"08 August 2019" Archive

Time to Revisit Conventional Coercive Tax Recovery Measures

Time to Revisit the Conventional Coercive Recovery Measures of Tax Collection by Revenue Authorities!! As per the existing Legislative framework of the Direct Taxation Laws in our Country, the tax collection measures can broadly be classified into Pre-Assessment tax collection measures and Post Assessment tax collection measures. The pre-...

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Posted Under: Income Tax |

Section 54B Deduction cannot be denied if AO not conducted any enquiry about use of land for Agriculture

ITO Vs Mukesh Champaklal Shah (ITAT Pune)

ITO Vs Mukesh Champaklal Shah (ITAT Pune) The definition of capital asset excludes agricultural land and certain criteria have been placed in this statue to qualify the land as agricultural land. The facts on records demonstrate that both the parties have accepted the land to be an agricultural land. The 7/12 extracts clearly demonstrates...

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19 FAQs on filling of ITR forms for Assessment Year 2019-20

Circular No. 18/2019-Income tax (08/08/2019)

After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued. —...

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CBDT Enhances Monetary limits for filing of Income Tax appeals

Circular No. 17/2019-Income Tax (08/08/2019)

CBDT Further Enhances Monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court - Amendment to Circular 3 of 2018 - Measures for reducing litigation....

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Applicability of AIRs to calculate Brand Rate of duty drawback in GST regime

Circular No. 24/2019-Customs (08/08/2019)

Clarification regarding applicability of All Industry Rates of duty drawback while fixing Brand Rate of duty drawback in post GST era. Circular No. 24/2019-Customs...

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Empanelment – Allahabad Bank – Concurrent / Revenue Audit

Allahabad Bank invites applications in prescribed format from practicing firms of Chartered Accountants of India who are willing to empanelled as Concurrent / Revenue Auditor...

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Posted Under: Income Tax |

LTCG under Grandfathering Provisions

The Finance Bill 2018 reintroduced tax on LTCG made from listed shares and equity-oriented mutual funds. With Effective 1 April 2018, LTCG arising from the sale of these shares and equity oriented funds that are held for more than 12 months are taxable at the rate of 10% if such LTCG exceeds Rs.1 lakh in the given Financial […]...

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Posted Under: Income Tax |

Income Tax Returns (ITRs)-Forms, Due Dates and Late Fees

The last date for filing Income Tax Return is July 31st of every year (Extended up to 31st August 2019 for Assessment Year 2019-2020 and with few certain exceptions as provided above), which can be belatedly filed up to March 31. For example, Income Tax Returns for  Assessment Year 2019-20 (Financial Year 2018-2019), can be filed belated...

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5 ways to plan your home loan EMIs

If you are already an existing home loan user or applying for one soon, you must be aware that EMIs consume a large portion of your earnings. You have to manage these EMIs well before even signing the agreement. You should ensure the EMIs do not dent your expenses. Therefore, lenders have the home loan […]...

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Posted Under: Income Tax |

5 advantages of opting for a home loan

Wit the rising prices of real estate, buying a home can be quite strenuous financially for an individual. But with financial institutions providing loan products like a home loan, the purchase of a home becomes easy for an individual. In a home loan, the individual will be provided with the loan amount for the purchase […]...

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Posted Under: Income Tax |

66.6% Indians are open to taking loans reports study

Family aspirations and upgrading lifestyle is the primary reason for seeking loans by 46% Indians. 33% of Indians are likely to purchase Consumer durables such as smartphones, refrigerators, TV etc. on EMIs to be able to upgrade lifestyle. Loan culture penetrating deep in non-metro cities. Cities like Jaipur, Patna, Lucknow and Nagpur are...

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Posted Under: Income Tax |

Govt repeals 58 Act and amends 2 Acts (Amends section 54GA of Income Tax Act, 1961)

No. 31 of 2019 (08/08/2019)

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 8th August, 2019 The following Act of Parliament received the assent of the President on the 8th August, 2019, and is hereby published for general information:— THE REPEALING AND AMENDING ACT, 2019 NO. 31 OF 2019 [8th August, 2019.] An Act to repeal certain enactments [...

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DGFT enable online filing of Application to avail TMA assistance

Trade Notice No. 29/2019-2020-DGFT (08/08/2019)

Exporters can now file applications online to avail assistance under the ‘Transport and Marketing Assistance (TMA) for Specified Agriculture Products’ Scheme on E-COM module....

