"August, 2019" Archive - Page 6

GST on Interest Income from Inter Corporate Loans

The services under consideration is covered under the above Notification. Therefore, such services are exempted from payment of GST and the lending company is not required to discharge GST on the activity of providing services by way of extending deposits, loans or advances where the consideration is represented by way of interest....

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Respite for Startups from Angel Tax | Forget Taxman & amp; Focus on Business !!

Respite for Startups from Angel Tax. CBDT says -Focus on innovation and improvement of existing products, services and processes and generate employment.   Forget the Taxman !! Further through the promise made by our Hon’ble Finance Minister Nirmala Sitharaman’s on July 5th, 2019 to resolve the issues hovering around startups, C...

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Disclosure of Reason for Encumbrance of Securities by Promoters

In order to bring greater transparency regarding reasons for encumbrance, particularly when significant shareholding by promoter along with persons acting in concert (PACs) with him is encumbered. The Securities and Exchange Board of India came up with a new Circular SEBI/HO/CFD/DCR1/CIR/P/2019/90 dated August 07, 2019 which calls for add...

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Rates of Income tax as per Finance act, 2019

Rate of income tax – Surcharge and Tax rate for company I. Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 There is no change in this part. It is same as provided earlier. In respect of income of all categories of assessees liable to tax for the assessment […]...

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Glimpses of Union Budget of India (2019-20)

Union Budget of India (2019-20) Ms. Nirmala Sitharaman, Minister for Finance and Corporate Affairs, Government of India announced the Union Budget for 2019-20, in Parliament on July 05, 2019. The budget aimed at boosting infrastructure and foreign investment, the first since the Bharatiya Janata Party led by Prime Minister Narendra Modi r...

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Works contract Under GST in India

What is a work Contract A works contract is an agreement which is a mixture of service or labour and transfer of goods. Under a works contract the contractor agrees to do certain job in execution whereof, certain goods are transferred to the contractee. Thus, an agreement of building construction, manufacture, processing, fabrication, ere...

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Why Knowledge Sharing Required in Corporate/ any other Field

Knowledge sharing is essential for a company to achieve success, since it can facilitate decision-making capabilities, build learning organizations (through a learning routine) and finally, stimulate cultural change and innovation....

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Reassessment based on usurpation of jurisdiction on non-existing jurisdiction is invalid

Dipti Mehta Vs ITO (ITAT Kolkata)

When income which was the foundation on which he based his belief of escapement of income was absent /disappeared then AO’s very usurpation of jurisdiction was on non-existing jurisdictional fact which rendered his usurpation of jurisdiction to reopen the assessment legally untenable and so null in the eyes of law and therefore, the rea...

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Erroneous Assessment order cannot be revised if not prejudicial to Revenue

Pravardhan Seeds (P) Ltd. Vs ACIT (ITAT Hyderabad)

CIT should not stop merely on finding that the order was erroneous but also had to establish that the order of AO was prejudicial to the interests of revenue. Thus, revision could not be made in such a case and the order of AO was restored....

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Bright Line Test cannot be applied for determining AMP expenses

Whirlpool of India Ltd. Vs DCIT (ITAT Delhi)

Bright line test is not an appropriate yardstick for determining existence of an international transaction for calculating arms length price....

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CIT(A) cannot enhance income based on sources not considered during assessment

Hari Mohan Sharma Vs ACIT (ITAT Delhi)

Enhancement u/s 251 (1) (a) is prohibited on the issues which have not at all been considered by AO during assessment proceedings, therefore, CIT (A) had exceeded his jurisdiction in enhancing the income of assessee by considering the new sources of income not at all considered by AO....

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Gift by individual to HUF is exempt same as a gift from HUF to its member

Pankil Garg Vs  PCIT (ITAT Chandigarh)

Amount received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was not exigible to income tax as in case of individual, the HUF has not been included in the definition of relative in explanation to section 56(2) (vii) as it was not so required because in case of HUF,...

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Format of Notice for AGM & Board Report for Small Companies & OPC

Format of Notice for Calling AGM and Board Report for Small and One Person Company for Period of Financial Year 2018-2019 On the request of stakeholders, I am attempting to issue format of ‘Notice for Calling AGM and Board’s Report for Small and One Person Company for period of Financial Year 2018-2019′, hopefully this w...

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Decoding ESOPs: Legal Framework, Tax Implications & Compliances

The following are the important aspects of ESOPs in relation to the legal framework, procedure for its issuance, tax implications upon its exercise and on sale, its compliances and reporting:...

