"18 July 2019" Archive

Changes in TDS provision via Finance Bill 2019

Budget 2019: Changes in TDS provision- Related to 1. Section 194M : TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF, Section 194N: TDS on Cash Withdrawal exceeding Rs 1 crore from banks or cooperative bank or post office, Section 194DA: TDS on sum received under life insurance policy and Section [&hell...

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Posted Under: Income Tax |

Procedure under GST for goods sent / taken out of India for exhibition

Circular No. 108/27/2019-GST (18/07/2019)

CBIC clarifies GST issues regarding procedure to be followed in respect of goods sent / taken out of India for exhibition or on consignment basis for export promotion vide Circular No. 108/27/2019-GST Dated 18th July, 2019. Also Read- CBIC Clarification in respect of goods taken out of India for exhibition or on consignment basis for [&he...

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GST on Information Technology enabled Services (ITeS services)

Circular No. 107/26/2019-GST (18/07/2019)

CBIC issues clarification on issues related to supply of Information Technology enabled Service (ITeS services) such as call center, business process outsourcing service, etc. and ‘Intermediaries’ to overseas entities under GST law and whether they qualify to be ‘export of services’ or otherwise vide Circular No. 1...

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FORM GST CMP-08 due date extended to 31st July 2019

Notification No. 34/2019 Central Tax [G.S.R.514(E)] (18/07/2019)

CBIC extends the last date / Due date for furnishing GST Composition Scheme payment  FORM GST CMP-08 statement containing the details of payment of self-assessed tax, for the quarter April, 2019 to June, 2019, or part thereof, to 31st day of July, 2019 vide Notification No. 34/2019 – Central Tax dated 18th July, 2019. Quarterly [&helli...

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Central Goods and Services Tax (Fifth Amendment) Rules, 2019

Notification No. 33/2019 –Central Tax [G.S.R. 513(E).] (18/07/2019)

Central Goods and Services Tax (Fifth Amendment) Rules, 2019- Inserted Rule 4A related to Issue of E-Ticket by Multiplexes, Inserted Rule 83B- Surrender of enrolment of goods and services tax practitioner, Inserted New Form GST PCT-06- Application For Cancellation Of Enrolment As Goods And Services Tax Practitioner, Form GST PCT-07- Order...

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Pass Percentage of CA CPT June 2019 Exam

ICAI Press Release The Institute of Chartered Accountants of India (ICAI) today announced the result of Common Proficiency Test (CPT) exam held on June 16, 2019. The result analysis of the CPT Examination in terms of total pass percentage & gender wise details are mentioned below. GENDER No. of candidates appeared No. of candidates pa...

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Posted Under: Income Tax |

Jadhav case: ICJ Rules in favour of India (Read Order & Press Release)

Mr. Kulbhushan Sudhir Jadha case (India v. Pakistan) (International Court of Justice)

Jadhav case (India v. Pakistan)- The Court finds that the Islamic Republic of Pakistan, in the matter of the detention and trial of an Indian national, Mr. Kulbhushan Sudhir Jadhav, has acted in breach of the obligations incumbent on it under Article 36 of the vienna Convention on Consular Relations...

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Posted Under: Income Tax |

Section 194B and Section 194BB – TDS

Section 194B and 194BB – TDS on winnings from lottery or crossword puzzle and TDS on winning from a horse race. Continuing the series of TDS articles, in the present article, both the Section 194B and Section 194BB relating to TDS on winnings from lottery or crossword puzzle and TDS on winning from horse race, […]...

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Posted Under: Income Tax |

Person in whose advice, directions or instructions Board of Directors of a company accustomed to act

It is very much clear that the expression ‘any person in whose advice, direcctions or instructions the Board of Directors of a company accustomed to act’ is of utmost relavance as the expression has been used at various places in the Companies Act, 2013 alongside with Section 2(69) which defines the term ‘Promoter’...

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Posted Under: Income Tax |

GST ITC of other State’s – Can it be claimed ??

1. A businessmen would come across scenarios wherein they would have received supplies from the State’s where they are not registered and the place of supply would also happen to be the said State and not the State where he is registered. As an example, a businessmen registered in Gujarat would book a hotel in […]...

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Posted Under: Income Tax |

ICSI CS Foundation exam result 2019 to be declared on July 25

The Result of CS Foundation Programme examination held on 8th and 9th June, 2019 would be declared on Thursday, the 25th July, 2019 at 11:00 A.M. The result along with individual candidate’s subject-wise break-up of marks will be available on the Institute’s website: www.icsi.edu Formal e-Result cum-Marks Statement of Foundation Progr...

