"12 July 2019" Archive

Synopsis of Budget 2019 related to Goods & Services Tax

Indirect Tax Budget (GST) -2019  1. Provision of Inter Transfer of fund of Electronic Cash ledger from one head to another: Financial Bill proposes to allow a taxpayer to transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger to integrated tax, central tax, state tax, union [&hellip...

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Conditions for Compulsory filing of Income-Tax Return (We must Know)

Conditions for Compulsory filing of Income-Tax Return: Budget 2019 It is a common understanding that an obligation file the return of income under the income-tax Act arises only if the income exceeds the maximum amount not chargeable to tax or when a person desires a loss sustained by him to be carried forward in future. […]...

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Highlights of Union Budget 2019 on Income Tax

The Union Budget for 2019-20 was placed before Parliament on 05.07.2019. Some of the significant proposals related to Income Tax Act, 1961 are as under:...

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Union Budget 2019-20 – Major Tax Proposals

Union Budget for the year 2019-20, as laid in the Parliament on 5th July, 2019 is the first Budget of the new Union Government and so for the Union Finance Minister, a woman. While the Budget promises a host of plans, welfare schemes and developmental activities, here is a snap shot of the of the major offerings in terms of direct and ind...

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Anti-dumping duty till 27.10.2019 on imports of Paracetamol

Notification No. 27/2019-Customs (ADD) [G.S.R. 495(E)] 12/07/2019

Seeks to extend levy of anti-dumping duty till 27.10.2019, on imports of Paracetamol originating in or exported from china PR, extended vide notification No. 39/2018 Customs (ADD), dated the 20th August, 2018, in pursuance of order of Hon’ble High Court of Gujarat in the matter of SCA 5278/2019.  MINISTRY OF FINANCE (DEPARTMENT OF ...

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Penalty leivable u/s 271B on non-production of Audit Report in prescribed format

M/s. Peroorkada Service Cooperative Bank Ltd. Vs. ITO (ITAT Cochin)

Penalty under Section 271B was justified as assessee had not produced audit report in the prescribed format before AO and no explanation regarding the reasonable cause for not filing the audit report within the prescribed time limit was given. ...

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Retiring partner to pay capital gain tax on excess amount received against Capital A/c

Savitri Kadur Vs DCIT (ITAT Bangalore)

Savitri Kadur Vs DCIT (ITAT Bangalore) Conclusion: When the partnership firm paid lump-sum amount to retiring partner, it was paid in consideration of her retirement in the partnership and assignment of her interest to other partners, the transaction would amount to transfer u/s 2(47) and liable to tax excess amount over partner’s c...

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Reassessment on mere non disclosure of non taxable receipt was invalid

The Swastic Safe Deposit and Investments Ltd Vs ACIT (Bombay High Court)

Where the documents on record conclusively establish that the receipt did not give rise to any taxable income, it would not be open for AO to reopen the assessment referring only to the non disclosure of the receipt in the return of income....

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FAQs on filing of NFRA-1 form

Article explains who need to file NFRA-1 Form, Do small private and public companies also have to file the NFRA-1 Form, Where to find NFRA-1 form, How to download NFRA-1 form, Applicability of NFRA For to Listed and unlisted companies, Does a company which has applied for strike-off is required to file NFRA-1 form, Who’ll […]...

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Issues in Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

There are many issues in this proposed Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019. Hope such issues get addressed favorably in the Rules and other clarifications to be issued in this regard....

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