"14 May 2019" Archive

GST on Real Estate: CBIC release FAQs (Part II)

F.No. 354/32/2019-TRU (14/05/2019)

A number of issues have been raised regarding the new GST rate structure notified for real estate sector effective from 01-04-2019. A compilation of Frequently Asked Questions (FAQs) containing 41 questions was issued on 7th May, 2019. Part II of the FAQ is presented below....

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Reverse Charge Mechanism (RCM) under GST

Concept of Reverse Charge under CGST Act, 2017 & IGST Act, 2017 explained in a lucid manner covering list of Goods & Services covered under RCM ...

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CBDT defers furnishing of GST & GAAR details in Form 3D till 31.03.2020

Circular No. 09/2019-Income Tax (14/05/2019)

Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 09/2019-Income Tax F. No. 370142/9/2018-TPL Government of India Ministry of Finance Department of...

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Maintenance of Books of A/Cs at a place other than Registered Office

Maintenance of Books of Accounts etc to be kept at a place other than Registered Office via e-Form AOC-5 under Section 128 of Companies Act, 2013 > Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give […]...

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Know Your TDS Compliance Under Income Tax Act

What is TDS? TDS stands for Tax Deduction At Source. It means that when an Individual/Organization/persons making the specified payment which are mentioned under Income Tax Act, 1961 to another person than that Person (who is making the payment) has to deduct the TDS when the amount of the payment exceeds the threshold limit. Such [&helli...

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DPT 3 Filling

What is DPT-3? Mandatory Filing of Details of borrowings including borrowings in the nature of unsecured and secured Loan with ROC in form DPT-3 as prescribed under Companies (Acceptance of Deposits) Amendment Rules, 2019 Who is required to file DPT-3? By Companies (Acceptance of Deposits) Amendment Rules, 2019: Every Company other than G...

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Transfer Pricing Additional Documentation – Applicability, Forms, Due Dates and Penalties

1. Background Generally, framework of any compliance mechanism under any law will consist of provisions related to a) what and how the compliance is to be done? (Charging Sections), b) to whom the compliance requirement is applicable? (Applicability), c) what details and documents are to be maintained and what are the reports to be filed ...

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Hidden Benefits of Mini Cash Loans are Exposed! Read Them Here

We all know, we can take out a loan to cover our cash crunches; but do you know you can use a personal loan or any mini cash loan for investment? Building wealth starts with investment and an online mini cash loan could be your first step towards it. After all your expenses paid, and […]...

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ITC allowed despite non-payment by selling dealer: Delhi HC

On Quest Merchandising India Pvt. Ltd Vs Government of Nct of Delhi & Ors. (Delhi High Court)

In the High Court of Delhi in case of ON QUEST MERCHANDISING INDIA PVT. LTD. Versus GOVT. OF NCT OF DELHI. Held Section 9(2)(g) of Delhi Vat Act, 2004 requiring that the ITC will be allowed subject to the payment of tax by the selling dealer. Held that it was violative of Article 14 of Constitution of India. Purchasing Dealer has paid the...

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5 Productive Ways to De-Stress and Live the Best Life

Stress is an unavoidable part of being an adult. From your job to the pressure of financial security, everything about your life can put a world of pressure on your shoulders, which leads to more and more stress. However, there are a few ways you can de-stress and find the best way to enjoy your […]...

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Exemption U/s. 10(37) valid on Compulsory acquisition of agricultural land though Sale price fixed on negotiated settlement

ITO Vs. Smt. Girijakumari M (ITAT Cochin)

In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultural land was a compulsory acquisition and the same would be en...

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S. 50C Addition without reference to Valuation Officer not justified

Jayashree Kothari Vs ITO (ITAT Hyderabad)

Jayashree Kothari Vs ITO (ITAT Hyderabad) Sec. 50C(2) enables the Assessing Officer to make a reference to the Valuation Officer. Whenever a reference is made by the AO to the Valuation Officer, such reference has to be construed as a reference made under sec. 16A(1) of the Wealth-tax Act. We have also carefully gone through […]...

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Limit Chart under Companies Act, 2013 and SEBI regulations

Article explains Limit Chart under various Provisions of Companies Act 2013 read with rules and under SEBI regulations related to Women Director, Resident Director, Independent Director, Women Independent Director, Audit Committee, Stakeholder Relationship Committee, Nomination Remuneration Committee, Vigil Mechanism, Sexual Harassment Po...

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Filing Application for Compounding of Offence (Form GST CPD-01)

A. FAQs on Filing Application for Compounding of Offence (Form GST CPD-01) and Taking Actions in the Subsequent Proceedings Q.1 What is the purpose of Form GST CPD-01? Ans. Form GST CPD-01 is Application for Coounding of Offence. Any Taxpayer can file this application in the following two cases: Prosecution is instituted: This means that...