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GST on paying guest services

Ye would like to share GST implications on various aspects of Paying Guest business. The PG services are being generally offered in following manner...

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Valuation: Professionals Insight (ICAI Book)

Valuation as a profession was required to be disciplined for bringing in uniformity in the practices and procedures followed by Valuation professionals. In this direction, the Government of India has come out with a legal framework for this niche area of practice. With the notification of Section 247 of the Companies Act, 2013 and the [&h...

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Utter Disparity In Professional Education & Ethics

The well recognized bodies like ICAI, ICMAI, ICSI, Etc., are well constituted with their own laws, rules, regulations, guidelines, and professional ethics for deliverance of the professional services by their certified members. Prime among those things is confining to the particular profession alone in which those professional bodies have...

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Exclusive Important Tip For GSTR 9C

During filling & filing of GSTR 9C it was found that there is an error file generated by GSTN when Digitally Signed GSTR 9C is up-loaded and error is reflecting at PT III (9) at row Q & P - by saying The amount paid by you mentioned at Q is not matching with amount reported by you in GSTR 9. Similar error reflected at R also....

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Here is the handy and easy tool to handle difficult GST…

What is needed by a GST certifier in the pressing times of completing GSTR-9C? What are the essentials of a GST practitioner to advise a client? What does a GST taxpayer need to know to effectively comply with the law? What does a GST administrator need to implement the law? May be common answers to above questions could be as [&hell...

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One-time partial credit guarantee to PSBs to purchase pooled assets of financially sound NBFCs

F. No.1/17/2019-BOA-II (10/08/2019)

Partial Credit Guarantee offered by Government of India (Go ) co Public Sector Banks (PSBs) for purchasing high-rated pooled assets from financially sound  Non-Banking  Financial  Companies (NBFCs)/ Housing Finance Companies (HFCs)...

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Online Workshop for GST Audit and Annual Return

After much success of One day workshop conducted by us across India, we are happy to announce Online GST workshop for effective GST Audit and Annual Return. The workshop would cover clause wise clause detailed Analysis for Form GSTR 9, GSTR 9C along with GST Audit tool for GST Health Check-up. Online Workshop Coverage Legal […]...

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Arrest of MakeMyTrip officials was illegal and unconstitutional: HC

Makemytrip (India) Pvt Ltd Vs Union of India & Ors. (Delhi High Court)

Makemytrip (India) Pvt Ltd. Vs Union of India & Ors. (Delhi High Court) (i) The scheme of the provisions of the Finance Act 1994 (FA), do not permit the DGCEI or for that matter the Service Tax Department (ST Department) to by-pass the procedure as set out in Section 73A (3) and (4) of the […]...

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Analysis of Insolvency Bankruptcy Code (Amendment) Act, 2019

The Ministry of Corporate Affairs had notified Insolvency and Bankruptcy Code (Amendment) Act, 2019 dated 06.08.2019. Apart from, bare link, the amendment has been abridged in a concise manner as a ready reference while going through the operational day to day activities. The amendments are read as follows: 1) Amendment in Section 5: Exp...

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Anti-dumping duty on imports of Homopolymer of vinyl chloride monomer (suspension grade)

Notification No. 32/2019-Customs (ADD) (10/08/2019)

Seeks to impose anti-dumping duty on imports of ‘Homopolymer of vinyl chloride monomer (suspension grade)’ originating in or exported from China PR and USA for 30 months with effect from 13th August, 2019, in pursuance of SSR investigation by DGTR vide  Notification No. 32/2019-Customs (ADD) Dated 10th August, 2019. MINISTRY ...

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CBDT further increases Monetary Limits for filing of appeal

Analysis of Circular No. 17/2019 dated 08/08/2019 1. As a measure for reduction in the tax litigations, CBDT has further increased Monetary Limits for filing appeals by the Income Tax Department. The revised monetary limits are as under: Sr. No. Appeals/SLPs in lncome tax matters Earlier Limits Revised Limits vide this circular 1 Before A...

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TMA scheme – An initiative to boost agriculture / food exports

Transport and Marketing Assistance (TMA) scheme for specified agriculture products aims to provide assistance for the international component of freight and marketing of agricultural produce. #Eligible persons All Exporters, duly registered with relevant Export Promotion Councils as per Foreign Trade Policy, of eligible agriculture produc...

