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Archive: 21 May 2019

Posts in 21 May 2019

GST not payable on composite supply of health care treatment

May 21, 2019 3486 Views 2 comments Print

In re Terna Public Charitable Trust (GST AAR Maharashtra) Question 1:- Whether the supply of medicines, surgical items, implants, consumables and other allied items provided by the hospital through the hospital owned pharmacy, as well as food, room on rent to the in-patients is part of composite supply of health care treatment; and hence not […]

No TDS u/s 194H on bank charges for credit card payments

May 21, 2019 843 Views 0 comment Print

Airport Retail P. Ltd. Vs DCIT (ITAT Mumbai) Conclusion: Payments towards bank charges for credit card payments were not liable for TDS under section 194H as the same was not a commission. Held:  Assessee had made payments towards bank charges for credit card payments . AO made the additions as assessee made payment  without deduction […]

Penalty on the grounds of retrospective amendment not justified

May 21, 2019 4581 Views 0 comment Print

DCIT (E) Vs Baroda Cricket Association (ITAT Ahmedabad) Article 20(1) of the Constitution of India provides certain protection in this regard which states that no person can be convicted for any offence except for a violation of a law in force at the time of action charged an offence, nor be subjected to a penalty […]

GST on iron import for conversion into pellets & export back to supplier

May 21, 2019 2730 Views 0 comment Print

In re M/s Chowgule & Co Pvt. Ltd. (GST AAR Goa) Q1. Whether IGST at 5% of assessable value is applicable on import of iron for conversion into pellets and export the resultant product (Iron ore pellets) back to same supplier in view of the fact that import duty is not applicable in view of […]

No addition u/s 68 merely on information from investigation wing

May 21, 2019 2580 Views 0 comment Print

Addition under section 68 on basis of information received from investigation wing as to assessee having received share application money from alleged entry operator was not justified as assessee had filed sufficient evidences and details to prove identity and creditworthiness of share application and genuineness of transaction of receipt of share application money

Draft Acknowledgement letter by Trust to Company in Case of CSR

May 21, 2019 17316 Views 0 comment Print

Draft Acknowledgement letter by Trust to Company On the letter head of the Trust Date… To, ABC Ltd, Address Sub: A BIG THANKS FOR YOUR GRATITUDE Dear Sir, We acknowledge with grateful thanks your kind donation of Rupees …………….vide Cheque No…………….. dated……………… to………………… Trust. We are enclosing our receipt no……………….. dated……………. We wish to express […]

SEBI’S New Borrowing Framework for Large Corporate

May 21, 2019 21216 Views 2 comments Print

Securities and Exchange Board of India vide circular dated November 26, 2018, introduced the new borrowing framework for the large entities in order to bring into the effect announcement made under the Union Budget for 2018-19. The Union Budget for 2018-19 which inter alia include the following announcement “SEBI will also consider mandating, beginning with […]

Deposit received from Customers under GST whether taxable or not?

May 21, 2019 12912 Views 0 comment Print

At the time of introduction of GST each and every monetary transaction of business was analysed by experts and tax position under GST was published in public domain. In this article I would discuss about one particular headline which popped up in public domain ‘GST would not be applicable on DEPOSIT’. There is no thumb […]

Regulation 24 A-SEBI (LODR); 2015- Annual Secretarial Compliance Report

May 21, 2019 48288 Views 0 comment Print

Regulation 24A of SEBI (LODR), Regulations, 2015 & SEBI Circular dated Feb. 8, 2019 1. The Annual Secretarial Compliance Report is applicable to all Listed Entities. 2. Listed entity means an entity which has listed, on a recognized stock exchange(s), the designated securities issued by it or designated securities issued under schemes managed by it, […]

MSME- I Form- Compliance Under Companies Act 2013

May 21, 2019 28605 Views 3 comments Print

Article explains Law Governing the file of MSME- I Form  as notified vide Notification Date 22-01-2019, Due Date to File Return, Important Definition, Details Required in Form MSME-I, Procedure to file Form MSME-I, Penalty for Non-Filing of Form MSME-1 and Exemptions to the Rule related to filing of Form MSME-I. Governing Law MCA wide order […]

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