.) Ltd. Vs Union of India (Delhi High Court)

Clix Capital Services (P.) Ltd. Vs Union of India (Delhi High Court) It is submitted by learned counsel for the petitioner that further to the previous directions, the Form GSTR-3B filed manually has since been processed and the notional demand in respect of Rs.16.80 crores has been reversed. It is submitted that in these circumstances, [...

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Income Tax, GST, Company Law, LLP Compliance Manual for F.Y.2019-20

This compliance book aims at helping and providing practical solutions and day to day compliance requirements to professionals, entrepreneurs and all small to large businesses as it has summarized provisions, charts and important notes with tables which can be easily understood. Compliance Hand Book contains the following- Income Tax- Inc...

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Posted Under: Income Tax |

Class Action Suits via NCLT (Second Amendment) Rules, 2019

Central Government dictates details of Class Action Suits via National Company Law Tribunal (Second Amendment) Rules, 2019 Background At the time of Satyam scam, the Indian investors, as opposed to their counterparts in USA, could not file litigations against the fraudulent company. Owing to the peculiarity of weighty financial scam of Sa...

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Posted Under: Income Tax |

New Form-16 Generator with Auto tax Calculator & Salary Statement

Download Latest Form-16 (New Format) Generator with Auto tax Calculator and Salary Statement  The CBDT has notified a new format for form-16 vide Income Tax notification No. 36/2019 dated 12/04/2019. The Income Tax department has made many new changes in format of Form-16 – the salary TDS certificate, requiring a detailed break-...

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Posted Under: Income Tax |