"13 August 2019" Archive

Recent Update in GST upto 12th August 2019

Dr. Sanjiv Agarwal, FCA, FCS The Union Budget 2019-20 / Finance Bill, 2019, which was presented in Parliament on 5th July, 2019 has been passed by the Parliament now and since enacted on 1st August, 2019.  The provisions relating to changes in CGST Act, 2017 in sections 10, 22, 25, 31A, 39, 49, 50, 52, 54, […]...

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Request to Extend time limit for claim of ITC for FY 2017-2018

The GST Council has extended the date of filing the GSTR-9 upto 31st Aug, 2019 from 31st July, 2019 but on account of difficulties being faced by taxpayers in furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C, the due date for furnishing these returns/reconciliation statements to be ...

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Section 112A Tax on transfer of certain long term capital assets

Finance Act, 2018 inserted a new section 112A to provide for the rate of tax on long term capital gains arising on the transfer of certain assets. The capital assets on which the provisions of Section 112A applies include Equity Shares in a Company or unit of Equity oriented fund or units of a business […]...

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Ten recent Judgments on Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Code, 2016 I.When the Appellant had Approached Appropriate Forum for Appropriate Remedy in time with continuous cause of action, then the claim is not barred by Limitation. Sanghvi Movers Ltd. v. Tech Sharp Engineers Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 118 of 2019, NCLAT, Date: 23.07.2019 The NCLAT, w...

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Protocol amending Agreement between India & China for avoidance of double taxation

By virtue of the powers vested under, Section 90 of the Income Tax Act, 1961 (the Act), India has entered into the Double Taxation Avoidance Agreement on 18th July, 1994 with China signed at New Delhi. The aim of the Agreement is to avoid double taxation and to prevent fiscal evasion with regard to the taxes on income with the help of exc...

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Duty Free Shops & its Refund Procedure in GST- Saga Continues!!!!!

Introduction The taxability on duty-free shops has always been debatable concept in taxation regime. The perplexity as to whether the sale by retail outlets established at departure area of the international airport beyond immigration counters would qualify as export has been a matter of concern for all the stakeholders in the industry. V...

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How IFRS 9 revolutionised financing

IFRS 9 The financial crisis of 2008 was a wakeup call for all the financial and banking institutes as well as business entities of the world, that it was a time to have a fundamental change in the way finance is done. This global financial crisis was quite different from the previous one because this […]...

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Incorporation of Various Types of Companies -Part I

A. Incorporation of Public / Private Companies A Person (or an Association of Persons), desirous of incorporating a company has to make an application for registration of a company shall be filed, with the Registrar within whose jurisdiction the registered office of the company is proposed to be situated, in e-Form No. INC-32 (SPICe). [Pr...

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Recovery of export benefits given under Incentive /Reward Schemes

Instruction No. 03/2019-Customs (13/08/2019)

Issue regarding recovery of export benefits given under incentive and reward schemes under Chapter 3 of Foreign Trade Policy (FTP) on re-import of exported goods has been highlighted by C&AG of India. In its observations, Audit has inter-alia pointed out that there was no provision in the Customs notification to recover the duty credit gi...

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Reports of Income Tax notices to Durga Puja Committees are false: CBDT

NA (13/08/2019)

There have been reports in the media about Income Tax notices being issued to Durga Puja Committees in Kolkata recently. The reports also mention that Income Tax notices were sent to the Durga Puja Committee Forum in the last few weeks. It is unequivocally stated that the said reports are factually incorrect and are strongly denied. It is...

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