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Posted Under: Income Tax |

Download Finance (No. 2) Bill, 2019 as passed by Lok Sabha

Bill No. 55-C of 2019 (18/07/2019)

Lob Sabha has passed Union Budget 2019 i.e. The Finance (No. 2) Bill, 2019  on 18th July 2019 with Various amendment in some of the sections and also inserted few new provisions. Full text of the same is as follows:- AS PASSED BY LOK SABHA ON 18.7.2019 Bill No. 55-C of 2019 THE FINANCE (NO. […]...

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Subsidy received under TUF Scheme is Capital Receipt

M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata)

M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata) We note that the issue under consideration whether the subsidy received under TUF scheme is a capital receipt or revenue receipt. The ld. CIT(A) treated it as part of fixed assets and held that said subsidy should be reduced from the cost of fixed assets. Held by […]...

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Resignation of Statutory Auditors from Listed Companies- Proposed Disclosure Norms

There have been a significant number of instances of abrupt resignation of Statutory Auditors from listed entities in recent times. In most of the cases, the statutory auditors have suddenly resigned without completing their assignments for the year, generally citing ‘pre-occupation’ as the reason for resignation....

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Posted Under: Income Tax |

No denial of Cenvat Credit for mere procedural lapse: CESTAT

M/s D.A. Stuart India Pvt Ltd Vs C.C.G.S.T (CESTAT Mumbai)

M/s D.A. Stuart India Pvt Ltd Vs C.C.G.S.T (CESTAT Mumbai) In the absence of a statutory provision which prescribes that registration is mandatory, the claim of the Appellant cannot be rejected and both the authorities below have committed an error in rejecting the same. In a very recent decision of the Tribunal in the matter of [&hellip...

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What After the ICJ Judgement in Jadhav Case?

The judgement of International Court of Justice (ICJ) delivered on the 17th of July, 2019 has strongly supported and upheld India’s case on most issues. The Court held that the Vienna Convention binds both the countries which effectively provides for consular access....

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Posted Under: Income Tax |

Download e-book on Indian Accounting Standards (Ind AS)

This is the third edition of our earlier issued publication which contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting sta...

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Posted Under: Income Tax |

Cabinet approves amendments to Insolvency and Bankruptcy Code

In order to provide relief to money lenders, i.e., banks and financial institutions, the Union Cabinet has given green signal on long awaited amendments to the Insolvency and Bankruptcy Code. This amendment puts red bull’s eye on timelines and maximize the value of an insolvent entity from the resolution plan as a going concern....

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Posted Under: Income Tax |

Cancer Treatment is reasonable cause for delay in Appeal Filing: ITAT

Shri Pradipta Kumar Das Vs The Assistant Commissioner of Income Tax (ITAT Chennai)

Assessee was diagnosed with Cancer in December, 2017 and the ld. CIT(A) passed the order on 20.03.2018, which is subsequent to the diagnosis of the illness, needless to mention that treatment of cancer is very painful and it is not possible to focus on other issues when he was under the treatment and therefore in our opinion, there is a r...

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: Mystery or Resolution?

A. Preface 1. Our Finance Minister, Shrimati Nirmala Sitharaman, in her budget speech mentioned that more than Rs. 3.75 lakh croreis blocked in pending litigations from the Pre-GST Regime i.e., in Service Tax And Excise. In view of such huge funds being blocked, she proposed a “Legacy Dispute Resolution Scheme” (The Scheme) that would...

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Posted Under: Income Tax |

Landmark Judgment: Benami Amendment Act, 2016 not applicable from retrospective effect: HC

Niharika Jain W/o Shri Andesh Jain Vs Union of India (Rajasthan High Court)

Court has no hesitation to hold that the Benami Amendment Act, 2016, amending the Principal Benami Act, 1988, enacted w.e.f. 1st November, 2016, i.e. the date determined by the Central Government in its wisdom for its enforcement; cannot have retrospective effect....

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New Mandatory Karnataka Shops and Establishment Act, 1962

Introduction: The obligatory registration of Karnataka Shops and Establishment Act, 1962 for companies, persons, and legal entities who are setting up a shop or commercial establishment in the state and these act oriented documents  are considered important for employers their human resources (HR) departments It regulates establishments ...

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Posted Under: Income Tax |

MA is maintainable only if appeal is pending and not admitted

Shri Ratanlal C. Bafna Vs JCIT (ITAT Pune)

Shri Ratanlal C. Bafna Vs JCIT (ITAT Pune) When appeal has been filed before the Hon’ble High Court, the appeal is admitted and substantial question of law has been framed in the said appeal, then the Tribunal cannot recall the order. In the present case since the appeal against the order of the Tribunal has […]...

