"23 July 2019" Archive

TDS under Section 194EE and Section 194F

Section 194EE and Section 194F – TDS from payment in respect of deposit under NSS and TDS from payment on account of Repurchase of units by Mutual Funds or UTI Continuing the TDS article services, the present article tries to cover the two rarely touched topics TDS in respect of deposit under NSS (Section 194EE) and TDS […]...

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Posted Under: Income Tax |

Recent Updates In GST till 22nd July 2019

 The Finance Bill, 2019 stands passed by the Parliament. Within a month of the last meeting, GST Council meets again for 36th time on 25 July, 2019. It is likely to consider the proposals of GST rate reduction in case of electric vehicles, from 12% to 5% besides taking up similar issue for solar systems, wind mills etc. The GST rate on c...

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Posted Under: Income Tax |

ITR-2 & ITR-5 utilities are modified to fix bugs: CBDT

ITR-2 & ITR-5 utilities are modified to fix bugs identified while filling Schedule FA in ITR-2 (Java utility), Partners information is ITR-5 (Java utility) and Part A-General answer to Investment Fund query in ITR-5 (Excel utility). These bug fixes has no impact on XML schema which remains same and for those taxpayers where these sche...

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Posted Under: Income Tax |

Key Income tax amendment to Finance Bill 2019 passed by Lok Sabha

Key direct tax amendment to the Finance Bill (No. 2), 2019, as passed by Lok Sabha on 18 July 2019 The Lok Sabha has passed the Finance (No. 2) Bill, 2019 on July 18, 2019, which was presented originally in the Lok Sabha on July 5, 2019. Certain changes have been made to the original […]...

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Posted Under: Income Tax |

Banks collect 3309 crore as Minimum Balance Penalty in 2018-19

As apprised by eighteen Public Sector Banks (PSBs) and four major private sector banks, the amount collected through the levy of charges for non-maintenance of minimum balance in Savings Bank account, during the last three financial years, are as under:...

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Posted Under: Income Tax |

Order of AAAR on Classification of food supplements under GST

In re Sri Dipankar Majumdar (GST AAAR West Bengal)

The WBAAR, out of the above 15 products classified 12 products (Serial nos. 2 to 13 of the above table) under HSN 2106, and taxable under SI. No. 23 of Schedule III of Notification no. 1/2017-C.T (Rate) dated 28-06-2017 under the Central Goods and Services Tax Act, 2017 & Notification No. 1125-FT dated 28-06-2017 under the West Bengal Goo...

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Penalties under Transfer Pricing Provisions

The Income tax Act 1961, has prescribed penal provisions for default in compliance with the provisions of the a TP regulations, which are summarized below: Nature of default Relevant Section of the Act Nature of penalty Under Reporting of income arising in the cases other than the case referred in sub section (9) 270A(2) read […]...

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Posted Under: Income Tax |

CBDT extends ITR due date to 31st August 2019

F.No. 225/157/2019/ITA.II (23/07/2019)

CBDT extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of the said categories of taxpayers....

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Post Supply Discount- A Dilemma for Corporates

Post Supply Discounts, generally refers to discounts which are allowed subsequent to the supply of goods/services. Post Supply discounts are invariably offered to incentivize/boost sales and are commonly quantified based on quantity or turnover achieved for prescribed period. Such discounts are a part and parcel of any distribution busine...

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Posted Under: Income Tax |

‘Fanta Fruity Orange’ classifiable under sub-heading 220210

In re Hindustan Coca-Cola Beverages Private Limited (GST AAAR Gujarat)

In re Hindustan Coca-Cola Beverages Private Limited (GST AAAR Gujarat) The Gujarat Appellate Authority for Advance Ruling modify the advance ruling order by holding that the product ‘Fanta Fruity Orange’ manufactured and supplied by Hindustan Coca-Cola Beverages Pvt ltd is classifiable under sub heading 2202 10 and GST rate of 28% and...

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Pensionary benefits under NPS on Voluntary Retirement

The features and benefits under National Pension System (NPS) and the old pension scheme are independent. Under NPS, there is a provision for voluntary retirement/exit prior to the age of superannuation, without linking it with the minimum number of 20 years of service....

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Posted Under: Income Tax |

Steps to Bring Potential Borrowers under Credit Net

Eligibility for credit is a function of a potential borrower’s repayment capacity and creditworthiness. Repayment capacity is assessed on the basis of both income and expenditure cash flows, as well as assets and liabilities. Further, creditworthiness is reflected in the borrower’s track record in meeting credit and other payment obli...