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Maturity of Life Insurance Policy – Whether Taxable or Not?

Any amount received from any life insurance companies is totally tax free is one of the most common presumptions of the taxpayers.  This is not entirely correct. Amount received from life insurance companies (including bonus) is tax free u/s 10(10D) of the Income Tax Act- 1961, except following receipt: (a) any sum received u/s 80DD(3) [...

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DIR-3KYC – 16 Things you must know

As per the Companies (Amendment and Qualification of Directors) Third Amendment Rules, 2019 those who have already filed DIR-3 KYC, would only be required to complete their KYC through a simple web-based verification service, which will be pre-filled with data, based on the records present in the registry of the government, for ease of ve...

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Can Adjudication of Counter Claim be stayed in Purview of Moratorium Declared on Corporate Debtor?

SSMP Industries Ltd Vs Perkan Foods Processors Pvt Ltd (Delhi High Court)

The Court held that Plaintiff’s and the Defendant’s claim needs to be adjudicated comprehensively by the same forum. Till the defence is adjudicated, there is no threat to the assets of the Plaintiff and the continuation of the counter claim would not adversely impact its assets....

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Power to arrest under CGST act must be exercised with care: Gujarat HC

Vimal Yashwantgiri Goswami Vs. State of Gujarat (Gujarat High Court)

The powers of arrest under Section 69 of the Act, 2017 are to be exercised with lot of care and circumspection. Prosecution should normally be launched only after the adjudication is completed....

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CBDT simplifies process of assessment in respect of Startups

NA (10/08/2019)

In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib),the contention of the assessee will be summarily accepted....

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I-T Dept detects Benami business of running of petrol outlets in Meghalaya

NA (10/08/2019)

In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department. NER carried out searches on certain businessmen in Meghalaya, found to be involved in running a web of petrol pumps managed and controlled as benami properties....

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Income Tax Searches in Tamil Nadu net more than Rs 700 crore

NA (10/08/2019)

The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also in Kerala, Andhra Prad...

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Fake invoices case with wrongful ITC availment of Rs. 39 Crore

Detection of fake invoices case with wrongful availment of Rs. 39 Crore Input Tax Credit and Rs 350 crore taxable value involving multiple fake/bogus firms. In a joint operation of Anti Evasion Wing and the Amritsar Division of CGST Commissionerate, Jalandhar, a case of fake invoices against 7 firms has been booked, initially valued at [&...

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Draft Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases’

Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases’ for public comments ICAI/TD/CPF&ASLB/2019-20 , Dated: August 8, 2019 Dear Sir/Madam,  Sub: Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases‘ for comments.  At the outset, we would like to inform you that du...

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Sec 194M: TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF

A new section 194M is proposed to be inserted in the Income Tax Act by the Budget 2019 that provides levy of TDS @ 5% on the sum or aggregate of sums, paid or credited in a year on account of contractual work or professional fees by an Individual or Hindu undivided family, not required […]...

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IBC Amendments Act, 2019 Part -1

The Insolvency and Bankruptcy Code (Amendment) Act, 2019 (Part-1)- Article explains Section.5(26):Definition of Resolution Plan, Section 7: Initiation of Corporate Insolvency Resolution Process by Financial Creditor, Section 12: Time limit for completion insolvency resolution process and Section 25A: Rights and duties of authorised repre...

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New GST Return System- Practical or Impractical?

New Return Provisions U/s 43 A of Goods and Service Tax Act, 2017 Part 1: Statutory provisions and rules thereof: 18. After section 43 of the principal Act, the following section shall be inserted, namely:— Sec 43 A: (1) Notwithstanding anything contained in sub-section (2) of section 16, section 37 or section 38, every registered [&hel...

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IBC: Claim not barred by limitation if appellant approaches appropriate forum in time

Sanghvi Movers Ltd. Vs. M/s. Tech Sharp Engineers Pvt. Ltd. (NCLAT)

Sanghvi Movers Ltd. Vs. M/s. Tech Sharp Engineers Pvt. Ltd. (NCLAT) If the Appellant had Approached Appropriate Forum for Appropriate Remedy in Time With Continuous Cause of Action, Then The Claim is Not Barred by Limitation FACTS In this case a winding up petition was filed before the Madras High Court as the Appellant had […]...

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Extension of Financial Year-Possibilities under Company Law???

