"19 July 2019" Archive

Scrip wise details of long term capital gains in ITR is Optional: CBDT

Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions to the Notified ITR form and based on taxpayer feedback. Taxpayers have an option to either enter the Scrip wise details of long term capital gains in Schedule 112A and 115AD(1)(iii) so that the […]...

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Posted Under: Income Tax |

Conversion of Loan into Equity share Capital of the Company

Certain advantages for conversion of loan into equity share capital of the Company: No cash exchange occurs in the debt-to-equity swap. Increasing cash flow by decreasing liabilities. Avoidance to paucity of financial resources. Process chart for Conversion of Loan into Equity shares Section 62 (3) of Companies Act, 2013 Phase 1: Importan...

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Posted Under: Income Tax |

What is National Financial Reporting Authority (NFRA)?

Article contains Quick Referencer to National Financial Reporting Authority (NFRA), Things to be remembered about NFRA, Note on Jurisdiction of NFRA, Who is liable to file return in NFRA-1, Who is not liable to File NFRA -1 Return, How to file NFRA Form, Recommendation, Monitoring, Investigation And Enforcement Of Accounting And Auditing ...

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Posted Under: Income Tax |

Clarification in respect of goods taken out of India for exhibition or on consignment basis for export promotion

NA (19/07/2019)

Several goods are taken out of India on consignment basis for exhibitions or other export promotion events. These goods are sold only when approved by the prospective customers abroad. The unsold goods are then brought back to India. This is a widespread practice in various sectors, including the gems and jewellery industry....

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Clarification in respect of goods sent out of India for exhibition or on consignment basis for export promotion

Dear Readers, Recently, Central Board of Indirect taxes & customs issued Circular No. 108/27/2019-GST dated 18th July 19, clarifies the various issues in respect of goods sent out of India for exhibition or on a consignment basis for export promotion. The gist of the Circular is explained below: (1) The trade and industry are in conf...

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Posted Under: Income Tax |

Simplifying the Union Budget 2019

SIMPLIFYING THE BUDGET (JULY 2019)[1] The General Elections 2019 have recently given us a mandate which brought the Bhartiya Janata Party led National Democratic Alliance government again in power after it completed the 5 years from 2014-19. The budget which was brought pre-elections before the country like always had the vision and aim o...

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Posted Under: Income Tax |

Maharashtra Value Added Tax (Second Amendment) Rules, 2019

Notification No. VAT. 1519/CR 35/Taxation-1 (19/07/2019)

Maharashtra Value Added Tax (Second Amendment) Rules, 2019.- The period, within which the details of the current bank account shall be submitted, for the purpose of clause (c) of second proviso to sub-section (6) of section 16 shall be,— (a) six months from the due date of his return for the period starting on the 1st April 2019, in ...

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Insider Trading- Reporting of violations related to Code of Conduct

SEBIMO/ISD/ISD/CIR/P/2019/82 (19/07/2019)

With an objective to standardize the process relating to dealing with such violations of the Code of Conduct, all listed companies, intermediaries and fiduciaries shall: a. Report such violations by the designated persons and immediate relatives of designated persons in the standardized format to SEBI, as placed at Annexure A....

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Goods without E-Way Bill cannot be detained without notice U/s. 129

Sri Krishna Traders Vs State of Gujarat (Gujarat High Court)

Sri Krishna Traders Vs State of Gujarat (Gujarat High Court) The writ-applicant is operating from the State of Tamil Nadu. It appears that the consignment of betel nuts was being transported from Vellor, State of Tamil Nadu, to Delhi. While the goods were in transit and passing through the State of Gujarat, the vehicle was […]...

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Rera on Lease Agreements

The Bombay High Court while deciding the case of Lavasa Corporation that is developed under the township project in the Pune stated that RERA needs to apply for the cases based on the long-term agreements. The court has held that RERA applies to the said case wherein the citizens are seeking compensation due to the […]...

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Posted Under: Income Tax |

Guidelines for Disposal of Muriate of Potash (MoP) Seized/Confiscated by Customs

Circular No. 20/2019-Customs (19/07/2019)

The field formations may get the stock of seized/ confiscated MoP inspected by the Fertilizer Inspector of Central Fertilizer Quality Control and Training Institute (CFQCTI), Faridabad and its 3 Regional Fertilizer Testing Laboratories at Chennai, Kalyani Distt. Nadia (West Bengal) and Navi Mumbai, to ascertain whether it is Standard Grad...

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Rationalisation of IBC: A lot more needs to be done

Rationalisation of Insolvency & Bankruptcy Code (IBC): A lot has been done, still a lot more needs to be done….. The intent of the Legislature in repealing the erstwhile SICA Act and its substitution with the new Insolvency & Bankruptcy Code (IBC) 2016 was to ensure more effective, sensitive, holistic and timely financial reviva...

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Posted Under: Income Tax |

HC sets Aside GST AARA Order denying ITC on ‘Cash Carry’ Vehicles

C.M.S. Info Systems Ltd. Vs Commissioner, CGST (Bombay High Court)

C.M.S. Info Systems Ltd. Vs Commissioner, CGST, Mumbai East & Ors. (Bombay High Court) We find that the fundamental submission of the petitioner before the AARA was the fact that money would stand covered by the definition of ‘goods’ under Section 2(52) of the GST Act so long as the same is not used as […]...

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Revised Procedure and formats for limited review of listed entity

Circular No. CIR/CFD/CMD1/80/2019 (19/07/2019)

Revised Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity Securities and Exchange Board of India CIRCULAR CIR/CFD/CMD1/ 80 /2019 July 19 , 2019 To All listed entities (whose equity shares and convertible securities are listed) All th...

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No Threshold Limit of Turnover In GST

To most of the people directly or indirectly concerned with goods and services tax (hereinafter referred to as the GST) will take the title of this post as a surprise but it is absolutely true that GST Law not provides threshold limit of turnover. Sub-clause (d) of clause (4) of Article 279A of the Constitution, […]...

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Posted Under: Income Tax |

Benefits under Income Tax Act, 1961 for units located in IFSC

Benefits under the Income Tax Act, 1961 for units located in an International Financial Services Centre (IFSC) An International Financial Services Centre (IFSC) is an institution which deals with financial services, financial products and financial transaction which are undertaken on an international level. In India, the only IFSC is loca...

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Posted Under: Income Tax |

ACES GST Integration for Tax Officers to Change Assessee Password

Advisory No. 21/2019 - Aces-GST Integration (19/07/2019)

ACES GST Integration- Issue of Advisory for Tax officers to Change Assessee Password for Existing Tax payers of Central Excise and Service Tax in the integrated CBIC-GST Tax Payer portal ...

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GST applicability for Charitable institutions

Does supply covers charitable activities? There is still a lot of confusion prevailing on whether GST applicable to Charitable Institutions. Let’s understand its applicability and its exemption. GST Act defines supply in a very broad sense. As per section 2(92) read with section 3 Supply includes- All forms of supply of goods and/or ser...

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Posted Under: Income Tax |

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