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Posted Under: Income Tax |

Loans sanctioned in 1,33,448 cases under 59-minutes Scheme to MSME

Press Information Bureau Government of India Ministry of Finance 23-July-2019 17:45 IST Loans sanctioned in 1,33,448 cases under 59-minutes Scheme to MSME Out of 2,00,660 applications submitted, 1,59,583 applications for loans on the psbloansin 59 minutes.com portal have been accorded in principle approval since the launch of the portal. ...

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Posted Under: Income Tax |

Curbing mechanism for wilful defaults

Mechanisms are in place to deter wilful defaulters, curb incidence of wilful defaults, and effect recovery from wilful defaulters. These include, inter-alia, the following: 1. PSBs have been asked to examine all accounts exceeding Rs. 50 crore, if classified as Non-Performing Asset (NPA), from the angle of possible fraud and to immed...

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Posted Under: Income Tax |

NPAs of Nationalised Banks started declining 

Loans written-off from Balance Sheets of PSBs; As A result of Government’s 4R’s Strategy of Recognition, Resolution, Re-capitalisation and Reforms, NPAs of Nationalised Banks have started declining ...

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Posted Under: Income Tax |

Linking Rupay Card and Accounts with Aadhaar

Account holders under Pradhan Mantri Jan-Dhan Yojana (PMJDY) are provided with a RuPay Debit card, having an inbuilt accident insurance cover of Rs.1 lakh (Rs.2 lakh for PMJDY accounts opened after 28.08.2018). As apprised by National Payments Corporation of India (NPCI), linking of Aadhaar is not mandatory for activation of RuPay cards....

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Posted Under: Income Tax |

Mauritius Leaks again revealed devastating impact of tax avoidance

The Mauritius Leaks have once again revealed the devastating impact of tax avoidance. ICRICT calls for multilateral accord to overhaul the international tax system, the end of tax havens, the adoption of a minimum global tax and the creation of a Global Asset Registry...

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Posted Under: Income Tax |

Lok Sabha passes Right to Information (Amendment) Bill, 2019 

Lok Sabha passed the Right to Information (Amendment) Bill, 2019 today. In this amendment, it is proposed to amend the Right to Information Act, 2005 so as to provide that the term of office of, and the salaries, allowances and other terms and conditions of service of, the Chief Information Commissioner and Information Commissioners and t...

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Posted Under: Income Tax |

Revisionary jurisdiction cannot be exercised against Void order

Pioneer Distilleries Limited Vs Pr. CIT (ITAT Pune)

Pioneer Distilleries Limited Vs Pr. CIT (ITAT Pune) In the present set of facts where the Commissioner himself has given a finding that the re-assessment proceedings have not been correctly carried out against the assessee and the Assessing Officer has failed to fulfill his obligation, then under such circumstances where, he has also held...

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Code on Wages Bill, 2019 Introduced in Lok Sabha

Bill No. 184 of 2019 (23/07/2019)

The Code on Wages Bill, 2019 Introduced in Lok Sabha on 23rd July 2019 The Minister of State (I/C) for Labour and Employment Shri Santosh Kumar Gangwar introduced The Code on Wages Bill, 2019 in Lok Sabha today to amend and consolidate the laws relating to wages and bonus and matters connected therewith. The Code […]...

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Payment: Utilization of IGST Credit (implemented in Form GSTR 3B only)

Taxpayers filing Form GSTR 3B will have to utilize IGST credit towards payment of Integrated tax, and the amount remaining, if any, may be utilised towards the payment of Central tax and State tax or Union territory tax, in any order....

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Posted Under: Income Tax |

Mere upload of order on SEBI website not amounts to service of order: SAT

Dr. Prannoy Roy & Ors. Vs SEBI (SAT, Mumbai)

Dr. Prannoy Roy & Ors. Vs SEBI (SAT) it is essential for SEBI to supply a copy of the impugned order to the aggrieved party, namely, the appellants. An adjudication proceeding had been initiated by SEBI by issuance of the show cause notice. The appellants thus have the first right to be supplied a copy […]...

