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Archive: 26 July 2019

Posts in 26 July 2019

Tax Compliance Procedures to facilitate Foreign Remittances

July 26, 2019 11829 Views 0 comment Print

Introduction Any sum payable to a non-resident including a foreign company is liable to withholding of tax under section 195 of the Income Tax Act, 1961. The tax rate may vary in accordance with the nature of the remittance which should fall within the scope of Section 9. Further, in accordance with the penal provisions […]

Income from investment fund set up in IFSC – Exemption from filing of return

July 26, 2019 1458 Views 0 comment Print

Central Government, hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under subsection (1) of section 139 of the said Act from Assessment Year 2019-20 onwards, namely:-

CSR from Company law, Income Tax and GST perspective

July 26, 2019 11844 Views 2 comments Print

CSR (Corporate Social Responsibility) from Company law, Income Tax and GST perspective Corporate social responsibility (CSR) can be simply and broadly defined as the ethical role of the corporation in society. The aim of CSR is to increase long-term profits and shareholder trust. It’s like repaying to the society for the resources consumed and pollution caused by the […]

Applicability of GST on freelancers

July 26, 2019 8655 Views 8 comments Print

To have an independent portfolio of work is advantageous and a boon for any freelancer. However, along with it comes the added cautiousness of legal compliances, of which, most of us are completely oblivious to. The chord is struck only when you receive dreadful notices of tax penalties from Tax Authorities. Have you received any […]

Classification of Items under GST Tax

July 26, 2019 32505 Views 0 comment Print

GST stands for Goods and Service Tax. It is one of the most significant tax reforms in India that has great benefits for the Indian Economy. It not only regulates unorganized sectors of the economy but also encourages the flow of foreign investments in India. GST is mandatory compliance and if a business unit is […]

Crucial Issues on provisions of Section 194N – Cash withdrawals

July 26, 2019 8604 Views 2 comments Print

The Finance Bill 2019 has finally been passed with the insertion of section 194N – TDS on cash withdrawals.  A finer reading of the provisions emerge the following:

No power with CIT(A) to dismiss appeal for non-prosecution

July 26, 2019 2040 Views 0 comment Print

CIT(A) erred in dismissing assessee’s appeal  and passing a non-speaking order on each of the points which arose for his consideration, therefore, CIT(A) was directed to pass denovo order as per law, in accordance with Sections 250 and 251 for fresh disposal of appeal filed by assessee.

Lok Sabha approves new Companies (Amendment) Bill, 2019

July 26, 2019 1389 Views 0 comment Print

AS PASSED BY LOK SABHA ON 26.07.2019 Bill No. 189-C of 2019 THE COMPANIES (AMENDMENT) BILL, 2019 A BILL further to amend the Companies Act, 2013. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:— 1. Short title and commencement. (1) This Act may be called the Companies […]

Analysis of SBO (Significant Beneficial Owners) Rules

July 26, 2019 48072 Views 3 comments Print

Analysis of SBO (Significant Beneficial Owners) Rules (Applicability, Amendments, E-forms, Definitions, , Penal Provisions etc.) Attention (Dont’s miss the deadline 31.07.2019): Form BEN-2 (Return to the Registrar in respect of declaration under Section 90) notified vide the Companies (Significant Beneficial Owners) second Amendment Rules, 2019 dated 1st July 2019 is available for filing purposes now […]

Holding Period for LTCG: Allotment Date Vs. Date of execution of agreement

July 26, 2019 2427 Views 0 comment Print

Where allotment as well as execution of the agreement did not vest two different capital assets in the hands of the assessee which got exchanged with each other upon execution of the agreement rather the event of allotment as well as execution of agreement was part & parcel of the same transaction and only an improvement in ownership rights held by assessee in the flat, therefore, period of holding had to be taken from the date of allotment and the resultant gains earned by assessee would be LTCG only.

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July 2019