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Archive: 22 August 2019

Posts in 22 August 2019

Compliance Chart for Preferential allotment of shares

August 22, 2019 21435 Views 2 comments Print

Points to remember Issue should be authorized by Articles of Association of the Company. Only fully paid securities to be issued and the following securities can be issue under preferential allotment. Issuance of Equity shares. Issuance of Fully or partly convertible debentures Issuance of any other securities convertible into equity shares. The preferential issue can […]

Solve technical issues and extend due date of GSRT 9 & GSTR 9C

August 22, 2019 55128 Views 8 comments Print

Rajasthan Tax Consultants’ Association has Requested for solving the technical issues of GSRT 9 & 9C and extension of due date for filing of GSTR 9 & conducting GST Audit & reporting in Reconciliation Statement in GSTR 9C. THE RAJASTHAN TAX CONSULTANTS’ ASSOCIATION KAR SALAHKAR BHAWAN B-145/B, KALYAN PATH, MANGAL MARG, BAPU NAGAR, JAIPUR-302015 PH.: […]

Interest payable on Delay in Tax payment due to disclosure of STCG as LTCG

August 22, 2019 2547 Views 0 comment Print

Tushin T. Mehta Vs CCIT (Madras High Court) The writ petitioner’s father late Mr. Tushaar Mehta voluntarily filed his return of income for the assessment year 1996-97 on 28.03.1997 admitting the total income of Rs.11,06,129/-. The assessee had claimed long term capital gains of Rs.3,26,813/- on sale of property made during that year. The property […]

MAT provisions u/s 115JB were applicable to company eligible for Section 10AA benefit

August 22, 2019 9564 Views 0 comment Print

AO was justified in bringing book profit u/s 115JB determined to tax inspite of assessee-company eligible for section 10AA benefit as on combined reading of provisions of sub-section (5) and (6) of section 115JB, it was clear that the MAT provisions had been specifically made applicable to assessee company in respect of its income from business carried on in its SEZ Unit for assessment year 2012-13 and onwards.

Addition on non-CASS issues without obtaining due permission from superior authorities not sustainable

August 22, 2019 1443 Views 0 comment Print

Addition on non-CASS issues made without obtaining due permission from superior authorities was in contravention of CBDT guidelines and, therefore, could not be sustained.

No redemption fine when confiscation remains unchallenged

August 22, 2019 1869 Views 0 comment Print

M/s. O.M.S. Sivajothi Mills Vs Commissioner of Customs (CESTAT Chennai) CESTAT Chennai has held that redemption fine under Section 125 of the Customs Act, 1962 is an option in lieu of confiscation and hence, both (confiscation and redemption fine) cannot run simultaneously. It observed that when the order on confiscation remained unchallenged, and when even […]

Directing, supervising and looking after Sanatan Dharam School not amounts to imparting of education

August 22, 2019 900 Views 0 comment Print

Sanatan Dharam Shiksha Sammittee Vs CIT (Exemptions)  (ITAT Delhi) t is pertinent to note that from the perusal of the by-laws of the society, all the clauses are general clauses which do not point out any charitable activity. In fact, from the objectives the society will purchase and sell immovable property as per society’s needs. […]

Extend due date of GSTR 9 and GSTR 9C

August 22, 2019 110166 Views 32 comments Print

Request to extend due date of filing GSTR- 9 up to 30th September 2019 and GSTR- 9C up to 31st October 2019 so to ease the hardship faced by the taxpayers. This will ensure providing all information to the Govt. in detailed and transparent manner thereby easing the process of return filing and audit.

Implementation Guide to SA 720 (Revised), “The Auditor’s Responsibilities relating to Other Information”

August 22, 2019 4281 Views 0 comment Print

In the year 2018, ICAI issued SA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. The Standard is applicable for audits of financial statements for periods beginning on or after April 1, 2018. The Standard casts a new reporting requirement on the auditors of listed entities and corporate entities to include a separate section […]

Implementation Guide to SA 570 (Revised), “Going Concern”

August 22, 2019 7056 Views 1 comment Print

In 2013, the Auditing and Assurance Standards Board of ICAI issued the ‘Implementation Guide to SA 570, Going Concern’ to provide practical implementation guidance to the members on this Standard. ICAI issued SA 570 (Revised), Going Concern in 2016 which is applicable for the audits of financial statements on or after April 1, 2017. The […]

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August 2019