"05 August 2019" Archive

Section 194N – TDS on Cash Withdrawals

While introducing the new applicability of TDS levy on cash withdrawals under newly inserted Section 194N, the Finance Minister Shri Nirmala Sitharam in her budget speech elaborated that the Government has taken a number of initiatives for promotion of the digital payments and less cash economy. She stated that to promote the digital paym...

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Posted Under: Income Tax |

New Functionality on Form GST ITC-04 and for GST Practitioners

A. FORM GST ITC-04 To furnish details of the goods/ capital goods sent to job worker and received back or supplied from the premises of the job worker. The format of the GST ITC-04, as amended vide Notification No. 39/2018–Central Tax, dated 04-09-2018, has been made available on the GST Portal. B. UPDATE FOR GST PRACTITIONERS [&he...

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Posted Under: Income Tax |

Processing of I.T. returns with refund beyond prescribed time limits in non-scrutiny cases

F. No.225/194/2019/ITA-II (05/08/2019)

(a) returns filed for any assessment year prior to assessment year 2017-18, which were under scrutiny and were not processed in view of provisions of sub-section (1D) of section 143 of the Act; (b) returns remain unprocessed, where either demand is shown as payable in the return or is likely to arise after processing it; (c) returns...

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Article 370 scrapped: Constitution (Application to Jammu and Kashmir) Order, 2019

G.S.R .551(E) (05/08/2019)

(1) This Order may be called the Constitution (Application to Jammu and Kashmir) Order, 2019. (2) It shall come into force at once, and shall thereupon supersede the Constitution (Application to Jammu and Kashmir) Order, 1954 as amended from time to time....

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Implication of Amendment in Article 370 on Income Tax Act & GST Act

Is the Constitutional Amendment in Article 370 of the Constitution of India has any Implications on Income Tax Act & GST Act? 1. Background: On 5 August 2019, the Hon’ble Union Home Minister Sh. Amit Shah has moved a resolution to amend Article 370 of the Constitution of India in the Rajya Sabha, so as to […]...

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Posted Under: Income Tax |

Know the Facts Before You Buy a Term Life Insurance

Here are some facts that everyone needs to consider before opting for a term life insurance....

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Posted Under: Income Tax |

Settled Law of Deemed Dividend Again Unsettled

The Income Tax Act, 1961 contains various provisions either expressly or impliedly. There are many deeming fiction provisions in the Act viz. section 50C, 43CA, 56(2)(x), etc. One such section is section 2(22)(e) of the Act which provides that an amount of loan or advance given to a shareholder directly or indirectly shall be treated as d...

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Posted Under: Income Tax |

Corporate Social Responsibility [From discretionary to disciplinary]

With the Corporate Social Responsibility (CSR), Companies are able to develop their own social investment strategies and decide where to invest and implement programs, but the government has recommended particular areas of need, including eradicating hunger and poverty, maternal and child health, promoting gender equality and environmenta...

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Posted Under: Income Tax |

The Chit Funds (Amendment) Bill, 2019 Introduced in Lok Sabha

Bill No. 192 of 2019 (05/08/2019)

THE CHIT FUNDS (AMENDMENT) BILL, 2019- A BILL further to amend the Chit Funds Act, 1982. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:—...

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CBDT reduces tax collection targets by Rs. 45K crore for FY 2019-20

F.No. 380/03/2019-IT(B) (05/08/2019)

In this regard, it is stated that in the main Budget presented in July, 2019, Rs. 13,35,000 crore (reduction of Rs. 45,000 crore) has been allocated as the Budget Estimates for Direct Taxes for the Financial Year 2019-20. Accordingly, revised Region-wise allocation of budgetary target for Financial Year 2019-20 is forwarded herewith for k...

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