"01 August 2019" Archive

Companies Amendment Act 2019 – New Sections

Companies (Amendment) Ordinance, 2019 and Companies Second (Amendment) Ordinance, 2019 effective from 2nd November 2018 are now part of Companies Amendment Act, 2019. The Act was passed on 31st July 2019 and it has introduced additional amendments in 12 different sections of Companies Act, 2013. As mentioned in the Act, except sections 6,...

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Posted Under: Company Law |

Section 14A, 36(1)(iii) and 36(1)(va) of Income Tax Act,1961

Section 14A of Income Tax Act,1961 Legislative History Section 14A was inserted by Finance Act ,2001 with retrospective effect from April 1,1962. The object was to disallow expenditure that had been incurred in relation to income which did not form part of the total income under the Act (Sec 10 ) and to overcome certain […]...

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Posted Under: Company Law |

Income Tax Tips for Government Employees (Assessment Year 2020-21)

Tax Planning Measures for Government Employees for the Assessment Year 2020-2021 (Financial Year 2019-2020). 1. If your Gross Total Income is less than 5 lakhs, no special tax planning is needed from yourself. You may claim Rebate under Section 87A which amounts to a maximum of Rs.12500 in the Assessment Year 2020-2021.Gross Total Income ...

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Posted Under: Company Law |

Income tax department Launches lighter version of e-Filing portal

Income tax department is launching ‘e-Filing Lite’, a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers. The same can be accessed by clicking ‘e-Filing Lite’ button in home page. The current e-Filing portal having all the services can be accessed by clicking on &#...

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Posted Under: Company Law |

Question on Validation of Annual Return in Form GSTR-9

Question on Validation of Annual Return In Form GSTR-9 Under The Goods And Service Tax Act 2017 (CGST- SGST- AND IGST ACT) INSISTING TO BRING INTO FORCE: (1) Input Tax Credit Discrepancies Rectification FORM GST MIS-1, GST MIS-2 (2) Including for Furnishing Details of “ INWARD SUPPLY” in FORM GSTR-2 [under Section. 38(2)] ; Form [&hel...

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Posted Under: Company Law |

MVAT Audit report in form e-704 not to be filed if tax liability not exceeds Rs. 25000

Trade Circular No. 41T of 2019 (01/08/2019)

The dealers, whose tax liability in the year does not exceed Rs. 25,000 need not file audit report in form e-704 even if the turnover of such dealer exceeds Rs. 1 crore in the said year. Dealer, who holds an Entitlement Certificate in respect of any Package Scheme of Incentives, shall not be liable to file audit report in form e-704 if hi...

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CGST Act not provides for Lapse of ITC for inverted rate structure: HC

Shabnam Petrofils Pvt. Ltd. Vs Union of India (Gujarat High Court)

The CGST Act itself provides for the lapsing of the ITC at Sections 17(4) and 18(4) respectively of the CGST Thus, where the legislature wanted the ITC to lapse, it has been expressly provided for in the Act itself. No such express provision has been made in Section 54(3) of the CGST Act....

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Summary of GST updates for the month of July 2019

1. Clarifications w.r.t. GST Annual return and Audit i. Discharging the additional liability through annual return Yes, pay the tax along with interest through DRC-03. ii. Basis for filling Annual return, GSTR-1 or GSTR-3B or Books of accounts? Ideally, three of them should be in synchronous. In case of deviations, there should be excess/...

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Posted Under: Company Law |

Addition justified for unexplained deposits in undeclared bank account

Smt. Dharipalli Rangamma Vs ACIT (ITAT Visakhapatnam)

Since the bank account in which assessee made huge cash deposits found during the course of search was not declared by assessee and assessee had not filed return for the year under consideration, therefore, the same constituted seized material so as to invoke section 153C in assessee’s case....

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Section 194DA: TDS on Payment in respect of Life Insurance Policy

 Sec. 194DA: TDS, on Payment in respect of life insurance policy, to be deducted by the insurer. Charging section: 194DA of Income Tax Act 1961. What section 194DA says? (Up to 31.8.2019) 194DA states, any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way […]...

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Posted Under: Company Law |