"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,...

Read More
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 […]...

Read More
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 ...

Read More
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 &#...

Read More
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...

Read More
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...

Read More

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....

Read More

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/...

Read More
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....

Read More

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 […]...

Read More
Posted Under: Company Law |

How to Submit DIR-3 KYC WEB

The Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. As per the said notification: i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the DIN holder who has already filed his […]...

Read More
Posted Under: Company Law |

Insolvency and Bankruptcy code, 2016 (Amendments)

INTRODUCTION The legal framework for resolving Corporate Insolvencies in India has been the subject of much criticism for over two decades. The operation of the Sick Industrial Companies (Special Provisions) Act, 1985 (‘SICA’) attracted criticism almost since its enactment for its lengthy delays in determining the viability of sick en...

Read More
Posted Under: Company Law |

Key Takeaway of Companies (Amendment) Act, 2019

The Companies (Amendment) Act, 2019 received the assent of the President on the 31st July, 2019. In this article author discusses Key Take Away of Companies Amendment (Act), 2019. Process for Approval of the Companies (Amendment) Act, 2019.     Submission of Report by Committee of Government August, 2018 The Companies (Amendment) Ordina...

Read More
Posted Under: Company Law |

How to Prepare Directors Report as per Companies Act, 2013

The Companies Act, 2013, requires the Board of Directors of every company to attach its report to the financial statements to be laid before the members at the annual general meeting Director Report is very crucial document of a Company. It is is an important means of communication by the Board of Directors of a […]...

Read More
Posted Under: Company Law |

Notice u/s 142(1) to amalgamating entity after amalgamation void: SC

Pr. CIT Vs Maruti Suzuki India Limited (Supreme Court)

Issuing of notice under section 142(1) in the name of amalgamating company despite of the fact that AO was already known that amalgamating company having ceased to exist as a result of the approved scheme of amalgamation, that jurisdictional notice in the name of amalgamating company was invalid....

Read More

Section 35AC(7) is prospective | Plea of equity/hardship not legally sustainable: SC

Prashanti Medical Services & Research Foundation Vs UOI (Supreme Court of India)

Assessee's contention that assessee-charitable trust were not able to receive more amount by way of donation for their project in the third financial year 2017-2018 due to insertion of sub-section (7) of Section 35AC and therefore, Court may consider appropriate to invoke powers under Article 142 of the Constitution and allow assessee to ...

Read More

Precautions while preparing Income Tax Return and recent FAQs

Precautions while preparing Income Tax Return (ITR) – Taxpayer has to first fill ‘Part A General’ (Personal Information) correctly. Rest of the utility will function based on information provided in Part A General. For example, the field 80 TTB will be enabled only for Senior citizens based on the Date of birth and Residential s...

Read More
Posted Under: Company Law |

ITR Filing- I am getting ‘invalid XML’ while trying to upload XML?

I am getting ‘invalid XML’ while trying to upload the xml? ♣ Invalid XML error may arise due to the following scenarios, 1. The taxpayer might have generated the XML file by using the older version of ITR utility. 2. The taxpayer might have altered or edited the XML file generated from the ITR utility […]...

Read More
Posted Under: Company Law |

How to download and import prefilled XML to ITR utility?

A. How to download and import prefilled XML to Excel ITR utility? Step 1: Go to Income Tax e-Filing Portal www.incometaxindiaefiling.gov.in Step 2: Login to the e-Filing portal by entering the User ID (PAN), Password and Captcha. Step 3: After Login, Go to ‘My Account’ menu and Click on ‘Download Pre-filled XML’...

Read More
Posted Under: Company Law |

How to download and extract Excel and Java ITR utility

How to Download and extract Excel utility of ITR Step 1: Go to Income Tax e-Filing Portal www.incometaxindiaefiling.gov.in Step 2: Click on ‘Income Tax Return Preparation Software’ link under the ‘Downloads’ section. Step 3: Click on the appropriate ITR’s Excel utility hyperlink. The ITR excel utility zip fil...

Read More
Posted Under: Company Law |

Refunds of IGST paid on import in case of specialized agencies – reg

Circular No. 23/2019-Customs (01/08/2019)

Board has received various representations wherein specialized agencies have raised the matter of refund of IGST paid on imported goods. It has been informed that the specialized agencies are paying IGST on import of goods but the refund of same is not being processed by Customs formations....

Read More

Bonus to director for services rendered when he was not a shareholder allowable

DCIT Vs M/s. Mount Kellett Capital Management India Pvt. Ltd. (ITAT Mumbai)

Since the director was not a shareholder when bonus was paid to him and also the bonus was not paid out of the earlier years’ accumulated profits, therefore, deduction of bonus paid to director was allowable under 36(1)(ii)....

