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In August 2018, the State of Kerala faced a devastating flood due to high rainfall which was the worst flood in nearly a century. There was huge loss to the assets, revenue of the State. As a result, the State of Kerala proposed for levy of additional cess in GST which was approved by the GST council in its 32nd Council meeting held on 10th January 2019.
The Government has allowed the Task Force to submit its report by 16th of August, 2019, in light of the fact that the new Members of the Task Force requested for more time to provide further inputs.
Income Tax Department conducted search action on 24th July, 2019, on a Hyderabad based group engaged in the business of conducting seismic data analysis. The assesse group indulged in large scale over-invoicing of imports through a Dubai based operator who is an accused in a VVIP Chopper scam. The surplus funds thus generated amounting to USD 6 million were parked in Dubai based accounts of the said operator.
The issue under consideration is that the Income of interest received on advances should be considered as income from other sources or not?
Smt. Nirmala Sitharaman- Minister of Finance and Corporate Affairs moves the Companies (Amendment) Bill, 2019 for consideration in the Rajya Sabha. She replies to the debate on Companies (Amendment) Bill, 2019 in the Rajya Sabha. Gandhiji’s trusteeship principle is with which profit-making can not be devoid of social responsibility. The amendments we are bringing now […]
Kanhaiyalal Dudheria Vs JCIT (Karnataka High Court) Assessee has incurred the expenditure towards construction of 169 houses for the villagers who had lost their home due to natural calamity. In order to cater to the needs of those destitute persons who had lost the roof over their head on account of natural calamity, assessee constructed […]
THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019- NO. 21 OF 2019- An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.
(1) This Act may be called the Companies (Amendment) Act, 2019. (2) The provisions of this Act, except sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections 20 and 21, section 31, sections 33, 34 and 35, sections 37 and 38 shall be deemed to have come into force on the 2nd day of November, 2018.
Section 194LA: Payment of Compensation on acquisition of certain immovable property With effect from 1st October 2004, new section 194LA was inserted into the Income Tax Act, 1961. Section 194LA relates to the TDS provisions applicable on the payment of compensation at the time of acquisition of certain type of immovable property. The present article […]
Report No.11 of 2019 – Compliance Audit of Union Government, Department of Revenue (Indirect Taxes – Goods and Services Tax) This is the first Audit Report of CAG on Goods and Services Tax (GST), prepared on the basis of audits conducted during the year 2018-19. The Report acknowledges the magnitude of the tax reform that […]
