"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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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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How to prepare for filing of your ITR

The season for filing income tax returns (ITR) is gathering pace as the due date of 31st July is approaching for the majority of taxpayers. Before you actually sit down to file your ITR or visit the office of your tax advisors, you need to do some ground preparation so that the information given in […]...

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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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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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NFRA (Meeting for Transaction of Business) Rules, 2019

Notification No. [G.S.R. 377(E)] (22/05/2019)

MCA notifies National Financial Reporting Authority (Meeting for Transaction of Business) Rules, 2019 vide notification dated 22 May, 2019. GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 22 May, 2019 G.S.R. 377(E). In exercise of the powers conferred by sub-section (10) of section 132 read with section 469 of th...

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Section 115JB pre amendment by Finance Act, 2012 not applicable to banking, insurance & electricity cos

CIT Vs Union Bank of India (Bombay High Court)

CIT  Vs Union Bank of India (Bombay High Court) To align the Income Tax Act with the Companies Act, 1956 it was decided to amend Section 115JB to provide that the companies which are not required under Section 211 of the Companies Act, to prepare profit and loss account in accordance with Schedule VI of […]...

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Machinery rent cannot be taxed as Income from House Property for TDS deduction under wrong head

Heritage Hospitality Ltd. Vs DCIt (ITAT Hyderabad)

AO’s opinion that since TDS made u/s. 194-I, incomes are to be assessed under head ‘income from house property’ can not be accepted. Moreover, even if assessee has let out property but, when the Memorandum of Association permits the business of letting out of properties as such, the income cannot be brought to tax as ‘income from ...

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Income Tax Scrutiny Notice – Know How to go about it?

Annually the Income tax department verifies the accuracy of the income tax returns filed by taxpayers by sending scrutiny notice to them. This is aimed at ensuring that the taxpayer has not understated the income or has not computed excessive loss or has not underpaid tax. Scrutiny notice received by an individual can be grouped […...

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MCQ’s on GST for CA/CMA/CS

Multi Choice Questions (MCQ’s) on GST for CA/CMA/CS Q1. M/s Utkal Auto, Bhubaneswar registered under GST in Odisha is authorised dealer of Hero motors. It has a policy to gift a Hero motorcycle to its employee at the end of the financial year in terms of the employment contract. During the month of March 2019, […]...

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Workmen dues cannot be a part of liquidation estate assets: NCLT

Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench)

Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) Under Section 36(4) (a) (III), the expression ‘liquidation estate’ has been defined and it is clarified that all sums due to any workman or employee from the provident fund, pension fund and gratuity fund, were not to constitute ...

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CBDT issues notification for amendment of Form No. 15H

Notification No. 41/2019 – Income Tax [G.S.R. 375(E),] (22/05/2019)

In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, namely: Provided that such person shall accept the declaration in a case where income of the assessee, who is eligible for rebate of income-tax under section 87A, is higher than the income for which declaration c...

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Gear Motors classifiable under CTH 8501

In re Rossi Gear motors India Private Limited (GST AAR Tamil Nadu)

In re Rossi Gear motors India Private Limited (GST AAR Tamil Nadu) Q1. Whether the Geared Motor is to be classified under 8501 or under 8483 for the purpose of payment of GST? A1. The ‘Gear Motors’ supplied by the applicant are to be classified under CTH 8501. Q2. Whether the Geared Motor can be […]...

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E-way bill procedure & details to be filled in GSTR-1 are out of Purview of AAR

In re Mrs. Rajendrababu Ambika (GST AAR Tamil Nadu)

Applicability of E-way bill procedure and details to be filled in GSTR-1 are not answered as the same are not in the purview of Advance Ruling as per Section 97 of the CGST/TNGST Act 2017....

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Section 179 Freezing bank accounts of director without issuing notice is invalid

K. Chandrasekaran Vs TRO (Madras High Court)

K. Chandrasekaran Vs TRO (Madras High Court) The present impugned order is put to challenge mainly on three grounds. The first ground raised is that the petitioner was not put on notice before passing the impugned order. When such contention is specifically raised by the petitioner, it is the duty of the respondent to place […]...

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Brief Checklist on Directors’ Report

The Report of the Board of Directors can be counted among the introductory documents of a Company which give dossier of the past affairs, present deals and future plan of actions of a Company. Further, under the provisions of the Companies Act, 2013, the Board of Directors of every company is required to attach to […]...

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An entity requires only one RCMC from its relevant EPC : DGFT

Trade Notice No. 17/2019-2020-DGFT (22/05/2019)

(i) An entity requires only one RCMC from its relevant EPC as per Appendix-2T. It can keep on adding any number of businesses afterwards and RCMCs from other EPCs will be optional only. (ii) If an entity, having RCMC for goods from a particular EPC/FIEO, exports services subsequently, there is no need to obtain second RCMC from SEPC(me...

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Vigil Mechanism/ Whistle Blower Policy

Name of the Company proposes to establish a Vigil Mechanism/Whistle Blower Policy with a view to provide a mechanism for Directors/ Employees of the Company to approach the Chairman of the Audit Committee of the Company....