Read More

Right to Information (Amendment) Act, 2019

Notification No. 24 of 2019 (01/08/2019)

Right to Information (Amendment) Act, 2019 received the assent of the President on the 1st August, 2019 and amends Section 13,16, 27....

Read More

SEBI Rationalises fines for false/incorrect/non reporting of margins

Circular No. CIR/HO/MIRSD/DOP/CIR/P/2019/88 (01/08/2019)

Rationalization of imposition of fines for false/incorrect reporting of margins or non-reporting of margins by Trading Member/Clearing Member in all segments...

Read More

Distinctive Number of Shares- SEBI to freeze securities held by promoters & directors

Circular No. SEBI/HO/MRD/DOP2DSA2/CIR/P/2019/87 (01/08/2019)

Depositories (Wef August 01, 2019) shall freeze all the securities held by promoters and directors of listed companies that are not in compliance with provisions of SEBI circular dated June 05, 2015 [i.e. Beneficiary Owner a/c level freezing]....

Read More

Reassessment based on Vague reasons without application of mind is invalid

Smt. Sapna Chauhan Vs. ITO (ITAT Agra)

Smt. Sapna Chauhan Vs ITO (ITAT Agra) It is settled position in law that the question of Jurisdiction is not a matter of acquiescence. The proprietary of Notice under section 148, based upon ‘reasons recorded’ is not dependent upon the objection or no objection by the assessee at the stage of assessment. If the Reasons […]...

Read More

President Assents Finance (No. 2) Act, 2019

THE FINANCE (NO. 2) ACT, 2019 NO. 23 OF 2019 (01/08/2019)

THE FINANCE (NO. 2) ACT, 2019 - NO. 23 OF 2019 received the assent of the President on the 1st August, 2019, and is hereby published for general information:—...

Read More

Notification No. 30/2019-Customs (ADD), Dated: 01.08.2019

Notification No. 30/2019-Customs (ADD) (01/08/2019)

Seeks to further amend notification No. 1/2017-Customs(ADD) dated 5th January, 2017 to prescribe ADD on exports from M/s. Natural Jute Mill (Producer/Exporter) [Bangladesh] and M/s Kreation Global, LLC,USA (Exporter/ Trader) [Bangladesh] on the basis of final findings of the Designated Authority in this regard. Government of India Minist...

Read More

Notification No. 29/2019-Customs (ADD), Dated: 01/08/2019

Notification No. 29/2019-Customs (ADD) [G.S.R. 549(E)] (01/08/2019)

Seeks to rescind notification No.23/2018 – Customs(ADD) dated 23.03.2018 that provided for  provisional assessment of jute goods exported from Bangladesh or Nepal by M/s. Natural Jute Mill (Producer/Exporter) [Bangladesh] and M/s Kreation Global, LLC,USA (Exporter/ Trader) [Bangladesh] till the final findings  of New Shipper Rev...

Read More

New Scheme of Real Estate Sector under GST –  Relief or Challenges ?

The GST council in its 34th meeting held on 19.03.2018 has made some recommendations with regards to the long awaited demands of the real estate industry. The  industry is struggling with the low demand and cumbersome compliances imposed by the legislations since the introduction of GST, RERA etc. While we can say that such changes [&hel...

Read More
Posted Under: Company Law |

No addition u/s 68 of bogus LTCG if assessee furnishes sufficient evidences

Smt. Radhika Garg Vs Income Tax Officers (ITAT Delhi)

Where the documentary evidences furnished by assessee clearly supported the claim of exemption under section 10(38) on account of sale of securities that assessee entered into genuine transaction of sale of shares through recognized exchange upon which STT had also been paid and there was no other evidence available on record against asse...

Read More

How are RTAs Disrupting the Mutual Fund Industry?

Today, every business sector, industry or organization is using technology as their ultimate source to grow, prosper and serve customers in the most advanced way. Mutual Fund industry is also one such business sector that has seen unprecedented growth in the past several years, all thanks to the usage of highly advanced technology facilit...

Read More
Posted Under: Company Law |

RBI Master Circular on Payment of Agency Commission

Notification No. RBI/2019-20/28 DGBA.GBD.No.250/31.12.010/2019-20 (01/08/2019)

Reserve Bank of India RBI/2019-20/28 DGBA.GBD.No.250/31.12.010/2019-20 August 1, 2019 All Agency Banks Dear Sir / Madam Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission Please refer to our Master Circular RBI/2018-19/2 dated July 2, 2018 on the above subject. We have now revised and ...

Read More

Narrative on Roles and Responsibilities of a Chartered Accountant

Chartered Accountancy is dominating many career choices these days and why not, after all this is one of the renowned professions prevailing in the nation. The career is fancy for the generation but its accomplishment is not easy. The accomplishment needs 4.5 years of dedicated training in the course and a qualifying certificate from the ...

