"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 01/01/1970

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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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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Depreciation Vs. Actual cost: Government subsidy for setting up new industry

Pr. CIT Vs M/s. Welspun Steel Ltd. (Bombay High Court)

Pr. CIT Vs M/s. Welspun Steel Ltd. (Bombay High Court) If Government subsidy was intended as an incentive to encourage entrepreneurs to move to backward areas and establish industries. In such a case, specified percentage of the fixed capital cost, which was the basis for determining the subsidy, would be granted. The Court held that, [&h...

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Revised monetary limits is applicable, to all pending SLPs/ appeals: CBDT

F. No.279/Misc/M-93/2018-ITJ 20/08/2019

Revised monetary limits so mentioned in circular 17/2019 is applicable, to all pending SLPs/ appeals/ cross objections/references. All such pending appeals within the revised limits shall be withdrawn on or before 31.10.2019 and a fortnightly report as to progress on withdrawals should be submitted to Board, by 15th and 31st of every mont...

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