"15 July 2019" Archive - Page 3

No Penalty for Rejection of Bonafide Claim

Pr. CIT Vs Shamrao Vithal Co-Op Bank (Bombay High Court)

Pr. CIT Vs Shamrao Vithal Co-Op Bank (Bombay High Court) The division bench of the Bombay High Court has held that penalty cannot be levied under the Income Tax merely on the ground that a deduction claim was rejected by the department. The assessee is a Co-operative Bank. For the relevant A.Y under consideration, the […]...

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Import of service against Export of service under GST

Where an exporter of services located in India is supplying certain services to a recipient located outside India, either wholly or partly through any other supplier of services located outside India, the following two supplies are taking place:- 1. Supply of services from the exporter of services located in India to the recipient of serv...

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Posted Under: Income Tax |

Note on Foreign Assets and Liabilities Return

Please be informed that all Companies/LLPs which have received FDI (Foreign Direct Investment) and/or made FDI abroad (i.e. overseas investment) have to file an Annual Return which is Foreign Assets & Liabilities Return (FLA). 1. The due date for filing FLA return is 31st of July, 2019 for the FY 2018-2019. 2. Non-filing of the retur...

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Posted Under: Income Tax |

Tariff Notification No. 51/2019-Customs (N.T.), Dated: 15.07.2019

Notification No. 51/2019-Customs (N.T.) / S.O.2521(E) (15/07/2019)

Tariff Notification No. 51/2019-Customs (N.T.), Dated: 15.07.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 51/2019-CUSTOMS (N.T.) New Delhi, ...

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The Basics of Car Insurance: What You Need to Know

Whether you own a car or intend to get one, it’s important to be familiar with how car insurance works. After all, car insurance is the third largest expense a car owner will shoulder, aside from car loan and gas. However, this subject can be overwhelming and tricky, especially for those who have no idea […]...

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Posted Under: Income Tax |

GST Input Tax Credit in respect of Work Contract Service Relates to Earth Work

Now a question come whether ITC credit available in respect of such earthing work like earth excavation, filing land, piling, flatting surface, piping, cutting tree, Concrete works, Reinforcement Steel, Shuttering, Aggregate from Crusher, Brick Work, Random Rubble Masonry, Dismantling of Brick, RCC 86 Anti Termite Treatment, Blasting stud...

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Posted Under: Income Tax |

All about filing of ITR-7 for A.Y. 2019-20

Instructions to Form ITR-7 (A.Y .2019-20) Instructions for filling out Form ITR-7 These instructions are guidelines for filling the particulars in Income-tax Return Form-7 for the Assessment Year 2019-20 relating to the Financial Year 2018-19. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the In...

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Posted Under: Income Tax |

NBFCs: Impact Assessment of Carrot & Stick Approach of Proposed Amendments in Union Budget 2019-20!!

The Union Budget 2019-20 has proposed several amendments/rationalisation measures aimed at encouraging and incentivizing NBFCs and these are discussed as under:...

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Posted Under: Income Tax |

Note on constitution and registration of Internal Complaints Committee

Note on constitution and registration of Internal Complaints Committee (ICC): Pursuant to MCA Office Memorandum dated 11th June, 2019, please note the below- 1. Every Company employing 10 or more employees has to constitute an Internal Complaints Committee (ICC) to look into the Sexual Harassment complaints at work place as per the Sexu...

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Posted Under: Income Tax |

Procedure for Conversion of Public Company into Private Company

Over the recent years compliances for public Companies has been increased like transfer of shares into demat forms, allotment of new shares into demat form, etc. and therefore, many closely held companies are getting themselves converted into a private limited. Private limited company is easier to operate, enjoys a set of exemptions and m...

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Posted Under: Income Tax |