"29 May 2019" Archive

Form DPT-3 – Return of Deposits update

MCA has notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2019 which shall come into force on the date of their publication in the Official Gazette i.e 30-04-2019. A welcome step by MCA by replacing 31-03-2019 for the words “the date of publication of this notification in the Official Gazette”. Stakeholde...

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Posted Under: Company Law |

Lex Terrae over Canon Law: Serving God does not exempt one from TDS

It is true as contended by the assessees that the income tax department had exempted income of the missionaries from TDS. The circulars ensuring so used the word fees and in its most widened scope, could include the money that they received from people who attended or used their religious services....

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Posted Under: Company Law |

FAQs about Form GSTR-2A

1. What is form GSTR-2A? Form GSTR-2A is return filing form which is generated by the system for a receiver taxpayer as the draft statement of inward supplies.Form GSTR-2A is auto-populated by the data which was entered in the following forms of all suppliers or counter-party taxpayers of goods/services in a given tax period: GSTR-1, [&he...

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Posted Under: Company Law |

Conversion of Public Limited Company Into Private Ltd. Company

The purpose of writing this article is to get you familiar with the practical and procedural aspects of conversion of public limited company into private limited company as per the new regulations framed by the Government. INTRODUCTION: Ministry of Corporate Affairs by its notification dated 18th December 2018 has amended the Companies (I...

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Posted Under: Company Law |

Establishment in India of a branch office or a liaison office or a project office or any other place of business

Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016 (Amended upto January 21, 2019) The Reserve Bank of India makes the following regulations to prohibit, restrict and regulate establishment in India of a branch office or a liaison...

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Posted Under: Company Law |

Highlights of Kerala Flood Cess Rules 2019

The Kerala flood cess rules 2019 shall be implemented from 01st July 2019 (Date Changed from 01st June 2019)  onwards for a period of two years i.e till  June 2021.  As per the aforesaid Rules, Kerala flood cess (KFC) shall be imposed at the rate of 1% and/or 0.25% on the following local outward supplies […]...

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Posted Under: Company Law |

Profit from Sale of Agricultural Land after conversion into non-agricultural land is taxable

Sunil Bansal Vs ACIT (Rajasthan High Court)

Where the intention of assessee for purchase of the land was for resale and within a short period of time though the sale was only to the companies of which the assessee was a director, it was apparent that assessee was acting as an interface to purchase the lands from the land owners and then converted in non-agricultural use and sold to...

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Additions U/s. 68 solely based on general statement cannot be upheld

M/s. SDB Estate Private Limited Vs ITO (ITAT Mumbai)

M/s. SDB Estate Private Limited Vs ITO (ITAT Mumbai) We find that the assessee, in this case, had filed detailed evidence to prove the genuineness of transactions e.g. copies of form for allotment of shares, confirmation of shareholders and other documents as mentioned above. The department has relied upon the general statement of Shri Mu...

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How many house you can own and tax implications of owning more than one house?

How many house you can own and what are the tax implications of owning more than one house? People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford.  So there are no restrictions under […]...

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Gross receipt cannot be taxed as Income even if Trust is unregistered

Kund Kund Kahan Digamber Jain Versus Mumokshu Ashram Bajaj Palace Vs. ITO (ITAT Jaipur)

Where the exemption claimed under section 11 and 12 has been denied by the Assessing officer, what can be brought to tax is the net income in the hands of the assessee trust and not the gross receipts....

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