"27 June 2019" Archive

Hurrah! GST audit due date extended to 31st August 2019

It was recommended to extend the due date of furnishing of FORM GSTR-9, FORM GSTR-9A, and FORM GSTR-9C due to difficulties being faced by taxpayers in furnishing the annual returns till 31.08.2019. Official notification would be released soon. This recommendation was much needed by the trade and industry....

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Draft Central Goods and Services Tax (Fourth Amendment) Rules, 2019

Draft Notification No. __/2019 –Central Tax (27/06/2019)

Draft Central Goods and Services Tax (Fourth Amendment) Rules, 2019 shall come into force on the date of their publication in the official gazette. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Draft Notification No. _/2019 – Central Tax New Delhi, the __ June, 2019 G.S.R (E)...

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Compounding of Offences under FEMA

With the plethora of the laws and ever changing corporate milieu, people often end up contravening the various provisions of law. Therefore the GoI has provided for the compounding of offences under FEMA, whereby a person can voluntarily accept the contravention and apply for the compounding of offence, seeking redresal without going thro...

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Issue of Sweat Equity Shares

What are Sweat Equity Shares? ‘Sweat equity shares’ are such equity shares, which are issued by a Company to its directors or employees at a discount or for consideration, other than cash, for providing their know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name ...

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Conversion of One Person Company to Private Limited Company

The conversion of an OPC- One Person Company into Private Limited Company as per Section 18 of the Companies Act, 2013 and the provisions of Companies (Incorporation) Rules of 2014 should be discharged by a newly formed Private Limited Company. These rules will not affect the existing debts, liabilities, obligations or contracts of the OP...

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Sudden Revival of Struck off Companies By MCA

QUESTION:  Thousands Of Strike Off Companies Got Active Suddenly By MCA. Is it a Technical Error or Something Else? ANSWER:  As per my understanding and various articles read it does not seem to be a technical error. The income-tax (CBDT) department is estimating tax recovery of over Rupees 100 billion from companies that have been [&he...

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Tax on interest income from FDR of AOP (Flat owners Association)

Whether the interest income from FDR of AOP (Flat owners Association) is taxable? If yes, on gross basis or net (after deducting flat maintenance expenses) basis?...

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Matters to be stated in Prospectus

Meaning of Prospectus In general parlance prospectus refers to an information booklet or offer document on the basis of which an investor invests in the securities of an issuer company. It has been defined under section 2(70) so as to mean any document described or issued as a prospectus and includes a red herring prospectus […]...

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ITAT allows Losses due to selling goods at less than cost by Flipkart

JCIT Vs Flipkart India Pvt. Ltd. (ITAT Bangalore)

AO was not justified in holding that losses incurred by assessee due to selling goods at less than cost price to e-commerce operators  was to create marketing intangibles assets and therefore the loss to the extent it was created due to predatory pricing should be regarded as capital expenditure incurred by assessee and should be disallo...

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Adjudication of Transitional Credits under GST? A Tale of Six Gaps

1. Verification of TRAN-I or TRAN-II forms have been or will be carried out by the department. During the process they may come across cases where allegedly wrong transitional credits could have been claimed. One striking example can be the transitional credits in respect of cess (KKC) which was permitted prior to retrospective amendment ...

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