"12 August 2019" Archive

TDS on Interest other Interest on Securities under Section 194A

The article presented to show the TDS provisions contained under section 194A of the Income Tax Act, 1961 relating to the TDS deduction on Interest other than interest on securities. Introduction of Section 194A This section of Income Tax, 1961 contains the provisions relating to deduction of TDS on Interest other than interest on secur...

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Posted Under: Income Tax |

Requirements to become a Chartered Accountant

1. Through Foundation Course route: (i) Enrol for Foundation Course after appearing in Class 12th Examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto. (ii) Complete four months Study Period. Register till 30th June/ 31st December for being elig...

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Posted Under: Income Tax |

भारतीय संविधान का अनुच्छेद 370 आखिर है क्या

भारतीय संविधान का अनुच्छेद 370 एक ऐसा लेख था जो जम्मू और कश्मीर को स्वायत्तता का दर्जा देता था।संविधान के भाग XXI में लेख का मसौदा तैय...

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Posted Under: Income Tax |

Rakshabandhan in GST- Matching of ITC

rjuna, Rakshbandhan is celebration of the purest form of brother and sister bond. On this day sister ties Rakhi to brother’s Wrist, in return of the promise of her safety. Similarly in GST matching and mismatching of purchase/sale bond needs to be done to ensure the promise to claim ITC between supplier (brother) and recipient (sister)....

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Posted Under: Income Tax | ,

Amendment / Development in Companies Act, 2013 in Year 2019

RECENT DEVELOPMENTS IN COMPANIES ACT, 2013 Amendment in Year 2019 Companies (Ordinance), 2019 Companies Amendment Act, 2019 Other Recent Amendments 2019 √ Dematerialization of Securities √ Corporate Social Responsibility √ National Financial Reporting Authority √ Declaration of Commencement of business √ Creation/ Modification ...

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Posted Under: Income Tax |

Cash advance against property cannot be treated as undisclosed money on mere conjectures & hypothesis

Shri Om Prakash Singh Vs ACIT (ITAT Agra)

Shri Om Prakash Singh Vs ACIT (ITAT Agra) When we test the explanation of the assessee in the light of evidences available on records and the precedents governing the issue, we find that identity of the Company who has advanced money to the assessee is proved beyond doubt. There can be hardly any dispute regarding […]...

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No addition of receipt of unsecured loans if identity, creditworthiness & genuineness of same proved

The ACIT 25(2) Vs M/s. H.K. Pujara Builders (ITAT Mumbai)

Since the receipt of loans, repayment and payment of interest thereon had been made through regular banking channels from account payee cheques  and no deficiencies whatsoever were found in the documentary evidences submitted by assessee, therefore, no addition of loan amount could be made under section 68...

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Order u/s 197 was quasi-judicial must be supported by valid & cogent reasoning

Bently Nevada LIC Vs ITO (Delhi High Court)

The withholding certificate which directed TDS to be deducted at 5% on the payments made by the Indian entities to assessee-overseas company was unsustainable in law, inasmuch as there was arbitrariness and non-application of mind at various levels which vitiated the certificate....

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Educational Institutions- Exempt from GST? Or is just a myth !!!!!!

Are Educational Institution’s Actually Exempted From GST or is it Just A Myth? Education has always been one of the major and challenging sectors of any economy. The education of country’s youth is not only the decisive factor of country’s economy rather it is one of the most powerful weapon you can use to change […]...

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Posted Under: Income Tax |