Section 210 of Companies Act, 1956 = Section 129 of Companies Act, 2013 PROVISIONS UNDER COMPANIES ACT , 1956 PROVISIONS UNDER COMPANIES ACT, 2013 Section 2(17): Financial Year “Financial year” means, in relation to anybody corporate, the period in respect of which any profit and loss account of the body corporate laid before it i...

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Interest awarded in motor accident claim cases not exigible to tax

Shri Rupesh Rashmikant Shah Vs Union of India & Ors. (Bombay High Court)

Shri Rupesh Rashmikant Shah Vs Union of India & Ors. (Bombay High Court) In the context of interest, there are three crucial dates. The date of the accident is a date in reference to which the entire compensation is calculated. The date of filing of the claim petition is the date from which the claimant […]...

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Ind AS – Common Control Business Combinations

Business organisations enter into a bunch of restructuring transactions which satisfy the definition of business combinations as per Ind AS 103. There is also a requirement to understand the accounting, tax, presentation and reporting requirements in the case of common control transactions. ...

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FDI in Retail Trading sector in India

The retail sector in India is one of the biggest contributors to the economy in terms of revenue and contributes about 10% towards its GDP. It provides the second highest rate of employment after agriculture. The retail sales in India are growing at a compounded annual rate of 15% since the year 2014....

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Registration of Creation/Modification and Satisfaction of Charges

As per Section 2(16) of the Companies Act,2013 ‘charge’ means an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage; Applicable Section 77 to 87 of Companies Act, 2013. Applicable Rules The Companies (Registration of Charges) Rules, 2014 CHARG...

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Budget 2018 – Proposed Changes in Customs Law

Changes in Budget ♠ Changes in Customs tariff ( Rates) -Make in India theme -Reduction in duty on raw materials -Increase in duty on finished goods ♠ Significant Changes in Legislative Changes in Customs Act, 1962 ♠ Changes in Customs tariff Act, 1975 Budgetary Changes Customs Duty Rates Customs Tariff: Notification No. 6/2018-Custo...

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Govt notifies Part I, IV, VI & VII of Chapter VI of Finance Act, 2019

S.O. 2899(E), S.O. 2900(E), S.O. 2901(E), S.O. 2902(E) (09/08/2019)

Government hereby appoints the 9th day of August, 2019, as the date on which the provisions of Part I, IV, VI & VII of Chapter VI of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force. PUBLISHED BY AUTHORITY MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 9th […]...

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Angel Tax relaxation to Startups even if addition was made before 19.02.2019

F.No.173/354/2019-ITA-1 (09/08/2019)

Notification no. G.S.R. 127 (E) dated 19.02.2019 will be applicable to those Startup Companies also where addition u/s 56(2)(viib) has been made in an assessment order under the IT Act before 19thFebruary, 2019 provided the assessee has subsequently submitted the declaration in Form-2 that it fulfils the conditions mentioned in Para-4 of ...

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Amendment to Master Direction (MD) on KYC

RBI/2019-20/37 DBR.AML.BC.No.11/14.01.001/2019-20 (09/08/2019)

A proviso has been added to condition (b) of Section 23 of the Master Direction to the effect that, where the individual is a prisoner in a jail, the signature or thumb print shall be affixed in presence of the officer in-charge of the jail and the said officer shall certify the same under his signature and the account shall remain operat...

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Permissible investments by AIFs operating in IFSC

Circular No. SEBI/HO/IFSC/CIR/P/2019/91 (09/08/2019)

AIFs incorporated in IFSC shall be permitted to make investments as per the provisions of the SEBI (Alternative Investment Fund) Regulations, 2012, and the guidelines and circulars issued thereunder, including the operating guidelines for AIFs in IFSC....

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Guidelines on Insurance Claims of victims of recent floods in Maharashtra & Karnataka

IRDAI/NL/GDL/MISC/131/08/2019 (09/08/2019)

As you are aware, the recent floods, have caused immense loss to property in the state of Maharashtra and Karnataka. There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims....

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Motor Vehicles (Amendment) Act, 2019

No. 32 of 2019 (09/08/2019)

(1) This Act may be called the Motor Vehicles (Amendment) Act, 2019. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act ...

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Arbitration and Conciliation (Amendment) Act, 2019

Notification No. 33 of 2019 (09/08/2019)

(1) This Act may be called the Arbitration and Conciliation (Amendment) Act, 2019. (2) Save as otherwise provided in this Act, it shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference ...