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All about DPT-3, MSME-1, E-Form ACTIVE with FAQ

Current presentation covered the following Topics: Filing of Details of Outstanding Loans with ROC – DPT-3 Filing of details of Due of MSME in MSME-1 KYC OF COMPANIES- E-Form ACTIVE MANDATORY Reporting OF Outstanding Loan/Deposits TO ROC MCA on 22nd January, 2019 has published Companies (Acceptance of Deposits) Amendment Rules, 2019. T...

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Check List – e-form DPT-3 & MSME-1

The Ministry of Corporate Affairs has issue e-form DPT-3 w.e.f. 01st May, 2019. In this article author compiles check list for filing of e-form  DPT-3 First Requirement: 3. Purpose of form: S. No. Purpose of Form Applicability   1. Onetime Return for disclosure of details of outstanding money or loan received by a company but […]...

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Discussion on Amendments to IBBI (Insolvency Professionals) Regulations, 2016

Insolvency and Bankruptcy Board of India 12th May, 2019 Discussion Paper Amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the...

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Refund on account of Gujarat Textile Policy allowed to be adjusted against outstanding tax dues

Khushbu Vinyl Pvt Ltd Vs State of Gujarat (Gujarat High Court)

Department was not justified in cancelling the certificate of entitlement of assessee-company and  denying refund of tax paid on purchase of raw material and intermediate products as since the date when the actual production started, assessee did not have the eligibility certificate, they continued to discharge tax liability as a normal ...

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Assets received by retiring partners through family arrangement on reconstitution of firm not attracts capital gain tax

M/s. National Company Vs ACIT (Madras High Court)

Assets received by the retiring partners of a firm through family arrangement did not amount to ‘transfer’ for the purpose of imposing capital gain, and therefore, the reconstitution of firm would not attract Section 45(4)....

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ICAI releases E Version of Compendium of Ind AS effective 1.4.2019

We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are aware the Ind AS recommended by the ICAI, are prescribed by the Central Government, under Section 133 of the Companies ...

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Sulekh Sanita Work books or Practice books exempt from GST

Sonka Publication (India) Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court)

Sonka Publication (India) Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court) In this case, a question to be asked is whether the books in question merely help the child in improving the child‘s handwriting by providing space in a book by copying from a written text or does it pose questions to […]...

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CBIC postpones increase of duty on specified imports from USA to 16.06.2019

Notification No. 15/2019-Customs [G.S.R. 361(E)] (14/05/2019)

Notification No. 15/2019-Customs- Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 16th May, 2019 to 16th June, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 15/2019-Customs New Delhi, the ...

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Network Rights is Goodwill eligible for depreciation U/s. 32(1)(ii)

Apna Incable Broad Band Services Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

Apna Incable Broad Band Services Pvt. Ltd. Vs DCIT (ITAT Hyderabad) The AO was of the opinion that the network rights are not intangible assets and therefore, depreciation is not allowable thereon. The AO treated the network rights as “goodwill” and observing that no depreciation is allowable on goodwill u/s 32(1)(ii) of the Act, he [...

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How to claim MEIS benefits for exports in which e-BRC is not generated

Public Notice No. 08/2015-2020-DGFT (14/05/2019)

Procedure for claiming MEIS benefits for exports realized under Para 2.52 (b) of the FTP and for exports in which e-BRC is not generated by banks has been notified. Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice No. 8/2015-20-DGFT Dated the 14th may, 2019 Subject: Amen...

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Last date to apply for Imports of Maize (feed grade) under TRQ Scheme extended till 31.05.2019

Trade Notice No. 13/2019-2020-DGFT (14/05/2019)

As it has been observed that applications could not be filed by the STEs till 30.4.2019 and since the STEs have requested to extend the time limit to submit the applications; the last date for filing applications for import of feed-grade Maize (corn) under the TRQ scheme at 15% Customs duty meant only for poultry firms on actual user basi...

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Practical Difficulties in DPT-3, MSME-1, DIR-3 KYC & Demat- FAQs

Practical Difficulties – MCA Updates (DPT-3, MSME-1, DIR-3 KYC, Demat of Public Company) FAQ’S – DPT-3- One Time 1. Which information are required to filed according to Rule 16A in e-form DPT-3:- As per New Rule 16A, Every Company has to file e-form DPT-3 with ROC containing following Information: √ Every Outstanding Loan (Not Con...

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New Norms- Charge Creation/ Modification under Companies Act, 2013 & Company (Amendment) Ordinance, 2018

Creation/ modification of charge are one of crucial activity for Loan from Bank/ financial institutions etc.  When Companies Act, 2013 introduced at that time Charge satisfaction form required to be submitted with ROC within 30 days of satisfaction otherwise Company have to file application of compounding with Regional Director. However,...

