"15 August 2019" Archive

FAQs on Anti-Profiteering under GST

The Sec. 171 of CGST/SGST Act, 2017 and the Rule 122 to Rule 137 of the CGST/SGST Rules, 2017 envisages the relevant legal provisions, including the administrative and procedural aspects of the Anti-profiteering....

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GST on development agreements- Transition from Pre GST to GST regime

The issue of levy of GST on development agreements has always been a bone of contention between the revenue department and the persons liable to pay GST on such transactions being the developer and the landowner. The challenge to the levy arises on the following issues: 1. Whether execution of development agreements between land owner [&h...

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Conversion Cut off date for Nov 2019 Exams of CA Inter/ Final

Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2019 Intermediate Examinations – 7th September, 2019 This is in continuation of our announcement dated 22nd July, 2019 The last date of conversion from Earlier Scheme to Revised Scheme to appear in Intermediate November, 2019 examinations was 27th A...

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7 Post Budget 2019 Suggestions by ICAI

DIRECT TAXES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI POST-BUDGET MEMORANDUM – 2019 A. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Post-Budget Memorandum to the Government. 1.1 In this memorandum, we have suggested certain amendments to the prop...

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Section 80G(5) Registration cannot be denied if CIT(E) was satisfied with objects / activities of assessee 

Bharat Vikas Parishad Maharana Pratap Nyas Vs CIT (ITAT Delhi)

Bharat Vikas Parishad Maharana Pratap Nyas Vs CIT (ITAT Delhi) After considering the rival submissions, we are of the view that Order under section 80G(5) denying approval to the assessee cannot be sustained in Law. It is not in dispute that assessee has been granted registration under section 12AA of the I.T. Act, 1961, by DIT […...

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Checklist to Avoid Mistakes in Filing ITR 7 for AY 2019-20

· Registration or Approval is required u/s 12/12AA and fill the details in "Details of registration under Income Tax Act" in Part A General. · Return filing section is 139(4A) · Offer the contribution and income in schedule VC and AI. · Amount applied for charitable purpose is required to fill schedule ER, EC....

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Section 264 Revision petition maintainable against Section 143(1) intimation

M/s. EPCOS Electronic Components S. A. Vs Union of India (Delhi High Court)

M/s. EPCOS Electronic Components S. A. Vs Union of India (Delhi High Court) The next issue is whether the intimation under Section 143(1) of the Act was prejudicial to the interest of the Assessee. It must be noted here that although the tax calculated as payable in the return filed and accepted by the Department […]...

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GST on Goods or Services or Both, or on Supply of Goods or Services or Both

A careful reading of section 9 of the Central Goods and Services Tax Act, 2017 (CGST Act) reveals that it provides levy of central goods and services tax on intra-State supply of goods or services or both. At the same time, section 11 of the said Act provides that the Government may, by notification, exempt […]...

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FAQs on Insolvency and Bankruptcy Code 2016

The Insolvency and Bankruptcy Code, 2016 was enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally....

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HC refuses to entertain writ challenging mandatory Pre-Deposit requirement

Faisal Ahmed Abdul Malik Javeri Vs Union of India (Bombay High Court)

Faisal Ahmed Abdul Malik Javeri Vs Union of India (Bombay High Court) No doubt, there are certain decisions, in which it has been held that the provisions of Customs Act will not affect the powers of jurisdiction of this Court under Article 226 of the Constitution of India. There is absolutely no dispute as regards […]...

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