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List of CGST Circulars on GST Refund Claims- Issued till 22nd July 2019

Here we have compiled List of CGST Circulars on GST Refund Claims- Issued till 22nd July 2019 since Implementation of GST from 1st July 2017.  Article contains, Relevant Circular No., Date of Issue of the Circular and Brief about the contents of the Circular. Circular No. Date Subject Circular No. 2/2/2017-GST 04-07-2017 Issues related t...

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Posted Under: Income Tax |

No addition of notional annual rent of unsold flats held in stock-in-trade

M/s. Kolte Patil I-Ven Townships, Pune Limited Vs ACIT (ITAT Pune)

M/s. Kolte Patil I-Ven Townships Vs ACIT (ITAT Pune) The issue in the present case is with respect to addition under the head ‘income from house property’ on the 32 unsold flats/shops by the assessee. It is an undisputed fact that assessee is in the business of Civil Engineers, Builders and Developers and had in […]...

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ICMAI selects new President and Vice President for 2019-2020

CMA Balwinder Singh has been elected as President of The Institute of Cost Accountants of India for the period 2019-2020. CMA Biswarup Basu has been elected as Vice President of the Institute for the period 2019-2020...

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Posted Under: Income Tax |

IBBI (Insolvency Professionals) (Amendment) Regulations, 2019

F. No. IBBI/2019-20/GN/REG045. (23/07/2019)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019. (2) They shall come into force on the date of publication in the Official Gazette....

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IBBI (Insolvency Professional Agencies) (Amendment) Regulations, 2019

F.No. IBBI/2019-20/GN/REG044 (23/07/2019)

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment) Regulations, 2019. They shall come into force on the date of their publication in the Official Gazette....

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IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019

F. No. IBBI/2019-20/GN/REG043. (23/07/2019)

These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019....

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IBBI (Procedure for Governing Board Meetings) (Amendment) Regulations, 2019

F. No. IBBI/2019-20/GN/REG042 (23/07/2019)

These regulations may be called the Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) (Amendment) Regulations, 2019. They shall come into force on the date of their publication in the Official Gazette....

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IBBI (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2019

F. No. IBBI/2019-20/GN/REG041 (23/07/2019)

These regulations may be called the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2019....

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CBDT continues follow up in cases connected with J&K Bank

NA (23/07/2019)

CBDT has been actively pursuing leads found in the actions taken against the J&K Bank and its erstwhile Chairman, Sh. Parvez Ahmad. In another such follow-up action, a search and seizure operation has been conducted on a Group that is in the business of providing security to business establishments and prominent individuals, as well as in...

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TDS return filing delay due to sudden resignation of Accountant constitute Sufficient Cause

Sudip Roy Choudhury Vs JCIT(TDS) (ITAT Kolkata)

Sudip Roy Choudhury Vs JCIT (TDS) (ITAT Kolkata) in the present case, the assessee deducted the TDS and deposited the same. Even there was no failure to submit return in Form 26Q. There was only failure for its timely submission – which by all counts is a technical breach. Further the delay had happened due […]...

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Unfair Business Practice by Insurance Companies

The Insurance Regulatory and Development Authority of India (IRDAI) has put in place Integrated Grievance Management System (IGMS), which captures the complaints registered against all insurers. A statement showing the number of complaints received and attended to in the said system against both public and private general insurers during ...

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Posted Under: Income Tax |

Income Tax Department to celebrate Aaykar Diwas 2019

NA (23/07/2019)

CBDT and all field offices will be observing and celebrating the 159th Income Tax Day i.e. Aaykar Diwas on 24th July, 2019. It was on 24th July, 1860 that Income Tax was introduced for the first time in India by Sir James Wilson to compensate for the losses incurred by the British regime during the first war of independence against Britis...

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GST on Ocean Freight under reverse charge mechanism: Legal View

Out of many controversial issues under GST, one of the most discussed issues is applicability of GST ocean freight under reverse charge mechanism (in case of goods imported on CIF basis).  Some of the professional are of the view that pay tax under reverse charge mechanism and take the credit of it.  However, it is […]...

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Posted Under: Income Tax | ,

10 Important changes in ITR of Financial Year 2018-19

Due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Indiv...

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Posted Under: Income Tax | ,

INC 20A Commencement of Business Issue Resolved

COMMENCEMENT OF BUSINESS CERTIFICATE The Ministry of Corporate Affairs has re-introduced the concept of commencement of business certificate. Under the newly introduced The Companies (Amendment) Ordinance 2018, all companies registered in India after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capit...