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Draft Memorandum of Association of Society

MEMORANDUM OF ASSOCIATION OF THE SOCIETY NAMELY ‘NAME OF THE SOCIETY‘ 1. NAME OF THE SOCIETY: The Name of the Society shall be ‘NAME OF THE SOCIETY’ (Hereinafter called the Society) 2. REGISTERED OFFICE: The registered office of the Society shall remain in the Name of the State and at present it is Full address [&h...

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Framework for accreditation of investors for Innovators Growth Platform

SEBI/HO/CFD/DIL2/CIR/P/2019/67 (22/05/2019)

Accredited Investors (AIs) for the limited purpose of Innovators Growth Platform, are investors whose holding in the Issuer Company, is eligible for the computation of at least 25% of the pre-issue capital in accordance with Regulation 283.(1) of the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2018 ...

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Participation of Portfolio Managers in Commodity Derivatives Market in India

Circular No. SEBI/HO/IMD/DF1/CIR/P/2019/066 (22/05/2019)

Portfolio Managers may participate in Exchange Traded Commodity Derivatives on behalf of their clients and such participation shall be in compliance with all the rules, regulations including SEBI (Portfolio Managers) Regulations, 1993 and circulars/guidelines and position limit norms as may be applicable to ‘clients’, issued by SEBI a...

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Difference between Export of Services on payment of IGST & without payment of IGST

The difference between Export of Services on payment of integrated tax (and claiming refund of the same) and without payment of integrated tax (i.e. claiming refund of input tax credit) is tabulated as follows:    Particular Export with payment of Tax Export without payment of Tax 1 Procedure required to be undertaken by the company [&h...

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How to do Nil reporting under FATCA/CRS

As you all are aware that filing of FATCA and CRS for calendar year 2018 is near. Due date for filing of FATCA/CRS return is May 31, 2019. Even when there is no reportable transactions under FATCA/CRS, nil return is mandatory. Government has changed the process of filing of these returns last year and introduced […]...

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Brief notes on ROC forms for Registration of Charges

This is a brief note on the forms introduced by MCA under Chapter VI Registration of Charges and Rules thereto which includes Form CHG-1, Form CHG-2, Form CHG-3, Form CHG-4, Form CHG-5, Form CHG-6, Form CHG-7, Form CHG-8 and Form CHG-9 vide Companies (Registration of Charges) Rules, 2014 as amended by Companies (Registration of Charges) [...

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SEBI Discussion Paper on Review of Rights Issue Process

The objective of this discussion paper is to seek comments / views from the public and market intermediaries on Review of Rights Issue Process....

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Death-cum-retirement gratuity not payable until conclusion of departmental enquiry or judicial proceedings pending

Shivagopal Vs State of U.P (Allahabad High Court)

Shivagopal Vs State of U.P (Allahabad High Court) (i) A government employee is not entitled to death cum retiral gratuity unless the conclusion of the departmental proceedings or the enquiry by the Administrative Tribunal or judicial proceedings which includes both civil and criminal. (ii) The law as laid down in Jai Prakash (Supra) is th...

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10 Difficulties In Filing of Annual GST Return

Central Gujarat Chamber Of Tax Consultants has made a representation to The Finance Minister of Central Government on Difficulties In The Filing Of Annual GST Return. Difficulties In Filing of Annual GST Return includes difficulty in filing Details of 6A of Table No. III of GSTR-9, Outward Supply in Line No. 6C & 6D of […]...

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e- Tutorial on Online TDS / TCS Challan Correction

Important Information on Online Correction of TDS / TCS Challan All type of corrections like Personal information , Deductee details and Challan correction can be made using Online correction functionality available from FY.2007-08 onwards depending upon the type of correction This feature is extremely useful as it is : Free of Cost :TRAC...

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Online Correction- Add/delete salary details in TDS/TCS Statement

Important Information on Online Correction- Add/delete salary details All type of corrections like ‘Personal information, Deductee details and Challan correction’ can be made using Online correction functionality available from FY.2007-08 onwards depending upon the type of correction. This feature is extremely useful as it is ...

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How to add Challan to TDS / TCS statement Online

Important Information on Online Correction All type of corrections like “Personal information , Deductee details and Challan correction” can be made using Online correction functionality available from FY.2007-08 onwards depending upon the type of correction This feature is extremely useful as it is : Free of Cost :TRACES does not cha...

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Draft format of Application for surrender of DIN and Affidavit 

Draft format of DIR-5 Attachments – Application for surrender of DIN and Affidavit by Director This article contains the draft format of: 1. Application required to be filed as an attachment of form DIR-5 to surrender DIN of those Directors who have multiple DIN. 2. And Affidavit for the same. —————R...

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NFRA-1 and it’s applicability to Companies

Form NFRA-1 is notified by MCA vide Notification dated 13th November 2018 for the purpose of Notice to the Authority by a body corporate regarding its auditor. Provision: Pursuant to section 132 of the Companies Act, 2013 and Rule 3(2) and 3(3) of the National Financial Reporting Authority Rules, 2018. Classes of companies and bodies [&he...

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How to submit application for Settlement of Arrears of Tax, Interest, Penalty or Late fee in Maharashtra

User manual for preparation and uploading of Form-I and Form-IA USER MANUAL: ONLINE SUBMISSION OF APPLICATION How do I submit an application for Settlement of Arrears of Tax, Interest, Penalty or the Late fee (hereinafter referred as “Amnesty Application” To submit an Amnesty application perform following steps: 1. Access the https://...

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