"31 July 2019" Archive

Impact of Kerala Flood Cess

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 1...

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Extended time upto 16.08.2019 to Task Force to draft New Direct Tax Law

NA (31/07/2019)

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....

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IT Dept conducts search on group connected with VVIP Chopper Scam

NA (31/07/2019)

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...

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FM warns strictest action for not following Company Law Provisions

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...

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Banning of Unregulated Deposit Schemes Act, 2019

NO. 21 OF 2019 (31/07/2019)

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....

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Companies (Amendment) Act, 2019

NO. 22 OF 2019 (31/07/2019)

(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....

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Section 194LA: Payment of Compensation on acquisition of certain immovable property

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 pre...

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First Audit Report of CAG on GST- Bring out all gaps / shortcomings

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 [&hellip...

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Corporate Compliance Calendar for the Month of August, 2019

This article contains various Compliance requirements under Statutory Laws for the Month of August, 2019. Compliance means adhering to rules and regulations. Article contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI...

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No Interest can be levied in GST | GSTR 3B is not a return

Whether GSTR-3B is not a return? Absolutely not. Beyond any doubt GSTR-3B is a return. Merely, it is not a return u/s 39. It is a return prescribed u/r 61(5) which has its relevance till the time the GSTR-2 and GSTR-3 are not finally brought to the common portal....

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