Read More
Posted Under: Company Law |

Note on DIR-3 KYC

The Ministry of Corporate Affairs has issued a General Circular No. 07/2019 dated 27TH June, 2019 and has clarified the following: a) Every person who has already filed DIR-3 KYC will only be required to complete his / her KYC through a simple web-based verification service, with pre-filled data based on the records in the registry, ...

Read More
Posted Under: Company Law |

GST on Contribution charged by a RWA from its members

Circular No.109/28/2019- GST dated 22nd July, 2019 GST on monthly subscription/contribution charged by a Residential Welfare Association (RWA) from its members:- ♣ Supply of service by RWA (unincorporated body or a nonprofit entity registered under any law) to its own members by way of reimbursement of charges or share of contribution u...

Read More
Posted Under: Company Law |

CBIC notifies Rate of Exchange of Foreign Currencies wef 02.08.2019

Notification No. 55/2019 - Customs (N.T.) (01/08/2019)

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 2nd August, 2019 notified vide Notification No. 55/2019–Customs (N.T.) dated 1st August, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 55/2019 – Customs (N.T.) New Delhi, dated...

Read More

Amendments to Sea Cargo Manifest and Transhipment Regulations, 2018

Notification No. 54/2019-Customs (N.T.) [G.S.R. 545(E).] (01/08/2019)

(1) An authorised sea carrier carrying imported goods, export goods or coastal goods, shall before the departure of the vessel from the port, deliver the departure manifest to the proper officer electronically: Provided that where it is not practicable to deliver the departure manifest or any part thereof electronically, then the manif...

Read More

ICAI Presidents Message- August 2019- UDIN Touches 2-Million Mark

Chartered Accountants with fulltime Certificate of Practice should register and generate their UDINs on the UDIN Portal by registering the certificates attested/certified by them. I am happy to inform that the number of UDINs generated touched the noteworthy 2-million mark....

Read More
Posted Under: Company Law |

Overview of GST on Real Estate and Construction Services

Introduction: Real estate is one of the globally recognized sectors. Affordable housing sector got a boost with Budget 2019 and Government agenda on Housing for All. For GST purposes, let us segregate the real estate transactions into following Affordable housing segment Residential other than Affordable housing segment Commercial Apartme...

Read More
Posted Under: Company Law |

Insight to new rules of Input Tax credit under GST

India could face a tax landmine with authorities beginning to question input tax credit claimed by companies in lieu of Goods and Services Tax (GST) paid by their vendors. The authorities have already started sending notices to businesses, confirming fears that scrutiny will increase in the new financial year as the government looks to pl...

Read More

Corporate Social Responsibility Rules Tightened-The Need

The Companies Amendment Bill 2019 seeks to tighten the Corporate Social Responsibility provisions as enumerated under the Section 135 of the Companies Act, 2013 which presently requires certain classes of Companies to shell out 2% of the average net profits of the Company for the three immediate preceding years towards CSR spending. The p...

Read More
Posted Under: Company Law |

PE Fund Terror In Business World

Sorry, this file type is not permitted for security reasons. PE FUND TERROR IN BUSINESS WORLD Just after Cafe Coffee Day owner has gone missing and may person have committed suicide after Huge pressure from PE Fund lenders and investors, business owners are shocked by the news and are having sleepless night. In a letter […]...

Read More
Posted Under: Company Law |

Summary of Recent SC, HC, NCLT, NCLAT & IBBI Orders till June 2019

Supreme Court JK Jute Mill Mazdoor Morcha Vs. Juggilal Kamlapat Jute Mills Company Ltd. through its Directors & Ors. [Civil Appeal No. 20978/2017] In this matter, the AA did not admit application for CIRP filed by a trade union, which is not an OC under the Code. The NCLAT dismissed the appeal against the order […]...

Read More
Posted Under: Company Law |

‘Talaq’ without a Social Security

Both Houses of Parliament have approved the Triple Talaq Bill. The new law seeks to criminalise those who in defiance of law still resort to this practice and drive their wife to destitution. I had an opportunity to listen to the debate in Both the Houses. Strong arguments were presented on both sides. There are some basic principles to b...

Read More
Posted Under: Company Law |

Infographics: A must modern tool to enhance ecstasy of CA profession

Infographics as the name suggests is very versatile tool, which helps to sail smoothly “The Sea” of our profession. Let us look at some of the ways. (1) Glare at glimpses Let us begin our journey with CA journal, the basic building designed with various themes on need basis. Not only in CA journal, but […]...

Read More
Posted Under: Company Law |

CBI arrests a GST Superintendent for accepting Bribe of Rs. 50,000

The Central Bureau of Investigation has today arrested a Superintendent, GST Division, Khanna (Punjab) for demanding and accepting a bribe of Rs. 50,000/- from the complainant....

Read More
Posted Under: Company Law |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30