Compliance Calendar for the Month of August, 2019 The new month has started and the due date calendar for this month is shared below:- A. Compliance Calendar for the Month of August, 2019- Under Income Tax Act, 1961 Date 2019 Compliance 7th Aug Deposit of TDS/TCS for the month of July 2019 7th Aug Issue […]
In order to boost the foreign investment, the Government inserted Section 194LD of the Income Tax Act, 1961 and made effective from 1st June 2013. Section 194LD provided tax deduction at lower rate for interest income earned by a Foreign Institutional Investor or a Qualified Foreign Investor from the government securities or specified bonds. The […]
National Housing Bank (NHB) policy circular no. 96/2019-20 dt. July 19, 2019 Several complaints for offering loan 1. Housing Finance Companies (HFC) were advised while introducing any kind of product ‘Customer suitability’ and ‘Appropriateness’ issues should be taken into account by the Cos. 2. Frauds being committed by certain builders using subvention schemes have also […]
Sections 269SS and 269T have been discussed in this article and this deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. False cash transactions give birth to unaccounted money which in turn […]
For the purpose of levy and collection of tax on supply of goods or services or both, persons who are registered or liable to be registered have been made liable for payment of goods and services tax (hereinafter referred to as GST). For the purpose of levy of GST on intra-State supply of goods or […]
Rajya Sabha passed the Unlawful Activities (Prevention) Amendment Bill, 2019 today. Union Minister for Home Affairs, Shri Amit Shah, replying to the debate on the Bill, appealed to the House to pass the bill unanimously to send a strong message to the world that terrorists are the enemies of humanity and India is committed to finish terror from its soil.
Stricter provisions for helmets have been introduced along with provisions for electronic detection of violations. Penalty regarding motor vehicles is to be increased by 10 % every year
The Indian accountancy profession, at the economic epicenter, is vehemently steering growth of business and industry to unprecedented levels. The profession, led by the Institute of Chartered Accountants of India, has acquired a prominent position to become vanguard of public interest and propriety in the country. The profession continues to remain catalyst of business growth, […]
The Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune. During the course of search operations, the Department unearthed evidences related to receipt of ‘On Money’ on sale of commercial and residential blocks, bogus unsecured loans taken, bogus Long Term Capital Gains and various other sham transactions to evade income aggregating to about Rs.700 crore.