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Public Premises (Eviction of Unauthorised Occupants) Amendment Act, 2019

F. NO. 36 of 2019 (09/08/2019)

(1) This Act may be called the Public Premises (Eviction of Unauthorised Occupants) Amendment Act, 2019. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Jammu And Kashmir Reorganisation Act, 2019

F. No. 34 of 2019 [S.O. 2889(E).] (09/08/2019)

Jammu and Kashmir Reorganisation Act, 2019- An Act to provide for the reorganisation of the existing State of Jammu and Kashmir and for matters connected therewith or incidental thereto....

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Consumer Protection Act, 2019

Notification No. 35 of 2019 (09/08/2019)

THE CONSUMER PROTECTION ACT, 2019 received the assent of the President on the 9th August, 2019, and is hereby published for general information:—...

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Initiation of Sunset review investigation | Imports of Flexible Slabstock Polyol

F.No. 7/1 2/2019-DGTR (09/08/2019)

Case No. SSR 05/2019- Sub: - Initiation of Sunset review investigation concerning imports of Flexible Slabstock Polyol originating in or exported from Singapore....

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Additional Disclosure on Pledge of Shares by Promoters (Along With PACs)

SEBI vide its circular dated August 07, 2019 have asked for additional disclosure w.r.t. encumbrance of shares by promoter of listed companies along with PAC, the detailed reason to be specified. The said circular will come into effective from October 1, 2019. Applicability: Combined encumbrance by Promoter + PAC is equal or exceeds 50% o...

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CSR : A Journey from Voluntary to Forced Contribution

Corporate Social Responsibility (CSR) Under Section 135 Of Companies Act, 2013 As Amended Vide The Companies (Amendment) Act, 2019 Read With Companies (Corporate Social Responsibility Policy) Rules, 2014: A Journey From Voluntary To Forced Contribution. 1 Applicability as per Section 135(1) Every company including its holding or subsidiar...

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Employers! Do not miss PF Contribution on allowances

Supreme Court’s ruling on Provident Fund on February 28,2019 stated that employers can’t segregate special allowances from basic salary rather it is to be included for Provident Fund deduction under the Employees Provident Fund and Miscellaneous Provisions Act, 1952. The court held that variable earning which may vary from individual ...

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Check list for Cash deposited during demonetisation

F.No.225/145/2019-ITA-II (09/08/2019)

Board has earlier issued above referred SOPs/Instruction/Internal Guidance Note regarding handling of cases related to demonetisation. In continuation of the same, a Verification Checklist-cash deposits is enclosed herewith for providing assistance to AOs for verification of cash deposits and framing of assessment in demonetisation relate...

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Promoters of Listed Companies to disclose reasons for encumbrance

SEBI issues a circular on 07th August 2019 on Disclosure of reasons for encumbrance by Promoters of Listed Companies to to bring greater transparency regarding reasons for encumbrance, particularly when significant shareholding by promoter along with persons acting in concert (PACs) with him is encumbered. The provisions of this circular ...

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Key Points of Companies (Amendment) Act, 2019

MAJOR AMENDMENTS IN THE COMPANIES ACT, 2013 BROUGHT ABOUT BY THE COMPANIES (AMENDMENT) ACT, 2019 The Companies (Amendment) Act, 2019 which came into force on the 31st July, 2019 has brought about major amendments in The Companies Act, 2013. Some of the highlights are as under – 1. SECTION 2: APPROVAL OF CENTRAL GOVERNMENT REQUIRED [...

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Applying NP rate of 2% based on earlier rates on suppressed receipts justified

Indus Holidays & Tours India (P) Ltd. Vs DCIT (ITAT Indore)

AO was not justified in adding the entire suppressed receipts after rejection of books of accounts while making assessment u/s 153A as CIT(A) was fair enough to apply 2% of net profit rate on the alleged suppressed receipts by taking basis of net profit rate disclosed by the assessee for various assessment years which ranges from 0.5% to ...

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Govt notifies Multilateral Convention to implement Measures to Prevent BEPS

Notification No. 57/2019-Income Tax [S.O. 2887(E)] (09/08/2019)

Whereas the Multilateral Convention to Implement Tax Treaty related Measures to Prevent Base Erosion and Profit Shifting (hereinafter referred to as the “the said Convention”) was signed by India at Paris, France on the 7th day of June, 2017;...

