The powers of arrest under Section 69 of the Act, 2017 are to be exercised with lot of care and circumspection. Prosecution should normally be launched only after the adjudication is completed.
In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib),the contention of the assessee will be summarily accepted.
In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department. NER carried out searches on certain businessmen in Meghalaya, found to be involved in running a web of petrol pumps managed and controlled as benami properties.
The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also in Kerala, Andhra Pradesh and Goa. The premises included residences of the promoters, key employees and some of the suppliers of materials.
Detection of fake invoices case with wrongful availment of Rs. 39 Crore Input Tax Credit and Rs 350 crore taxable value involving multiple fake/bogus firms. In a joint operation of Anti Evasion Wing and the Amritsar Division of CGST Commissionerate, Jalandhar, a case of fake invoices against 7 firms has been booked, initially valued at […]
Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases’ for public comments ICAI/TD/CPF&ASLB/2019-20 , Dated: August 8, 2019 Dear Sir/Madam, Sub: Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases‘ for comments. At the outset, we would like to inform you that during the current Council Year 2019-20, a […]
A new section 194M is proposed to be inserted in the Income Tax Act by the Budget 2019 that provides levy of TDS @ 5% on the sum or aggregate of sums, paid or credited in a year on account of contractual work or professional fees by an Individual or Hindu undivided family, not required […]
The Insolvency and Bankruptcy Code (Amendment) Act, 2019 (Part-1)- Article explains Section.5(26):Definition of Resolution Plan, Section 7: Initiation of Corporate Insolvency Resolution Process by Financial Creditor, Section 12: Time limit for completion insolvency resolution process and Section 25A: Rights and duties of authorised representative of financial creditors.
New Return Provisions U/s 43 A of Goods and Service Tax Act, 2017 Part 1: Statutory provisions and rules thereof: 18. After section 43 of the principal Act, the following section shall be inserted, namely:— Sec 43 A: (1) Notwithstanding anything contained in sub-section (2) of section 16, section 37 or section 38, every registered […]
Section 210 of Companies Act, 1956 = Section 129 of Companies Act, 2013 PROVISIONS UNDER COMPANIES ACT , 1956 PROVISIONS UNDER COMPANIES ACT, 2013 Section 2(17): Financial Year “Financial year” means, in relation to anybody corporate, the period in respect of which any profit and loss account of the body corporate laid before it in […]
