"15 July 2019" Archive - Page 2

Demerger: Alignment of tax neutrality with Ind-AS requirements

Currently, the provisions of section 2(19AA) of the Income-tax Act, 1961 (Act) define demerger in relation to companies, as a means of transfer undertaken pursuant to a Scheme of Arrangement under sections 230 to 232 of the Companies Act, 2013...

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Posted Under: Income Tax |

Tax Deducted at Source under Section 194M of Income Tax Act, 1961

As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individual or an HUF, to deduct TDS @5%, where they make payment which exceeds Rs. 50 lakh in a year to a contractor or to a professional. Any Person Other than Those who […]...

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Posted Under: Income Tax |

No Execution of RERA Order is No Relief To Home buyer

Till now RERA has been set up in many states of the country. Maharashtra RERA (MahaRERA) leading amonst all, has disposed of the largest number of complaints and issued orders against the developers / builders for non-compliance of the law. MP-RERA, HARYANA RERA (HARERA) and the authority in other states is also leaving no stones [&hellip...

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Posted Under: Income Tax |

What is Sabka Vishwas (Legacy Dispute Resolution) Scheme?

A very unique and substantial relief scheme named as SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME has been proposed. The focus of the government will be to reduce the pending litigations of 28 plus pre-GST laws, the government has proposed a Dispute Settlement Scheme for speedy settlement of pending litigations and to remove the funds b...

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Posted Under: Income Tax |

Separate GST registrations can be given to multiple companies functioning in a co-working space

In re M/s. Spacelance Office Solutions Pvt. (GST AAR Kerala)

In re M/s. Spacelance Office Solutions Pvt. (GST AAR Kerala) Can GST registrations allowed for multiple companies from same address, provided they follow all GST rules related to ‘Principal place of business’? These are start-up companies in service sector, where no stock has to be maintained. Separate GST registration can be ...

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Part of fishing vessels are taxable @ 5% GST

In re M/s Gurudev Metal Industries (GST AAR Krala)

In re M/s Gurudev Metal Industries (GST AAR Krala) Propeller, Shaft/SS road, Gun metal bush/bearing, Sniffing box, Brass Tube/SS Tube, Rudder Shaft and Blade, Sea Cork/Water Strainer, GM Gate Valve, MS Pipe, Propeller Nut/GM Nut, Coupling, SS Rods & Square, SS Flat, GM Gland and Ring and MS Plate used as parts of fishing / […]...

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ALP of corporate guarantee cannot be determined by comparing with bank guarantee

CIT Vs M/s. Glenmark Pharmaceuticals Ltd. (Supreme Court of India)

CIT Vs M/s. Glenmark Pharmaceuticals Ltd. (Supreme Court of India) Hon;ble Supreme Court Upheld the Judgment of Hon;ble HIgh Court and held that Arm’s length price of corporate guarantee could not be determined on the basis of comparison with bank guarantee and as such, High Court rightly affirmed the view taken by ITAT deleting the [&h...

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CBDT transfers 122 Income Tax officers in ACIT/ DCIT Grade

Office Order No.151 of 2019 (15/07/2019)

CBDT Office Order No. 154 of 2019 – Transfer/Postings (Local Changes) of 122 officers in the grade of Assistant Commissioner of Income Tax (ACIT) / Deputy Commissioner of Income Tax (DCIT) F.No. A-2201311/2019-Ad.VI (part) Government of India Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) North Block, New...

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HC allows Taxpayer to pay sales tax arrears in 12 monthly installments

M/s. Impact Metals Ltd. Vs State Of Telangana (High Court Telangana & Andhra Pradesh)

Under normal circumstances, a person, who secured the facility of payment by installments and who committed default in complying with the same, may not be entitled to any indulgence. But, the facts of the case are little peculiar. It is seen from the representation made by the petitioner that the petitioner became a sick company from the ...

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Deity is a juristic person & have status of individual for taxation

Vijaya Durga Devi Trust Vs DCIT (ITAT Pune)

Vijaya Durga Devi Trust Vs DCIT (ITAT Pune) It is an undisputed fact that the trust has been created in the year 1968 and as per the trust deed, the entire income is to be used for the upkeep of Deity. It is also an undisputed fact that the Deity is the sole beneficiary of […]...

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