"16 May 2019" Archive

5 important tax benefits to be aware of as you apply for a home loan

The Income Tax Act specifies home loan tax benefits pertaining to both the principal and interest component of your loan. These help you save on taxes annually and allow you to finance your home even more affordably. As you apply for a home loan, here are 5 important tax benefits that you need to be aware of....

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Posted Under: Income Tax |

Unrealized loss due to foreign fluctuation debited to P&L A/c allowable

PCIT Vs Suzlon Energy Limited (Gujarat High Court)

Pr. CIT Vs Suzlon Energy Limited (Gujarat High Court) Where assessee had debited unrealized loss due to foreign exchange fluctuation in foreign currency transaction on revenue items to its profit and loss account on the last date of accounting year, the same should be allowed as deduction under section 37(1). FULL TEXT OF THE HIGH [&helli...

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LTCG on shares cannot be treated as Bogus on mere alleged share price rigging

ITO Vs Shri Suresh Chand Gupta 16 (ITAT Kolkata)

ITO Vs Shri Suresh Chand Gupta (ITAT Kolkata) On the basis of evidences filed by assessee its claim was to be allowed where income in question was a bona fide long-term capital gains arising from sale of shares and hence, exempt from tax as there was no material indicating assessee’s nexus with alleged share price rigging. FULL [&hell...

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Bogus Purchases- Entire purchase amount cannot be added

PCIT Vs M/s Mohommad Haji Adam & Co. (Bombay High Court)

PCIT Vs M/s. Mohommad Haji Adam & Co. (Bombay High Court) In the present case, as noted above, the assessee was a trader of fabrics. The A.O. found three entities who were indulging in bogus billing activities. A.O. found that the purchases made by the assessee from these entities were bogus. This being a finding […]...

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Website of Lokpal inaugurated 

The Website of the Lokpal was inaugurated by the Chairperson, Justice Shri Pinaki Chandra Ghose in presence of all the Members of Lokpal today.  The DG, NIC, Smt. Neeta Verma was also present on the occasion.  The Website has been developed by NIC and provides the basic information with respect to the working and functioning of the Lokp...

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Posted Under: Income Tax |

Filing Annual Return online GSTR-9A

Article explains Categories of person who can file an Annual Return in Form GSTR-9A, Pre-requisites for filing GSTR-9A,  Filing of NIL Annual Return, Things to be done before filing GSTR-9A,  Download system computed summary of GSTR-9A and GSTR-4, Structure of Annual Return GSTR-9A, GSTR-9A filing steps at GST portal, Payment of additio...

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Posted Under: Income Tax | ,

Exemption u/s 54F allowable despite start of construction of new house before sale date of original asset

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi)

Exemption u/s 54F allowable despite start construction new house before sale date original asset...

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Nidhi Company Incorporation

A Nidhi to be incorporated under the Act shall be a Public Company and shall have a minimum paid up equity share capital of five lakh rupees. After the commencement of the Act, no Nidhi shall issue preference shares. If preference shares had been issued by a Nidhi before the commencement of this Act, such […]...

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Posted Under: Income Tax |

Prohibition on direct or indirect import & export from/to Korea- Reg.

Trade Notice No. 16/2019-2020-DGFT (16/05/2019)

Reference is invited to the enclosed DGFT Notification No. 52/2015-20 dated 07.03.2018 wherein Para 2.17 of the Foreign Trade Policy 2015-20, on imports and exports to Democratic People's Republic of Korea (DPRK), which was notified to implement UNSC Resolution No. 2397(2017) dated 22.12.2017 passed under Chapter VII of the Charter of the...

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Claim of MEIS benefits for exports made to countries in OFAC List

Trade Notice No. 15/2015-2020-DGFT (16/05/2019)

Vide Public Notice 8/2015-20 dated 14.05.2019 a revised procedure for making online MEIS applications/claims has been notified for situations where exports have been made to countries listed in the OFAC list such as Iran or export realizations have been received through the Vostro mechanism....

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ITCG cannot be held bogus merely on human probabilities or surmises

Mahavir Jhanwar Vs ITO (ITAT Kolkata)

Mahavir Jhanwar Vs ITO (ITAT Kolkata) The sole issue that arises for my adjudication is whether the Assessing Officer was right in rejecting the claim of the assessee that he had earned Long Term Capital Gains on purchase and sale of the shares of M/s Unno Industries. The AO based on a general report and […]...

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Risk Management System: Appointment of CRO for NBFCs

RBI/2018-19/184 / DNBR (PD) CC. No.099/03.10.001/2018-19 (16/05/2019)

Reserve Bank of India  RBI/2018-19/184 DNBR (PD) CC. No.099/03.10.001/2018-19 May 16, 2019 Non-Banking Financial Company– Investment and Credit Companies, Infrastructure Finance Companies, Micro Finance Institutions, Factors and Infrastructure Debt Funds Madam / Dear Sir, Risk Management System – Appointment of Chief Risk Officer (CR...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 17.05.2019

Notification No. 37/2019 - Customs (N.T.) (16/05/2019)

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 17th May, 2019 notified vide Notification No. 37/2019–Customs (N.T.) dated 16th May, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 37/2019 – Customs (N.T.) New Delhi, dated the...

