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"27 May 2019" Archive

Prohibition of Benami Property Transactions (Conditions of services of Members of Adjudicating Authority) Rules, 2019

Notification No. 44/2019-Income Tax [G.S.R. 379(E)] 27/05/2019

Prohibition of Benami Property Transactions (Conditions of services of Members of Adjudicating Authority) Rules, 2019 shall come into force from 27th May, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 44/2019-Income Tax New Delhi, the 27th May, 2019 G.S.R. 379(E).—In exercise of the powers conferred by section 68 re...

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Deduction U/s. 54 on Gain from Relinquishment of right in bungalow

Bhavin Piyushbhai Palkhiwala Vs ITO (ITAT Ahmedabad)

Relinquishment deed was made in financial year 2008-09. Thus, if any tax was required to be levied, then the same was to be levied in assessment year 2009-10, i.e., next year. Hence, assessee was entitled to benefit under section 54....

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All about filing of ITR-2 for A.Y. 2019-20

Instructions for filling out FORM ITR-2 These instructions are guidelines for filling the particulars in Income-tax Return Form-2 for the Assessment Year 2019-20 relating to the Financial Year 2018-19. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year f...

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Posted Under: Income Tax |

GSTR-9 Annual Return – Applicability

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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Posted Under: Income Tax |

Alleged Fake GST Bill & ITC Claim: HC grant bail to accused

Madhav Gopaldas Shah Vs State of Gujarat (Gujarat High Court)

Madhav Gopaldas Shah Vs State of Gujarat (Gujarat High Court) 1. This application is filed by the applicant under Section 439 of the Code of Criminal Procedure, 1973 for regular bail in connection with File No. CCST/ADENF/FSU-7/MadhavArrest/2018-19/B.4 & AC/U-6/Arrest/2018-19/B.5811 of the office of the Chief Commissioner of State Tax...

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How Wrong Classification of Goods/Services under GST affect your Business?

Under GST law, one of the most important elements is the classification of goods/services for the purpose of determination of rate of tax to be levied on them. The rate of tax to be charged on a particular product depends on the HSN/SAC codes specified under the GST law. Also, for the availability of exemptions, […]...

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Posted Under: Income Tax |

Section 244A of Income Tax Act,1961- Details of Changes Since 1.4.1989

Whenever an assessee gets his refund from the department which is late then he is entitled for the interest u/s 244A of the Income Tax Act , 1961. There remains a confusion of the year and calulation of the interest for the period. Period is very important . From which date and for which period […]...

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Posted Under: Income Tax |

Power to issue debentures | Section 179 | Companies Act, 2013

The power to issue debentures can be exercised on behalf of the Company as a meeting of the Board under the provisions of Section 179 (3) of the Companies Act, 2013. Along with Rule 18 of the Companies (Share Capital and Debentures) Rules, 2014 The power to issue debentures can be exercised on behalf of […]...

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Posted Under: Income Tax |

Restrictions on Powers of Board to Borrow Money with Ultra Virus Borrowings

Restrictions on Powers of Board to Borrow Money as per Section 180 of Companies Act Along with Ultra Virus Borrowings. RESTRICTIONS ON POWERS OF BOARD As per the provisions of section 180 of the companies act provides the rules regarding the restriction on power to borrow by the board of directors. The Board of Directors […]...

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Posted Under: Income Tax |

ITC allowed on inputs/services used for mall construction for letting out

Safari Retreats Private Limited Vs Chief Commissioner of Central Goods & Service tax (Orissa High Court)

Orissa High Court in the case of M/s. Safari Retreats Private Limited vs. Chief Commissioner of CGST held that Credit on inputs/services used for construction of malls for the purpose of letting out is allowable....

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