"15 July 2019" Archive

GST Law & Article 286 of the Constitution

a) Insertion of new article 246A which makes enabling provisions for the Union and States with respect to the GST legislation. It further specifies that Parliament has exclusive power to make laws with respect to GST on inter-State supplies....

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Penalty cannot be imposed for mere wrong claim of TDS

M/s. V.K. Lalco Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s. V.K. Lalco Pvt. Ltd. Vs DCIT (ITAT Mumbai) In this case the penalty was levied for wrong claim of TDS in the return of income to the tune of Rs.3,48,120/- without offering the corresponding income to tax. In fact this TDS did not belong to the assessee but appeared in the form No. 26AS […]...

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ICSI to implement eCSIN and UDIN w.e.f 1st October, 2019

1. Letter dated 17th June, 2019 received from MCA regarding difficulty in filing Form INC 22A (ACTM). 2. Implementation of Employee Company Secretary Identification Number (eCSIN) Guidelines. 3. Implementation of Unique Document Identification Number (UDIN) Guidelines....

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Corrigendum to Circular No. 102/21/2019-GST dated 28th June, 2018

Corrigendum to Circular No. 102/21/2019-GST (15/07/2019)

The additional / penal interest is charged for a transaction between Y and M/s ABC Ltd., and the same is getting covered under Sl. No. 27 of notification No. 12/2017-Central Tax (Rate) dated 28.06.2017. Accordingly, in this case the 'penal interest' charged thereon on a transaction between Y and M/s ABC Ltd. would not be subject to GST...

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Conversion of Public Company into Private Company: Practice & Procedure

Companies Act, 2013 (Act) provides for conversion of companies from one form to another. One such important conversion is conversion of public company to private company....

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Objective of Section 89 & 90 | Beneficial Interest | Companies Act 2013

OBJECTIVE OF SECTION 89 & 90 OF COMPANIES ACT, 2013 IN RESPECT OF ‘BENEFICIAL INTEREST’ Although both the provisions are based on two concepts ‘beneficial interests’ & ‘beneficial owner’. Both these terms are to be understood in respect of both the Sections and although both sections are based o...

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Gains to shareholders due to buy-back of shares amounted to dividend not capital gain

Cognizant Technology Solutions India Pvt. Ltd. Vs DCIT (Madras High Court)

Shares purchased pursuant to the order of Company Court would not amount to capital gain and rather to be treated as a dividend.Whenever a company distributes its profits to its shareholders, the profit so disbursed, will amount to dividend and Dividend Distribution Tax at 15% was required to be paid by assessee u/s 115O....

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Who is Significant Beneficial Owner Illustration And FAQ on BEN-2

Calendar of the Events : MCA on 15th February 2018, came out with draft of Companies (Beneficial Interest and Significant Beneficial Interest) Rules 2018. On June 14, 2018, MCA issued the Companies (Beneficial Interest and Significant Beneficial Interest) Rules 2018 and enforced section 90 of the Amendment Act. On Feb 8, 2019, MCA has not...

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Section 193: TDS on Interest on Securities

The term ‘interest on securities’ is defined under section 2(28B) of the Income Tax Act, 1961 which means interest on securities of the Central or a State Government and interest on debentures / other securities issued by or on behalf of a local authority / a company / a co-operative society established by the Central […]...

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HC quashed reassessment notice u/s 148 against Infosys Ltd.

Infosys limited Vs DCIT (Karnataka High Court)

Reopening of assessment on basis of withdrawal of deduction allowed under Section 10A relating to the assessment year 2007-08 was without application of mind and nothing but the change of opinion, which tantamounted to review and the same was not permissible to initiate the proceedings under Section 147/148....

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