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Archive: 26 July 2019

Posts in 26 July 2019

DIR-3 KYC / DIR-3-KYC-WEB – What you should know

July 26, 2019 18780 Views 0 comment Print

Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019 EFORM DIR-3 KYC applicable in two cases: Case 1: Where the individual who holds DIN and is filing his KYC details for the first time Case 2: Where the individual DIN holder who has already filed his KYC […]

Section 271AAB Penalty justified if surrendered stock was unaccounted

July 26, 2019 2193 Views 0 comment Print

Penalty under section 271AAB was justified as the surrender had been made on account of discrepancy /shortage in stock which had not been accounted for by assessee and the same was therefore rightly been held to qualify as “ undisclosed income” as per the definition in section 271AAB.

Depreciation @ 25% on toll way rights treating as intangible asset allowable

July 26, 2019 1983 Views 0 comment Print

ITAT held that CIT(A) rightly directed Assessing Officer to allow the assessee’s claim of depreciation @ 25% treating the toll way rights as an intangible asset under section 32(1)(ii) of the Income Tax Act, 1961.

FAQ on Salary Income

July 26, 2019 2775 Views 1 comment Print

Q.1 What is considered as salary income?​​​​​​​ Ans: section 17​​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. Q.2 What are allowances?​​ Ans: There are generally […]

Cashless Economy And The Role of Banks

July 26, 2019 5406 Views 0 comment Print

Traditionally, Indian Economy had been an economy where cash has been the King in the settlement between various parties. This was mainly because organized banking had not spread throughout the length and breadth of the country. However, the nationalization of the banks in the year 1969, by the Central Government to some extent had increased […]

Misuse of Total Loss Accident Vehicle Documents over Stolen Vehicles

July 26, 2019 2898 Views 0 comment Print

If a motor  vehicle has been destroyed or has been rendered permanently incapable of use, the owner shall, within fourteen days or as soon as may be, report the fact to the registering authority within whose jurisdiction he has the residence or place of business where the vehicle is normally kept, as the case may be, and shall forward to the authority the certificate of registration of the vehicle.

Introduction of DIR-3 KYC WEB

July 26, 2019 2787 Views 0 comment Print

Every individual who holds a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC for the said financial year to the Central Government on or before 30th September of immediate next financial year.

Key Changes proposed in Companies (Amendment) Bill, 2019,

July 26, 2019 1152 Views 0 comment Print

Key Changes proposed in the Companies (Amendment) Bill, 2019, which are in addition to the changes made though Ordinance w.e.f. 02.11.2018 1. Section 26– Matters to be stated in prospectus The requirement of registration of prospectus to be replaced with filing of prospectus with the Registrar. 2. Section 29 – Public offer of securities to […]

Brief Guide For Export Business In India

July 26, 2019 1890 Views 1 comment Print

If you are planning to start export business or already running export business, then you should know the procedures to set up or grow your export business in India. The Exporter needed to do following things for setting the desired export business in India. 1. Formation of Business Entity: The exporter of India can form […]

GST: Section 50 Interest liability after proposed amendment

July 26, 2019 27198 Views 0 comment Print

Interest liability in terms Section 50 of CGST Act/SGST Act after proposed amendment to Section 50(1) vide Finance Bill 2019 There are divergent views on rationality of charging interest on gross liability of tax even though the Tax Payer (TP) has got certain amount in his credit ledger to discharge part of his tax liability […]

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