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How to download Form 16 & PDF Converter Utility

Article contains Brief Steps for Downloading Form 16,  Important Information on Form 16 and  Pictorial Guide for Downloading Form 16 and PDF Converter Utility V1.4 L. 1. Brief Steps for Downloading “Form 16”. Step 1: Login to TRACES website by entering the “User ID, Password ,TAN of the Deductor and the Verification Code”. Step ...

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Posted Under: Income Tax |

How to download Form 16A & PDF Converter Utility

Article contains Brief Steps for Downloading Form 16A, Important Information on Form 16A and Pictorial Guide for Downloading Form 16A and PDF Converter Utility V1.4 L. 1. Brief Steps for Downloading Form 16A Step 1: Login to TRACES website by entering the “User ID, Password ,TAN of the Deductor and the Verification Code”. Step 2: [&he...

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Posted Under: Income Tax |

CBIC notifies constitution of GST AAAR in Union territories

Notification No. 04/2019-Union Territory Tax [G.S.R. 367(E)] (16/05/2019)

Central Government, hereby, notifies the constitution of the Appellate Authority for Advance Ruling in the Union territories- Andaman and Nicobar Islands, Chandigarh, Daman and Diu, Dadra and Nagar Haveli and Lakshdweep vide Notification No. 04/2019-Union Territory Tax MINISTRY OF FINANCE (Department of Revenue) Notification No. 04/2019-U...

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Govt amends GST Authority for Advance Ruling in Union territories

Notification No. 03/2019-Union Territory Tax [G.S.R. 366(E)] (16/05/2019)

Govt amends GST Authority for Advance Ruling in Union territories of Andaman and Nicobar Islands and Dadra and Nagar Haveli vide Notification No. 03/2019-Union Territory Tax....

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ICAI Clarifies on postponement of some of papers of May 2019 CA Exams

Postponement of Paper on 2nd June 2019 to 4th June 2019 was occasioned by the inability expressed by many exam centres to conduct the exam on that date owing to their holding UPSC exams on that day; Paper on 4th June was postponed to 13th June so that Group I of Final Exams is completed before commencing Group II papers....

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Posted Under: Income Tax |

Directors of company required to file e-form ACTIVE: MCA

F. No. 1/22/2013-CL-V [G.S.R. 368(E)] (16/05/2019)

Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2019 Rule 12B. Directors of company required to file e-form ACTIVE.- (1) Where a company governed by Rule 25A of the Companies (Incorporation) Rules, 2014, fails to file the e-form ACTIVE within the period specified therein, the Director Identification Number (...

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How to Download Conso file of TDS/TCS Statements (regular & correction)

Brief Steps for Downloading of Conso file ♠ Conso file is a consolidated data of the TDS / TCS  statements that are processed (regular and correction) for the relevant financial year, quarter and the form type ♠ Please check statement status under “Statement /Payment Tab” before raising the request for Conso file . Request for [&...

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Posted Under: Income Tax |

How to Download Justification Report of errors identified by TRACES

Brief Steps for downloading of Justification Report ♣ Please check statement status under “Statement /Payment Tab ” before raising the request for Justification Report. Request for Downloading Justification Report can only be Submitted when Statement Status is “Processed with Default”. ♣ Financial Year, Form type and Quarter f...

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Posted Under: Income Tax |

Format of Certificate of Non-Disqualification of Directors for listed companies

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS (pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) To, The Members of (Name) (Registered Office) I/We have examined the relevant registers, records, forms, returns and disclosures received from ...

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Posted Under: Income Tax |

Allow filing of TRAN-1 online or accept it manually: Delhi HC

Bhargava Motors Vs UOI (Delhi High Court)

Bhargava Motors Vs UOI (Delhi High Court) In the present case also the Court is satisfied that the Petitioner‟s difficulty in filling up a correct credit amount in the TRAN-1 form is a genuine one which should not preclude him from having his claim examined by the authorities in accordance with law. A direction is […]...

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Clarification On Filing Of Annual Reports In XBRL Mode

LIST/COMP/13/2019-20 (16/05/2019)

In continuation to the Circular to the Companies dated February 08, 2019 with regards to filing of Annual Report in XBRL mode under Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the following may be noted. In order to enable ease of business and make filing ea...

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How to Start a Practice as a Chartered Accountant?

Immediately after passing; qualified CAs should regularly refer newspapers, Institute’s journal and financial magazines like Money, Business World, Business Today etc. ...

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Posted Under: Income Tax |

Why employee yearly statement needs to be collected after March & not during the year

As an employee we all dread the annual declaration statement that is required to be submitted to the Employer, which includes the income from other sources, Income from House property, details of deduction claimed, etc. ...

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Posted Under: Income Tax |

Order No.114 of 2019 – Appointment of officers in ACIT grade

Office Order No. 114 of 2019 (16/05/2019)

Office Order No. 114 of 2019 The President is pleased to appoint the following officers in the grade of Assistant Commissioner of Income Tax (ACIT) against the vacancy year 2014-15 in Level-IC of the Pay Matrix Rs. 56100-177500/- on regular basis with immediate effect or until further order on in-situ basis:-...

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