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Examination and Assessment of RMS facilitated Bill of Entry – reg

Public Notice No. 42/2019-JNCH (14/05/2019)

It is noticed that the Assessing Officers of Groups are, sometimes, giving examination order to verify compliance of RE-44/2000, which may entail opening of the packages and examination. Thus, the very purpose of facilitation for examination by RMS, gets defeated in case of such consignments. It is, therefore, instructed that the Assessin...

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Delhi HC bars appointment in GST Appellate Tribunal without its permission

Bharatiya Vitta Salahkar Samiti & Anr Vs Union of India & Ors. (Delhi High Court)

It is directed that the Respondents shall not, without prior intimation to this Court, proceed to appoint persons to the GST Appellate Tribunal till the next date....

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Defer due date of form INC-22A and DIR- 3

Federation Of All India Vyapar Mandal requested Ministry of Corporate Affairs that to facilitate small and startups who are willing to carry on their businesses in organized sector, it is further requested that the form INC-22A last date of which is 25th April and DIR- 3 last date of which is 30th April, may kindly […]...

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Assessee can decide Self occupied & Deemed let out property for Taxation

Bipin Sureshchandra Mehta Vs ACIT (ITAT Mumbai)

The issue under consideration is whether the assessee having two properties has right to choose Self occupied and deemed let out property for the purpose of taxation?...

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Decision of jurisdictional HC binding, despite contrary of non-jurisdictional HCs

Decision of jurisdictional High Court is binding, even if contrary view held by non-jurisdictional High Courts It is well settled principle of law that if there is conflicting views rendered by different High Courts, the view taken by the jurisdictional High Court is binding in the jurisdictional area of the respective High Court. The Hon...

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Compulsory Payment of tax before filing of GSTR-3B – Inconsistent working of GST portal

Compulsory Payment of tax before filing of GSTR-3B-Inconsistent working of GST portal Section 146 of the CGST Act, 2017 provides that the Government may notify the common elecronic portal for facilitating the registration, payment of taxes, furnishing of  returns and carrying out other purposes under the said Act. In exercise of the powe...

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All about MSME I and its Certificate

What is MSME I filing The MSME I Form is for the payment of half yearly return with the Registrar of Companies (ROC) in context of the outstanding payments to Micro or Small Enterprises. A half-yearly return is required to be submitted to the Ministry of Corporate Affairs on a mandatory basis, by all those […]...

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One time return of deposit form DPT-3 (Format of Auditor Certificate)

On 22 January 2019, the Ministry of Corporate Affairs (MCA) through its notification issued the Companies (Acceptance of Deposits) Amendment Rules, 2019 which made certain amendments to the Companies (Acceptance of Deposits) Rules, 2014 (Deposit Rules). The amendments came into force from the date of their publication in the official gaze...

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How A Small Business Loan Can Unlock Your Business Growth

There is a thought that business loans should only be taken when the profits are down and the business needs to survive. However, the truth is that a profitable business can benefit from taking a loan to unlock its full potential. Working capital is often the biggest constraint for small businesses that are going through a growth phase....

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How to Ensure Financial Loan for SMEs in India?

Is it really easy to ensure financial loan for SMEs in India? It’s indeed an uphill climb to get your loan sanctioned, if you seek it for an SME. Several banking institutes perceive risk factors, first. And, such businesses are evaluated at the brink of those risks. It’s just because of their mismanagement. Non-availability of [&helli...

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Mandatory Compliance for Private Limited Company

Article explains Due Date, Requirement and Penalty for filing of DIR-3 KYC, Form DPT-3(One time), DPT-3, Form INC-22A, MSME-I (first time), MSME-I (half yearly), Form ADT-1, Disclosure of Interest: MBP 1 to Companies, Form BEN-1, e-Form BEN-2, Form AOC-4, Form MGT-7 and Form MGT-14. Form Particulars Due date Requirements Penalty DIR-3 KYC...

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Excel format for comparison of GST input tax credit claimed and due

Every registered dealers has to compare input tax credit claimed in  GSTR 3B with their GSTR 2A report. I am attaching an excel format which will make the comparison mush more easy....

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Why Is It Important To Have CA While Setting Up A Business

People think that an accountant is not required while starting a business. But they are unaware of the thing that an accountant only will set the accounts and will file the tax returns when businesses will be set up. So it is very important to have a CA in the company from the very first […]...

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Summary of MahaRERA ruling in case of Suresh V Swamy v/s L&T Limited

Suresh V Swamy v/s Larsen & Turbo Limited (MahaRERA, Mumbai)

Recently in the case of Suresh V Swamy v/s Larsen and Turbo Limited, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has given its judgment which has clarified certain questions of law which were in debate since long. In this article, we have made an attempt to summarize the key questions answered by MahaRERA through it judgme...

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November 2020