"22 June 2019" Archive

Step to keep in mind while filing income tax return for FY 2018-19

The followings are the important steps/points/precautions to be kept in mind while filing the return of income (Income Tax Return) for the previous year 2018-19 i.e Assessment Year 2019-20: 1. Identify the suitable Income Tax Return (ITR) form The first step would be to identify the tax return form applicable for an individual taxpayer, a...

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Posted Under: Income Tax |

Key Highlights of 35th GST Council Meeting

The 35th GST Council Meeting was held on 21st June, 2019. The following are the key recommendations made by the GST Council: – Reduction in GST rates of Electronic Vehicles Decision for reduction of rate on electric vehicle (EV) is given to Fitment committee–decision is expected in next council meeting. Current rate on EV is [&hel...

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Posted Under: Income Tax |

GST liability with respect to goods provided free of cost as CSR

In re M/s. Polycab Wires Pvt. Ltd. (GST AAR Kerala)

Determination of GST liability with respect to goods provided free of cost by the Distributors of M/s. Polycab Wires Private Limited to KSEB for reinstating connectivity in flood ridden areas; and admissibility of input tax credit in relation to such goods. In order to operationalize the commitment of the applicant to provide goods at fre...

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Form DPT-3 and the related Compliances

MCA vide its general circular 05/2019 dated 12th April, 2019, clarified that now Companies are required to file data with regard to exempted deposits up to 31st March, 2019 (as opposed to the publication of earlier notification date i.e 22nd January, 2019). Now, Companies are required to file data of exempted deposits for the period of...

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Posted Under: Income Tax |

MCA raises curtains on Significant Beneficial Owner (SBO) rules

Amendments in Section 89 & 90 was one of the major amendments brought in by the Companies Act, Rules 2017 after considering the practical challenges in these Rules amended the provisions of SBO Rules through its notification dated February 8, 2019 through notification, has enforced the amended provisions of Section 90 of the Companies A...

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Posted Under: Income Tax |

Acceptance of Deposits by Companies From Members

Companies generally raise funds through issue of equity or preference shares, debentures, and commercial papers and inter corporate loans. Deposits are also one of the sources available to a company to raise funds to meet the short term or long term requirements of the company. In order to protect the interest of the depositors and [&hell...

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Posted Under: Income Tax |

Recourses to Assessee after his Income Tax Return is processed

The income tax department examines the return of income for its correctness. The process of examining the return by the income tax department is termed as assessment. Amid of massive Income tax administration there are possibilities that the assessee may be aggrieved by the order of the Assessing officer (hereinafter referred as AO). Now ...

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Posted Under: Income Tax |

Intimation of Registered Office of Company to Registrar of Companies

The registered office of a company is a place to which all official communications pertaining to a Company is sent. In addition to a registered office, a company can have an corporate office or administrative office or branch office or factory, etc. The registered office of the Company will also determine the domicile of the […]...

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Posted Under: Income Tax |

Step-by-step guide for a salaried person to file income tax return

Salaried individuals can file income tax returns (ITR) using the forms ITR-1 or ITR-2. ITR-1 applies to individual resident taxpayers with a total income of up to Rs 50 lakhs. Whereas, ITR-2 applies to other individual taxpayers who do not have income from business or profession. ITR-1 can be used to report income from salary, […]...

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Posted Under: Income Tax |

Reopening of assessment merely on Investigation Wing report without independent application of mind was invalid

M/s. Key Components (P) Ltd. Vs ITO (ITAT Delhi)

M/s. Key Components (P) Ltd. Vs ITO (ITAT Delhi) it is clear that there is a total non-application of mind on the part of the A.O. while recording the reasons for reopening of the assessment. He has recorded incorrect amount which escaped assessment. His conclusion was merely based on observations and information received from DIT [&helli...

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