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Posted Under: Income Tax |

Companies would now be required to pay unused CSR Expenditures

Companies will ought to deposit their unused funds meant for corporate social responsibility [CSR] activities to a fund established by the govt. for better utilization of resources for public welfare, according to amendments to the companies Act approved by the cabinet on Wednesday. The Companies [Amendment] Bill 2019 cleared by the cabin...

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Posted Under: Income Tax |

Zed Certification for MSMEs in Export Business (Zero Effect Zero Defect Registration)

Background & Benefits The ZED Certification will focus on MSMEs and small businesses. It will address the quality and ecological needs of domestic and overseas customers, society, employees, partners, regulators, and investors. VISION To enable the advancement of Indian industry to a position of eminence in the global marketplace and ...

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Posted Under: Income Tax |

All about Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

The Finance Minister in her maiden budget introduced Sabka Vishwas (Legacy Dispute Resolution) 2019 (LDRS) in order to curb the pending litigations under the erstwhile Indirect Tax Enactments. The scheme provides relief from tax, penalty, interest, immunity from prosecution, etc., on account of pending disputes....

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Posted Under: Income Tax |

Monthly Reporting of Digital Payments by MSMEs: Benefits & Required Information

Monthly Reporting of Digital Payments by MSMEs- Benefits and Required Information In order to estimate Digital payment transactions in Micro, Small and Medium Enterprises, you are requested to furnish information about the Digital transactions made by your enterprise. The use of Digital transactions offers incentive in the form of cash ba...

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Posted Under: Income Tax |

GST on Maintenance Charges by Residents to Resident Welfare Housing Society

Clarification on GST on Maintenance Charges paid by Members to Resident Welfare Society vide Circular No 109/28/2019- GST issued by Tax Research Unit dated 22nd July 2019  GST on monthly subscription/contribution charged by a Residential Welfare Association from its members: Even though a clarification was earlier issued by TRU earlier, ...

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Posted Under: Income Tax |

Kerala flood cess rules 2019 with latest amendments.

The Kerala flood cess rules 2019 shall be implemented from 01st August 2019 onwards for two years i.e till July 2021.  As per the aforesaid Rules read with the amendments thereon, the Kerala flood cess (KFC) shall be imposed at the rate of 1% and/or 0.25% on the following local outward supplies (Intrastate outward supplies) made to B2...

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Posted Under: Income Tax |

Introduction of Significant Economic Presence (SEP) | Section 9

Significant economic presence shall mean–i. Any transaction in respect of any goods, services or property carried out by a non-resident in India including provision of download of data or software in India if the aggregate of payments arising from such transaction or transactions during the previous year exceeds the amount as may be pre...

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Posted Under: Income Tax |

Circular cannot run contrary to Statutory Provisions to deny IGST Refund

M/s. Amit Cotton Industries vs. Principal Commissioner of Customs (Gujarat High Court)

M/s. Amit Cotton Industries vs. Principal Commissioner of Customs (Gujarat High Court) Circular cannot run contrary to Statutory Provisions –Guj HC orders grant of IGST Refund. Facts: Writ-applicant had exported goods in July 2017. It is the case of the writ-applicant that it is eligible to seek refund of the IGST in accordance with the...

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Taxation of Non Resident

The ultimate objective behind this article is to provide a brief idea in respect of Non Resident taxation and income tax rules and perks allowed to them which are way different from those applicable to resident Indians. 1. TEST OF RESIDENCE A. INDIVIDUAL a. An Individual is regarded as ‘Resident’ of India if: i. . […]...

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Posted Under: Income Tax |

Section 194E – TDS on payment to Non-resident Sportsmen or Sports Association

Heading towards the next section, in the series of TDS articles, the present article covers the rarely touched section 194E of the Income Tax Act, 1961. Section 194E deals with the provisions of TDS deduction on payment to a non-resident sportsmen / sports association. Let us have a look into the provisions governing the same. […]...

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Posted Under: Income Tax |

Mere omission to fulfill tax liability not amounts to fraud or misrepresentation

Commissioner of Central Tax GST Vs Team HR Services Ltd. (Delhi High Court)

Commissioner of Central Tax GST Vs Team HR Services Ltd. (Delhi High Court) The mere advertence to the possibility of service tax – without any material or evidence – or even a finding that such service tax had been collected by the assessee during the past, cannot per se amount to a conclusion that it […]...

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