"06 June 2019" Archive

Maharashtra PT -Returns & Tax Payment by employers- Limit increased

Notification No. PFT-2019/C.R.8/Taxation-3 (06/06/2019)

Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Rules, 2019 FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 6th June 2019. NOTIFICATION MAHARASHTRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1975. No. PFT-2019/C.R.8/Taxation-3.—Where...

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RBI reduces policy repo rate by 25 basis points wef June 06, 2019

RBI/2018-19/200 - REF.No.MPD.BC.387/07.01.279/2018-19, RBI/2018-19/199- DBR.No.Ret.BC.44/12.01.001/2018-19, RBI/2018-2019/198- FMOD.MAOG. No.133/01.18.001/2018-19 and RBI/2018-2019/197-FMOD.MAOG.No.132/01.01.001/2018-19 (06/06/2019)

RBI in its Second Bi-Monthly Monetary Policy, 2019-20 has decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 5.50 per cent, and the marginal standing […]...

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RBI Second Bi-Monthly Monetary Policy, 2019-20 with Statement

Press Release : 2018-2019/2868 and 2018-2019/2867 (06/06/2019)

During June 3rd and 4th, 2019 the Monetary Policy Committee (MPC) assessed recent macroeconomic developments and the outlook. In its meeting today, it voted unanimously to reduce the policy repo rate by 25 basis points, and to change the stance of monetary policy from neutral to accommodative. The unanimous vote reflects the resolve of th...

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RBI decides to waive RTGS/NEFT Charges & will review ATM charges

Review of Charges for RBI-operated Payment Systems The Reserve Bank levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National Electronic Funds Transfer (NEFT) System for other fund transfers. Banks, in turn, levy charges ...

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Addition on account of Valuation of stock not justified if Assessee consistently follows same valuation method

M/s. Mundra & Jain Marbles Vs DCIT (ITAT Jaipur)

Addition made in the income u/s 69B on account of failure of assessee to substantiate the excess stock found at his premises was not justified  as the excess stock came on account of sale price taken by Department and since inception of assessee-firm, it was valuing inventory on average cost method/weighted cost price which was verifiabl...

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AO cannot treat LTCG as bogus without any supporting evidence

Mohit Hora (HUF) Vs ITO (ITAT Delhi)

Where sale and purchase of shares had taken place only through banking channel at Bombay Stock Exchange and were supported by contract note, income from long term capital gain (LTCG) on sale of listed equity shares after payment of STT were rightly claimed as exempt u/s 10(38) and AO was precluded in making addition of LTCG as unaccounted...

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 Provision of e-Nomination at Member Interface at Unified EPFO Portal

No NDC/2017/UAN/Pt./3143 (06/06/2019)

A facility for filing of online e-nomination is available at Member Interface of Unified Portal. In order to make this functionality compatible with online Form 10D claim to be filed by members and online composite claim Form 10D/20/5IF to be filed by nominees, some modifications have been incorporated in consultation with the ...

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Deduction U/s. 80-IB(10) allowable to both owner & land developer

ITO Vs Ms. Skyline Developers (ITAT Pune)

Assessee who had contributed land and  engaged in the development of housing project with developer for development of the land was eligible for claiming deduction under section 80-IB(10) as both owner as well as developer were eligible for deduction under section 80-IB(10)....

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Company Law Series Chapter 2(B) Incorporation of Section 8 Companies

The Steps for incorporating a Section 8 company are as under: (1) The promoter of the proposed entity will apply to the Ministry of Corporate Affairs for reservation of name in Form (2) Once name is reserved, an application will be made for obtaining licence in Form No. INC 12. The application shall be accompanied […]...

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FDI in LLP

There are many questions which arise in our mind in relation to FDI in LLP such as: -Who are the Eligible Investors? -What are the Eligible Investments? -Are all LLPs eligible for FDI? -How the investors will transfer the funds in the LLP and how the valuation will be done? -Last but not least, Reporting […]...

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