"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 […]...

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...

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 ...

Posted Under: Income Tax |

Capital Gain payable on Transfer of Property to Builder through Sale Agreement alongwith POA

Shri. Tirumalasetti Srinivasa Rao Vs. DCIT (ITAT Visakhapatnam)

Once the assessee had entered into agreement of sale coupled with power of attorney and handed over the possession of the property to the vendee, the transfer is complete as provided u/s 47 of the Act....

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....

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...

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...

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 ...

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....

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 […]...

Posted Under: Income Tax |

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February 2024