"24 May 2019" Archive - Page 2

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

F.No.275/38/2017-IT(B) 24/05/2019

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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Sub-contractor liable to pay service tax even though on entire consideration service tax is paid by main contractor

Commissioner of Service Tax Vs M/s Melange Developers Private Limited (CESTAT Delhi )

A sub-contractor would be liable to pay Service Tax even if the main contractor has discharged Service Tax liability on the activity undertaken by the sub-contractor in pursuance of the contract...

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Excel based GSTR-9 offline tool -Filing and Entry Instructions

Introduction to Excel based GSTR-9 offline tool 1. The Excel based GSTR-9 Offline Tool is designed to help taxpayer to prepare his GSTR-9 return offline 2. Details for following Tables of GSTR-9 return can be added by taxpayer using the offline Tool. It is not Mandatory to fill data in all worksheets. The worksheet for […]...

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Posted Under: Income Tax |

Recent changes In GST updated till 23.05.2019

CBIC has recently issued a new set of FAQ’s on GST on real estate projects for which changes were made recently. Accordingly, while a home buyer can not decide upon the rate of GST to be levied to installments remaining to be paid for a under construction flat or on a new booking, it is the builder who will have to opt for the GST rate,...

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Posted Under: Income Tax | ,

Analysis of Companies (Incorporation) Fifth Amendment Rules, 2019

MEASURES TO CURB UNDESIRABLE & RESEMBLING NAMES OF COMPANIES The Ministry of Corporate Affairs (MCA) has released the Companies (Incorporation) Fifth Amendment Rules, 2019, effective from May 10, 2019. The amendment has been brought making changes to provisions of Companies (Incorporation) Rules, 2014, with regard to undesirable and resem...

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Posted Under: Income Tax |

Non-availability of mechanism at GSTN portal- Allow Manual credit of ITC: HC

M/S Garden Silk Mills Ltd Vs Union of India (Gujarat High Court)

In case, it is not possible to re-credit the amount to the Electronic Credit Ledger by the respondent revenue due to non-availability of mechanism at GSTN portal, the petitioner shall be permitted to manually take input tax credit of the amount of the refund rejected in Form GSTR-3B....

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Assessee entitled to challenge correctness of DVO’s valuation before CIT(A)

Lovy Ranka Vs DCIT (ITAT Ahmedabad)

Section 50C is a deeming provision and Assessing Officer is obliged to compute capital gains by taking valuation arrived at by DVO in place of the actual consideration received by assessee,  assessee is entitled to challenge correctness of DVO's valuation before CIT(A) and ITAT. DVO has to be given an opportunity of hearing...

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Report of working group on FPI Regulations- seeking public comments

Press Release No.:14/2019 24/05/2019

SEBI seeks public comments on the ‘Report of the working group on the SEBI (Foreign Portfolio Investors) Regulations, 2014’ submitted by the working group under the Chairmanship of Shri Harun R. Khan, Deputy Governor (retd.), Reserve Bank of India....

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Revisional jurisdiction U/s./ 263 cannot be exercised for better view of CIT

The Principal Commissioner of Income Tax ­8 Vs M/s. Yes Bank Ltd. (Bombay High Court)

Pr. CIT Vs M/s. Yes Bank Ltd. (Bombay High Court) Assessing Officer sought clarification from the assessee about the correctness of the amount of one­fifth of the total expenses incurred under Section 35D of the Act. The assessee under letter dated 26.10.2004 gave specific explanation on the issue raised by the Assessing Officer and ther...

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Understanding the SaaS Business Model Made Simple

The SaaS Business Model or better understandable as the Software-as-a-Service Business Model is a relatively new business model which lets the service provider host his software on a cloud infrastructure. The users pay for this service for some period of time and once their membership is over the service is revoked unless renewed.  In or...

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Posted Under: Income Tax |

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September 2021