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GST rate on various works/activity done by Electricity Department

In re Chief Electrical Engineer (GST AAR Goa)

In re Chief Electrical Engineer (GST AAR Goa) The GST rate applicable for various works/activity undertaken by the Goa Electricity Department? 1. The applicant Chief Electrical Engineer, Goa is liable to pay CGST @ 9% & SGST @ 9% on various works/activity undertaken by them except on hiring of the vehicles. 2. The applicant is [&helli...

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Notification No. 03/2019-Central Excise (NT), Dated: 18.07.2019

Notification No. 03/2019-Central Excise (NT) [G.S.R. 516(E)] (18/07/2019)

Pr. Commissioner/Commissioner of Customs, Nhava Sheva-II, JNCH invested with power of Pr.Commissioner/Commissioner of Central Excise for adjudication in specific SCN vide Notification No. 03/2019-Central Excise (NT) dated 18th July, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notificatio...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 19.07.2019

Notification No. 52/2019 - Customs (N.T.) (18/07/2019)

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 19th July, 2019 notified vide Notification No. 52/2019–Customs (N.T.) dated 18th July, 2019. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) ***** Notification No.52/2019 – Customs (N.T.) New Delhi, dated th...

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Section 80EEA Deduction for additional Interest on loan for Affordable House

Section 80EEA Deduction for additional Interest of Rs.1.50 Lakh on Loan on Affordable House Property (not on Commercial). New section 80EEA is inserted by Budget 2019-20 presented by Finance Minister in Parliament on 5th July 2019. Condition for availing Section 80EEA deduction Loan Sanctioned between 1.4.2019 to 31.3.2020 from financial ...

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Posted Under: Income Tax |

New Utilization of Input Tax Credit Rules Effective from 1st April, 2019

The input tax credit utilization rule has undergone a huge roller coaster ride since introduction of the Goods and Service Tax Law. Every registered taxpayer dealing with the GST would be much concerned about the input tax credit utilization rules since it directly affects its finance and working capital at a large. Stage-wise provisions ...

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Posted Under: Income Tax |

Legal validity of certain major changes in ITR Schema

Does it seem that the legal validity of certain major changes in ITR Schema is questionable? Attempt to analyse with reference to legal provisions. Recently there have been made very major changes regarding reporting of details of long term capital gain transactions in schemas of ITR-2 and ITR-3. And CBDT has issued clarification through ...

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Posted Under: Income Tax |

Buy Back Tax as amended by Finance Bill 2019

Tax on Income distributed to shareholder (Buy Back Tax) As we are aware of the amendment brought by Finance Bill No. 02, 2019 that now Tax is to be levied on Buy Back of shares of Listed Company too. Before start, please be clear that any payment made by a company on purchase of its […]...

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Posted Under: Income Tax |

Significant Beneficial Ownership Decoded

Soon after the SBO Rules came into effect, stakeholders started facing numerous difficulties in complying with the SBO disclosure norms, which obligated the MCA to revise the reporting norms and representation were made to MCA to issue a new Form altogether....

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Posted Under: Income Tax |

Significant Beneficial Owner – Lifting of Corporate Veil!

On June 14, 2018, MCA issued the Companies (Beneficial Interest and Significant Beneficial Interest) Rules 2018 and enforced section 90 of the Act. On Feb 8, 2019, MCA has notified the revised rules on SBO. The sole objective of these rules is ‘to identify the ultimate beneficial individual or group of individuals who have control or o...

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Posted Under: Income Tax |

Extend due date of filing Income Tax Return: AIFTF

All India Federation of Tax Practitioners has submitted a Memorandum to request for Extension of Date for filing Income Tax Return for assessment year 2019-20 considering hardship of taxpayers....

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Posted Under: Income Tax | ,

Extend due date for filing of Income-tax returns to 30th Sept 2019

Tax Bar Association, Jodhpur has written a letter to Union Finance Minister, Smt. Nirmala Sitharaman  and Request for Extension of due date for filing of Income-tax returns from 31st July, 2019 to 30th Sept 2019. Extension is requested in view of enormous delay on part of department to provide IT forms preparation software, Dynamic amend...

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Posted Under: Income Tax | ,

Ind AS-8, Accounting Policies, Changes in Accounting Estimates & Errors

ICAI Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors In this era of globalised economies, the Institute of Chartered Accountants of India (ICAI) has been at the forefront of ensuring high quality accounting standards in India. Financial reporting has got new di...

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Posted Under: Income Tax |

Corrigendum to Circular No. 45/19/2018-GST dated 30th May, 2018

Corrigendum to Circular No. 45/19/2018-GST (18/07/2019)

For the tax periods commencing from 01.07.2017 to 30.06.2019, such registered persons shall be allowed to file the refund application in FORM GST RFD-01A on the common portal subject to the condition that the amount of refund of integrated tax/cess claimed shall not be more than the aggregate amount of integrated tax/cess mentioned in the...

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