"22 May 2019" Archive

GST Annual Returns – How to File Simple GSTR-9

The GSTR-9 is a very complicated return form and once I have described it as a 'Round Square'. It is not a simple return and like most of the cases of GST procedures simplification is missing from this form also and further filing instructions attached with this Return form are also confusing....

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Service Tax not payable on Interest Charged as Upfront Fee

DLF Cyber City Developers Limited Vs CST (CESTAT Chandigarh)

DLF Cyber City Developers Limited Vs CST (CESTAT Chandigarh) The sole issue is to be decided by us is that the Offshore Upfront Fee paid by the respondent is an interest or a fee. We find that if it is an interest then service tax is not payable by the appellant in terms of the […]...

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Empanelment with Indian Bank for Concurrent & Stock Audit

Indian Bank Date: 18.05.2019 Empanelment of Concurrent Audit & Stock Audit √ Indian Bank conducts process for Empanelment of Concurrent Auditors once in a year. Indian Bank invites applications in the prescribed format only from the practicing firms of Chartered Accountants of India, who are willing to have their firm empanelled as ...

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CBDT condones delay in filing of audit report by trust/institution

Circular No. 10/2019-Income Tax 22/05/2019

Condonation of delay in filing of Form no. 10B (audit report by trust/institution) for Assessment Years 2016-17 and 2017-18 by CBDT vide Circular No. 10/2019 dated 22nd May, 2019 subject to fulfillment of conditions prescribed by CBDT. Circular No. 10/2019-Income Tax F.No.197/55/2018-ITA-1 Government of India Ministry of Finance Departmen...

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Tax Higher than Income on a particular portion of income- Do you Know?

Do you know that on a particular portion of your income, the quantum of tax levied on income is higher than the quantum of such income?  No. Then let’s understand the concept of income-tax rates in India, marginal relief and the inconsistency in the provisions of the Income-tax Act, 1961 while providing the relief to […]...

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4 Month Time Table for Every Practising CA

A systematic approach to divide your GST & Income Tax work according to Time available & its Gravity. Some are good at time management and some are not. CA practice has become all about time management. Specially those who are into traditional practice of GST and income tax. April to September is chaotic.. Income tax […]...

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Applicability of GSTR-9 Annual Return

GSTR 9 is an annual return which needs to be filed by the registered persons once in a year. It consists of details regarding the supplies made and received during the year i.e it is consolidation of the information furnished in the monthly or quarterly returns during the year....

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Sec. 139(5) not applies to revised return filed as per NCLT scheme

M/s. Dalmia Power Limited Vs ACIT (Madras High Court)

M/s. Dalmia Power Limited Vs ACIT (Madras High Court) a) The scheme of arrangement and amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act gives statutory force to enable the respective petitioners to file the revised returns of income beyond the prescribed period and Section 139(5) of the Inc...

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Reopening invalid if reasons for same not speaks of escapement of income

DCIT Vs. Aryan Mining & Trading Corporation Ltd. (ITAT Kolkata)

As there was no whisper about escapement of income, i.e., loss created by misusing client’s code modification, in the reasons for reopening conveyed to the assessee, therefore, no addition in respect of this could be made without making any addition in respect of the item shown to have escaped assessment in the reasons recorded....

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MCA notifies Form PAS-6 Reconciliation of Share Capital Audit Report

Notification No. [G.S.R. 376(E)] 22/05/2019

Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019  MCA notifies Form PAS – 6- Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule (8) of rule 9A Companies (Prospectus and Allotment of Securities Rules, 2014. (All information shall be furnished for the hall year ended 30th Se...

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December 2021