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Archive: 24 May 2019

Posts in 24 May 2019

How to edit deductee details in unmatched TDS/TCS challans

May 24, 2019 29181 Views 2 comments Print

Brief Steps for Online Challan Correction- Edit deductee details in unmatched challans This feature enables deductor to Edit deductee details in unmatched challans , this Functionality is available from FY 13-14 onwards only if Digital Signature Certificate is registered at TRACES website Step 1 : Login to TRACES Step 2 : Go to “Request for […]

How to View Status of Regular & Correction TDS/ TCS statement filed

May 24, 2019 22500 Views 0 comment Print

Important Information on Statement Status ♣ For Donwloading Form 16/16A, Consolidated file, justification Report, etc. and for filing Online correction, it is important that relevant statement should be processed. ♣ Statement Status can be viewed only after Login into TRACES by deductor ♣ Statement status will help Deductor to check the status of the Regular […]

Proposed New GST Return Prototype – Introduction and Key Aspects

May 24, 2019 5253 Views 0 comment Print

GSTN releases proposed New GST Return Prototype: The Goods and Services Tax Network (GSTN) has recently released a web-based prototype of the offline tool of new return system.  The said prototype is set to replace the existing mechanism of filing returns (GSTR 1 and GSTR 3B), and shall go live in the coming months. This […]

Form PAS-6 and its Applicability

May 24, 2019 69387 Views 1 comment Print

Form PAS-6 (Reconciliation of Share Capital Audit Report on half yearly basis) and It’s Applicability Purpose: Reconciliation of Share Capital Audit Report on half yearly basis. Provisions: Pursuant to Rule 9A of Companies (Prospectus and Allotment of Securities) Rules, 2014 as amended vide Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019 Relevant Rule: […]

Conversion of Partnership Firm into Private Limited Company

May 24, 2019 121272 Views 12 comments Print

Relevant Sections / Rules – Part XXI of the Companies Act, 2013 read with Companies (Incorporation) Rules, 2014 Requirements: a) Registered Partnership firm with minimum 2 or more Partners b) Minimum Share Capital shall be Rs. 100,000 (INR One Lac) for conversion into a Private Limited Company c) There must be provision in the Partnership […]

How Capital Income Tax Is Calculated If We Demolish Property

May 24, 2019 15195 Views 3 comments Print

One of the most lucrative investments in India is to invest in properties. People constantly buy, sell, renovate and even demolish properties as per their convenience. All of these transactions have income tax implications. Whenever there is a transaction of profit that falls in an appropriate income tax slab, the profit amount becomes taxable. Today […]

GST: Vehicle cannot be detained if No Tax Evasion and Valid documents

May 24, 2019 2160 Views 0 comment Print

Avtar Trading Co. Vs State of U.P. (Allahabad High Court) Learned counsel for the petitioners submits that the opposite parties in most arbitrary and illegal manner have detained the vehicle as well as the goods. There is no contravention of the provisions and there is no evasion of tax. The driver of the vehicle was […]

NAA dismisses complain against builder filed mistakenly

May 24, 2019 1272 Views 0 comment Print

M/s. Hermeet Kaur Bakshi Vs M/s Conscient Infrastructure Pvt Ltd. (National Anti-Profiteering Authority) The main allegation of the above Applicant was that GST @12% was charged instead of 8%. However as noticed from the demand letter dated 16.04.2018 which the above Applicant had quoted the total value was shown as Rs. 3,21,124/- and the taxable […]

Guidelines for launching of Prosecution in relation to Custom offences

May 24, 2019 2562 Views 0 comment Print

Customs regarding Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962–foreign currency, foreign nationals. Circular No. 12/2019-Customs Dated- 24/05/2019

CBDT extends due date of TDS Payment, Return & Certificate in Odisha

May 24, 2019 4791 Views 3 comments Print

CBDT Extends the due date of depositing tax deducted at source (TDS), due date of filing of Quarterly Statement of TDS and due date for issue of TDS certificates in Form 16 and 16A in respect of deductors of the state of Odisha

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May 2019