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Applicability & Statutory Records under Different Labour Laws

Labour & Employment laws are enacted & enforced by both the Central as well as State Governments. Labour Laws fall within Concurrent List (Sl. No. 22, 24) of the Constitution of India. Labour Laws Compliance Management is both significant & monetarily advantageous to the corporate sector....

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Strategy for Investing your Retirement Corpus

What should be the strategy to invest your retirement funds The investment strategy at each stage in life has to have different consideration and must change according to peculiar circumstance. For example a person at the initial stage of his career can take risks with his money and invest substantial portion of his savings in […]...

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Time to Revisit Section 50C/43CA/56(2) – Adoption of Circle Rates

Time to Revisit Section 50C/43CA/56(2) of Income Tax Act concerning Adoption of Circle Rates for Computation of Capital Gain/Business Profits/Income from Other Sources on Land & Building!! The Finance Act 2002 has introduced a new section 50C with effect from 1-4-2003, for the purpose of computation of capital gains in real estate tra...

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Draft Information Memorandum points for private placement of NCDs

Points to be considered while drafting Information Memorandum in case of Issue of NCDs on private placement basis Serial No. Addressed to: INFORMATION MEMORANDUM ABC LTD A private limited company incorporated under Companies Act, 1956/2013 Date of Incorporation: ……………… Registered Office…………………………………...

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Time to Revisit Conventional Coercive Tax Recovery Measures

Time to Revisit the Conventional Coercive Recovery Measures of Tax Collection by Revenue Authorities!! As per the existing Legislative framework of the Direct Taxation Laws in our Country, the tax collection measures can broadly be classified into Pre-Assessment tax collection measures and Post Assessment tax collection measures. The pre-...

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Section 54B Deduction cannot be denied if AO not conducted any enquiry about use of land for Agriculture

ITO Vs Mukesh Champaklal Shah (ITAT Pune)

ITO Vs Mukesh Champaklal Shah (ITAT Pune) The definition of capital asset excludes agricultural land and certain criteria have been placed in this statue to qualify the land as agricultural land. The facts on records demonstrate that both the parties have accepted the land to be an agricultural land. The 7/12 extracts clearly demonstrates...

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19 FAQs on filling of ITR forms for Assessment Year 2019-20

Circular No. 18/2019-Income tax (08/08/2019)

After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued. —...

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CBDT Enhances Monetary limits for filing of Income Tax appeals

Circular No. 17/2019-Income Tax (08/08/2019)

CBDT Further Enhances Monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court - Amendment to Circular 3 of 2018 - Measures for reducing litigation....

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Applicability of AIRs to calculate Brand Rate of duty drawback in GST regime

Circular No. 24/2019-Customs (08/08/2019)

Clarification regarding applicability of All Industry Rates of duty drawback while fixing Brand Rate of duty drawback in post GST era. Circular No. 24/2019-Customs...

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Empanelment – Allahabad Bank – Concurrent / Revenue Audit

Allahabad Bank invites applications in prescribed format from practicing firms of Chartered Accountants of India who are willing to empanelled as Concurrent / Revenue Auditor...

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LTCG under Grandfathering Provisions

The Finance Bill 2018 reintroduced tax on LTCG made from listed shares and equity-oriented mutual funds. With Effective 1 April 2018, LTCG arising from the sale of these shares and equity oriented funds that are held for more than 12 months are taxable at the rate of 10% if such LTCG exceeds Rs.1 lakh in the given Financial […]...

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Income Tax Returns (ITRs)-Forms, Due Dates and Late Fees

The last date for filing Income Tax Return is July 31st of every year (Extended up to 31st August 2019 for Assessment Year 2019-2020 and with few certain exceptions as provided above), which can be belatedly filed up to March 31. For example, Income Tax Returns for  Assessment Year 2019-20 (Financial Year 2018-2019), can be filed belated...

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5 ways to plan your home loan EMIs

If you are already an existing home loan user or applying for one soon, you must be aware that EMIs consume a large portion of your earnings. You have to manage these EMIs well before even signing the agreement. You should ensure the EMIs do not dent your expenses. Therefore, lenders have the home loan […]...

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5 advantages of opting for a home loan

Wit the rising prices of real estate, buying a home can be quite strenuous financially for an individual. But with financial institutions providing loan products like a home loan, the purchase of a home becomes easy for an individual. In a home loan, the individual will be provided with the loan amount for the purchase […]...

