"30 July 2019" Archive

Proceeding in CCD case was as per law: Income Tax Department

NO.ITO/PR/PRESS/2019-20 30/07/2019

A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note about the attachment of Coffee day shares by the Income Tax department. The authenticity of the note is not known and the signature does not tally with Shri VGS's signature as available in his annual reports...

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Steps of Filing of DIR-3 KYC

MCA has issued Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019. Provisions of the Law: 1. WEB Service- DIR-3 KYC: Web based e-form DIR-3 KYC shall be used by the DIN holder who has submitted DIR-3 KYC e-form in the previous financial year and no update is required in his details. 2. E-form DIR-3 [&helli...

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Posted Under: Income Tax |

Foreign Liabilities and Assets (FLA) Returns- FAQs

A. Which entities are required to submit the FLA Return Ans. The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted by the following entities which have Received Foreign Direct Investment (FDI) made FDI Abroad In the previous year(s) including the current year B. Whether all the Companies received foreign in...

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Posted Under: Income Tax |

Draft Directors Report of One Person Company & Small Company

The Board’s Report of One Person Company shall be prepared based on the STANDALONE FINANCIAL STATEMENT of the company, which shall be in abridged form and contain the following:- Dear Members, XYZ PRIVATE LIMITED Your Directors have pleasure in presenting the (No. of AGM) Annual Report together with the Audited Statement of Accounts o...

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Posted Under: Income Tax |

New regulation 21A | Liquidation Regulation | Presumption of security interest

As per Section 52 of the Insolvency and Bankruptcy Code, 2016 (Code), a secured creditor may either (a) Relinquish its security interest to the liquidation estate and receive proceeds from the sale of the assets of the Corporate Debtor by the liquidator thereof or, (b) Realise the security interest so provided in such manner as has ...

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Posted Under: Income Tax |

Relief to Small Composition & Electric Vehicle Manufacturers in GST

In 36th GST Council Meeting the GST rates related to supply of few goods and services were proposed to change. Even extension of due dates were recommended....

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Posted Under: Income Tax |

Provisions under Goods and Services Tax (GST) for Duty Free Shops

In March 2018, under GST law, an Advance Ruling was pronounced, in the matter of ‘ROD Retail Private Limited‘, [2018-VIL-09-AAR] on the taxability of sale from Duty Free Shops under GST Law. In this case, considering the definition of ‘export of goods’ (which means taking goods out of India to a place outside India) and [&...

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Posted Under: Income Tax |

Enforceability of Shareholder’s Agreement -A hard nut to crack

What is a Shareholder’s Agreement? A Shareholder’s Agreement (SHA) is contractual arrangement inter-se the shareholders of a company and has gained huge popularity in a way that these agreements are specifically drafted to provide specific rights, impose definite restrictions over and above those provided by the Companies Act,...

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Posted Under: Income Tax |

Trial run of Offline Tool of New Return of GST for familiarisation

New Return filing System: In the proposed system of new GST Return filing, you would be required to file FORM GST RET-1/2/3, on the basis of option selected. The Annexure of Supplies in Form GST ANX-1 i.e. supply commonly called sales, made by you and the Annexure of Inward Supplies in Form GST ANX-2 i.e. purchases made by you, will be up...

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Posted Under: Income Tax |

Customs not to recover from legal heirs of deceased noticees/assessees

Amandeep Singh Sehgal Vs Commissioner of Customs (Preventive) (Delhi High Court)

Amandeep Singh Sehgal Vs Commissioner of Customs (Preventive) (Delhi High Court) Customs Department cannot proceed against legal heirs of a deceased noticee/assessee against whom there may be proceedings for recovery of customs duty. The Delhi High Court while holding so, observed that there is no machinery provision in the Customs Act, 1...

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