"02 August 2019" Archive

New Provisions Inserted By Companies (Amendment) Act, 2019

Here we will talk about the new amendments and provisions inserted by the Companies (Amendment) Act, 2019. The Effective date for the provisions mentioned here is not notified yet. ...

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Posted Under: Income Tax |

Post Incorporation Compliances For Private Limited Companies

Article explains Post Incorporation Compliances For Private Limited Companies which includes Compliances under Companies Act, 2013, Compliances under GST Law, Compliances under FEMA, RBI/FDI Reporting and Compliances with DGFT (Director General of Foreign Trade). Part I: Compliances under Companies Act, 2013 ♠ Hold first Board Meeting o...

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Posted Under: Income Tax |

Section 194LC: TDS on income by way of interest from an Indian Company or a business trust

With effect from 1st July 2012, section 194LC was incorporated into the Income Tax Act, 1961. The section deals with TDS deduction on income by way of interest from an Indian Company or a business trust and the provisions relating to the same has been explained in the current article. Basic applicability of Section 194LC […]...

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Posted Under: Income Tax |

Cash purchase of share is not prohibited by Law

Swati Luthra Vs ITO (ITAT Delhi)

Swati Luthra Vs ITO (ITAT Delhi) Conclusion:  Assessee had entered into genuine transaction of sale and purchase of shares and therefore, satisfied the conditions of Section 10(38) as no law prohibits purchase of shares in cash and it was the option of the buyer of shares to keep the shares either in Demat form or […]...

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No Deduction u/s 54B /54F if sale deed was unregistered and payment was in cash

Shri Ram Narayan Vs ITO (ITAT Jaipur)

Shri Ram Narayan Vs ITO (ITAT Jaipur) Conclusion: Since assessee purchased land through an agreement to sale which was unregistered and the payment was made in cash, therefore, in absence of sale deed, the unregistered agreement would not transfer any title to assessee of the agricultural land, accordingly, the claim of deduction under se...

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Consultation Paper on SEBI (Portfolio Managers) Regulations, 1993

The objective of the consultation paper is to seek comments / views from the public on the proposal to amend the SEBI (Portfolio Managers) Regulations, 1993 (PMS Regulations)....

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Posted Under: Income Tax |

Nidhi Company- Meaning, Key Features, advantages & Registration

Nidhi Company is an NBFC (Non-Banking Financial Company). Nidhi in simple terms means a company which is formed with the object of cultivating the habit of thrift and savings amongst the members and receiving deposits from and lending to the members for their mutual benefits. Nidhi Company can be incorporated with a minimum seven members ...

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Posted Under: Income Tax |

₹ 1,02,083 crore total gross GST revenue collected for July, 2019

The total gross GST revenue collected in the month of July, 2019 is ₹ 1,02,083 crore of which CGST is ₹ 17,912 crore, SGST is ₹ 25,008 crore, IGST is ₹ 50,612 crore (including ₹ 24,246 crore collected on imports) and Cess is ₹ 8,551 crore (including ₹797 crore collected on imports)....

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Posted Under: Income Tax |

Addition for cash deposit in Bank cannot be made if Assessee duly explained source

Smt. Pinki Devi Agarwal Vs ITO (ITAT Jaipur)

As assessee had duly proved source of cash deposit in her bank account to be opening cash balance and gift from her parents, no addition could be made under section 68....

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Debenture redemption Premium allowable in each year covered by debentures

CIT Vs M/s Apollo Tyres Ltd (Kerala High Court)

Loss on account of issuance of debentures at premium was expenses for the borrowing and therefore, was allowable as deduction u/s 37 in computing the income however, the loss suffered had to be applied in respect of each year covered by debentures, to an appropriate extent....

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