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Archive: 05 August 2019

Posts in 05 August 2019

Mechanism to apply for additional claims under MEIS

August 5, 2019 2142 Views 1 comment Print

It may be noted that the Directorate has notified higher rates for certain HS Codes during the Mid Term Review of the Policy, for export made from 01.11.2017. This was done vide Public Notice 42 dated 24.11.2017, Public Notice 44 dated 05.12.2017, Public Notice 02 dated 01.05.2018 and Public Notice 28 dated 08.08.2018.

DGFT revises SION of Double Decorative/Single side Laminates with or without Barrier Paper

August 5, 2019 600 Views 0 comment Print

Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper — M/s Marino Industries Ltd., M/s Merino Panel Product Ltd. & M/s Greenlam Industries Ltd., Kolkata

Provision for claiming additional benefits under MEIS

August 5, 2019 1821 Views 0 comment Print

provision enabling issue of additional benefits under MEIS for HS Codes, for which enhanced rates under MEIS were notified with a retrospective effect, has been incorporated in the Handbook of Procedure, 2015-20.

In absence of claim of exempt Income disallowance U/s 14A not warranted

August 5, 2019 1251 Views 0 comment Print

Pr. CIT Vs Harsha Engineerings Ltd. (Gujarat High Court) Section 14A of the Act can be invoked only if the assessee seeks to square off the expenditure against the income which does not form the part of the total income under the Act and in such circumstances, section 14A of the Act could not have […]

Jammu and Kashmir Reservation (Second Amendment) Act, 2019 as introduced in Rajya Sabha

August 5, 2019 1110 Views 0 comment Print

RAJYA SABHA ———— The following Bills were introduced in the Rajya Sabha on the 5th August, 2019:— I BILL NO. XXVIII OF 2019 A Bill further to amend the Jammu and Kashmir Reservation Act, 2004. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:— 1. Short title. This […]

Residential Management Development Programs across India by Devalya

August 5, 2019 1197 Views 0 comment Print

We are happy to inform that Devalya Advisory LLP is organising various Residential Management Development Programs at locations across India. The Training wing of the organisation is led by CMA Sanjeev Goel, Former Joint Director of ICWAI. The objective of the programmes is to enrich the participants with the various topics relating to Finance, Accounting, […]

Withdrawal of Instructions issued on reporting of payouts to Insurance Agents and Insurance Intermediaries

August 5, 2019 783 Views 0 comment Print

IRDA is of the view that these existing reporting formats require significant modification. Accordingly, the above mentioned Circulars for reporting of payouts to Insurance Agents and Insurance Intermediaries, stand withdrawn with immediate effect.

A Brief on Form No. BEN-1, BEN-2, BEN-3 & BEN-4

August 5, 2019 212175 Views 3 comments Print

The main reason behind incorporating the concept of significant Beneficial owner, is to catch those individuals whose name does not appears in the register of members and who holds the significant Beneficial Interest in a Company. For Proper reporting of beneficial interest MCA has notified Form No. BEN-1, BEN-2, BEN-3 and BEN-4. Example 1 of […]

Insolvency and Bankruptcy Code (Amendment) Act, 2019

August 5, 2019 6441 Views 0 comment Print

Insolvency and Bankruptcy Code (Amendment) Act, 2019 received the assent of the President on the 5th August, 2019. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

HC dismisses Income Tax Prosecution as tax, interest & penalty was already been paid

August 5, 2019 882 Views 0 comment Print

From the perusal of the complaint, it appears that with respect to the Assessment Year 1994-95 (Financial Year 1993-94), lesser tax liability was shown by the petitioners and, therefore, a prosecution has been launched against them by the Income Tax Department.

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