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Archive: 31 August 2019

Posts in 31 August 2019

TDS on cash withdrawal in excess of Rs. 1 crore

August 31, 2019 3345 Views 0 comment Print

FM Nirmala Sitharaman has presented her first Union Budget on 5 July 2019.With a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs 1 crore. Section 194N is applicable in […]

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 opens on 01.09.2019

August 31, 2019 6546 Views 2 comments Print

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 Opens on : 01.09.2019 Closes on : 31.12.2019 I. Applicability: Disputes, Arrears and amounts payable under Central Excise Act & Ch.V of FA,1994 (Service Tax) and other Acts as detailed in Section 122. II. Authority: a) Sections 120 to 135 of the FA, 2019. {Mentioned as Sections} b) […]

Issues/Query/FQS of e-Way Bill

August 31, 2019 3141 Views 1 comment Print

Q 1. Can I transport the goods with the e-way bill without vehicle details in it? Ans:  No. One needs to transport the goods with a e-way bill specifying the vehicle number, which is a carrying the goods. However, where the goods are transported for a distance of less than Fifty kilometers within the State […]

Share capital accepted in scrutiny assessment cannot be added in Assessment U/s. 153A

August 31, 2019 1086 Views 0 comment Print

ACIT Vs SMC Power Generation Ltd. (ITAT Delhi) ITAT held that assessment was earlier completed u/s 143(3) wherein the share capital had been scrutinized and accepted by the revenue, holding the same share capital as unexplained in the present reassessment u/s 153A tantamounts to change of opinion not backed by any evidence and, therefore, not […]

HC beautifully explains concept of Natural justice in GST Case

August 31, 2019 29832 Views 0 comment Print

It is true that the concept of natural justice is not very clear and therefore, it is not possible to define it; yet the principles of natural justice are accepted and enforced.

FM announces merger of Public Sector Banks

August 31, 2019 1170 Views 0 comment Print

Bank Merger 1) Unlocking potential through consolidation, big banks with enhanced capacity to increase credit and bigger risk appetite, with national presence and global reach 2) Punjab National Bank, Oriental Bank of Commerce, and United Bank to be merged together. 3) Canara Bank and Syndicate Bank to be merged together 4) Union Bank, Andhra Bank, […]

Fresh Start Process Under IBC 2016- Need a review before notification

August 31, 2019 8550 Views 0 comment Print

One of the methods for resolving the insolvency of individuals is The fresh start process. This is applicable for individuals and partnership firms. These provisions though not notified yet have been framed to give debtors with comparatively smaller debts the chance to discharge their debts, and start afresh without any liabilities

Application to act as foreign company

August 31, 2019 1557 Views 0 comment Print

Every foreign company shall, within thirty days of establishment of its place of business in India, in addition to the particulars specified in sub-section (1) of section 380 of the Act, also deliver to the Registrar for registration, a list of directors and Secretary of such company. A foreign company shall, within a period of […]

Benefits for small companies under companies Act, 2013

August 31, 2019 25404 Views 2 comments Print

Before filing of annual return of any company we should know some key points like: ♣ what the status of our company ♣  what benefits/Exemptions available for our company There are some Benefits / exemptions for small companies that every Stakeholder should remember before filing of annual return of their company. Definition of Small Company:- […]

Integrated Agriculture Supply Chain

August 31, 2019 24762 Views 2 comments Print

Agriculture is the primary source of livelihood for about 58 per cent of India’s population. Gross Value Added by agriculture, forestry and fishing is estimated at Rs 18.53 trillion (US$ 271.00 billion) in FY18. The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year due to its […]

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