"20 August 2019" Archive

E-Way Bill Rule 138E implementation deferred to 21.11.2019

Notification No. 36/2019–Central Tax [G.S.R. 583(E)] (20/08/2019)

Date of Implementation of Rule 138E of the CGST Rules, 2017 regarding blocking and unblocking of eway bills by taxpayers defaulting return filing extended by 3 months to 21.11.2019. Notification No. 36/2019 – Central Tax dated 20.08.2019. Blocking of E-way Bill generation facility for non-filers-Notification No. 36/2019 –Central Tax d...

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Corporate Social Responsibility – Amendment – Section 135

AMENDMENT IN SECTION 135 OF COMPANIES ACT 2013 1. Applicability of Section 135:- As per section 135(1) of Companies Act, 2013, following Companies having, Net worth of Rs. 500 crore or more Turnover of Rs. 1000 crore or more Net profit of Rs. 5 crore or more Shall constitute Corporate Social Responsibility committee of the board [&hellip...

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GST Treatment on Subscription Income of Residential Welfare Association

In the present article, we would understand the applicability of GST on subscription income/maintenance charges collected by the Residential Welfare Association. However, before moving further into the taxability, first of all, let us understand what this Residential Welfare Association is? Residential Welfare Association (from now on ref...

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7 Useful Income Tax Exemptions for the Salaried

Salaried employees play a major role in total tax collection.  A point of relief for those salaried employees, Income tax deductions has offered various opportunities for you to save tax on your hard-earned money. Interested to know about those exemptions? Follow us through the article where we have mentioned major deductions and allowan...

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No adjustment if impact of outstanding receivable considered in Working Capital

M/s. Barco Electronic Systems (P.) Ltd. Vs. DCIT (ITAT Delhi)

M/s. Barco Electronic Systems (P.) Ltd. Vs. DCIT (ITAT Delhi) Facts of the Case ♣ Barco Electronic Systems Pvt. Ltd. ( taxpayer) is engaged in business of manufacturing of projectors and parts, trading in visual display products and provision of software development services. ♣ During the year under consideration, the taxpayer entered...

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Section 138E of RGST Act extended till 21st Nov, 2019

F.12(56)FD/Tax/2017-Pt.111-53 (20//0/8/20)

State Govt. of Rajasthan has issued a notification no. F.12(56)FD/Tax/2017-Pt. 111-53 dated 20-08-2019 extending date of applicability of Rule 138E of inserted vide Rule 12 of Rajasthan State Goods and Service Tax (Fourteenth) Amendment Rules, 2018 from 21-08-2019 to 21-11-2019. Originally Rule 138E was supposed to come into effect from 2...

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Government removes Debenture Redemption Reserve requirement

Ministry of Corporate Affairs has amended Companies (Share Capital & Debentures) Rules by removing Debenture Redemption Reserve requirement for Listed Companies, NCFCs and HFCs....

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GST AAAR cannot entertain an appeal after 60 days from the date of communication of AAR order

In re M/s. Nuetech Solar Systems Private Ltd. (GST AAAR Karnataka)

In re M/s. Nuetech Solar Systems Private Ltd. (GST AAAR Karnataka) On a plain reading of the provisions of Section 100 of the said Act, it is apparent that the same mandates that an appeal should be filed within 30 days from the date of communication of the advance ruling order that is sought to […]...

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Power Bank classifiable under Heading 8507 as Accumulator: AAAR Karnataka

In re Xiaomi Technology India Private Limited (GST AAAR Karnataka)

In re Xiaomi Technology India Private Limited (GST AAAR Karnataka) In this case, we find that the Power Banks consists of not only the Lithium-ion Polymer battery but also the circuitry such as ‘charge management system’ and ‘voltage boost converter’. All the components together make up the Power Bank. Admittedly, ...

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Taxation changes in Budget 2019

In Budget 2019  there are Numerous  of changes related to  Income tax , related to compliance part , additional burden of Tax by imposing super rich surcharges and ,  step taken by giving  enhancing limit of exemption to boom and revive housing sector , Imposing TDS on Cash withdrawn  to curb  cash transaction, and encouraging [&he...

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January 2021