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National Medical Commission Act, 2019

No. 30 of 2019 (08/08/2019)

National Medical Commission Act, 2019 to provide for a medical education system that improves access to quality and affordable medical education, ensures availability of adequate and high quality medical professionals in all parts of the country;...

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Maharashtra Value Added Tax (Third Amendment) Rules, 2019

Notification No. VAT-1519/CR-89/Taxation-1 (08/08/2019)

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk Mantralaya, Mumbai 400 032, dated 8th August 2019 MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT-1519/CR-89/Taxation-1.—Whereas, the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra...

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Administrative changes in jurisdiction of Chief Commissioner Customs Zone II Mumbai.

Notification No. 58/2019-Customs (N.T.) [G.S.R. 566(E).] (08/08/2019)

Notification No. 58/2019-Customs (N.T.) - Administrative changes in the jurisdiction of Chief Commissioner Customs Zone II Mumbai....

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Tariff Notification No. 57/2019-Customs (N.T.), Dated: 08.08.2019

Notification No. 57/2019-Customs (N.T.) [S.O. 2872(E).] (08/08/2019)

Tariff Notification No. 57/2019-Customs (N.T.), Dated: 08.08.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 57/2019-CUSTOMS (N.T.) New Delhi, 8th...

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Notification No. 36/2019-Customs (N.T./CAA/DRI) Dated: 08.08.2019

Notification No. 36/2019-Customs (N.T./CAA/DRI) [S.O. 2928(E)] (08/08/2019)

NOTIFICATION No. 36/2019-Customs (N.T./CAA/DRI) Principal Director General, Revenue Intelligence, hereby appoints officer mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respect...

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A Simple Version of INDAS-2 and IAS-2

Accounting for Inventories AS-2 Valuation of Inventories IAS-2 Inventories INDAS-2 Inventories Important Points are as follows 1. Matching Concept is the relevant concept for Inventories 2. Definition Inventories Consists of the following Held for sale in the ordinary course of business(finished goods) In the process of production of such...

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Posted Under: Income Tax |

Web Based DIR-3 KYC 2019 Form

MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 w.e.f. July 25,2019 and brought certain amendments in filing of form DIR-3 KYC by providing Web-based verification service  for the Directors who have been allotted Director Identification Number (DIN). Hence, introducing Web-based DIR-3 KYC.  Dire...

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Posted Under: Income Tax |

No TDS on commission payment made to overseas agents

Pr. CIT Vs Komal Amin Exports Pvt Ltd (Gujarat High Court)

When the commission paid to the non-resident agents was neither received or deemed to be received in India nor accrued or was deemed to accrue in India, no income was chargeable to tax under the provisions of the Act. When the payment made by assessee to the overseas agent for services rendered abroad was not income chargeable to tax in I...

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Unlawful Activities (Prevention) Amendment Act, 2019

Notification No. 28 of 2019 (08/08/2019)

THE UNLAWFUL ACTIVITIES (PREVENTION) AMENDMENT ACT, 2019 received the assent of the President on the 8th August, 2019. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Striking Equilibrium among Creditors in IBC, 2016

One of the most fascinating issues currently, is the classification, segmentation and prioritisation of creditors under the IBC Code. The intent of the legislature as reflected in the preamble of the Code, was to ensure availability of credit and balance interest of all stakeholders including alteration of the priority of order of recover...

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Posted Under: Income Tax |

Code on Wages 2019

F. NO. 29 OF 2019 (08/08/2019)

THE CODE ON WAGES, 2019 is An Act to amend and consolidate the laws relating to wages and bonus and matters connected therewith or incidental thereto....

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Section 80IBA- 100% Tax deduction on Affordable House construction Income

CBDT has inserted section 80IBA by Finance Act, 2016.The provisions of this sections are designed in such way that, it will help to achieve a goal of Housing for All by 31 March 2022....

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Posted Under: Income Tax |

GST Audit – An Analysis

Why Audit ? Whenever I start thinking of undertaking any kind of audit, a sense of exasperation and a little bit of despondency creep into me. Despondency because I will have to displease people again and again, exasperation because there will be unnecessary but obvious arguments not based on facts and logic but backed by […]...

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Posted Under: Income Tax |

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