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66.6% Indians are open to taking loans reports study

Family aspirations and upgrading lifestyle is the primary reason for seeking loans by 46% Indians. 33% of Indians are likely to purchase Consumer durables such as smartphones, refrigerators, TV etc. on EMIs to be able to upgrade lifestyle. Loan culture penetrating deep in non-metro cities. Cities like Jaipur, Patna, Lucknow and Nagpur are...

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Govt repeals 58 Act and amends 2 Acts (Amends section 54GA of Income Tax Act, 1961)

No. 31 of 2019 (08/08/2019)

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 8th August, 2019 The following Act of Parliament received the assent of the President on the 8th August, 2019, and is hereby published for general information:— THE REPEALING AND AMENDING ACT, 2019 NO. 31 OF 2019 [8th August, 2019.] An Act to repeal certain enactments [...

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DGFT enable online filing of Application to avail TMA assistance

Trade Notice No. 29/2019-2020-DGFT (08/08/2019)

Exporters can now file applications online to avail assistance under the ‘Transport and Marketing Assistance (TMA) for Specified Agriculture Products’ Scheme on E-COM module....

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National Medical Commission Act, 2019

No. 30 of 2019 (08/08/2019)

National Medical Commission Act, 2019 to provide for a medical education system that improves access to quality and affordable medical education, ensures availability of adequate and high quality medical professionals in all parts of the country;...

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Maharashtra Value Added Tax (Third Amendment) Rules, 2019

Notification No. VAT-1519/CR-89/Taxation-1 (08/08/2019)

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk Mantralaya, Mumbai 400 032, dated 8th August 2019 MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT-1519/CR-89/Taxation-1.—Whereas, the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra...

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Administrative changes in jurisdiction of Chief Commissioner Customs Zone II Mumbai.

Notification No. 58/2019-Customs (N.T.) [G.S.R. 566(E).] (08/08/2019)

Notification No. 58/2019-Customs (N.T.) - Administrative changes in the jurisdiction of Chief Commissioner Customs Zone II Mumbai....

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Tariff Notification No. 57/2019-Customs (N.T.), Dated: 08.08.2019

Notification No. 57/2019-Customs (N.T.) [S.O. 2872(E).] (08/08/2019)

Tariff Notification No. 57/2019-Customs (N.T.), Dated: 08.08.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 57/2019-CUSTOMS (N.T.) New Delhi, 8th...

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Notification No. 36/2019-Customs (N.T./CAA/DRI) Dated: 08.08.2019

Notification No. 36/2019-Customs (N.T./CAA/DRI) [S.O. 2928(E)] (08/08/2019)

NOTIFICATION No. 36/2019-Customs (N.T./CAA/DRI) Principal Director General, Revenue Intelligence, hereby appoints officer mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respect...

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A Simple Version of INDAS-2 and IAS-2

Accounting for Inventories AS-2 Valuation of Inventories IAS-2 Inventories INDAS-2 Inventories Important Points are as follows 1. Matching Concept is the relevant concept for Inventories 2. Definition Inventories Consists of the following Held for sale in the ordinary course of business(finished goods) In the process of production of such...

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Web Based DIR-3 KYC 2019 Form

MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 w.e.f. July 25,2019 and brought certain amendments in filing of form DIR-3 KYC by providing Web-based verification service  for the Directors who have been allotted Director Identification Number (DIN). Hence, introducing Web-based DIR-3 KYC.  Dire...

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No TDS on commission payment made to overseas agents

Pr. CIT Vs Komal Amin Exports Pvt Ltd (Gujarat High Court)

When the commission paid to the non-resident agents was neither received or deemed to be received in India nor accrued or was deemed to accrue in India, no income was chargeable to tax under the provisions of the Act. When the payment made by assessee to the overseas agent for services rendered abroad was not income chargeable to tax in I...

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Unlawful Activities (Prevention) Amendment Act, 2019

Notification No. 28 of 2019 (08/08/2019)

THE UNLAWFUL ACTIVITIES (PREVENTION) AMENDMENT ACT, 2019 received the assent of the President on the 8th August, 2019. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Striking Equilibrium among Creditors in IBC, 2016

One of the most fascinating issues currently, is the classification, segmentation and prioritisation of creditors under the IBC Code. The intent of the legislature as reflected in the preamble of the Code, was to ensure availability of credit and balance interest of all stakeholders including alteration of the priority of order of recover...

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Code on Wages 2019

F. NO. 29 OF 2019 (08/08/2019)

THE CODE ON WAGES, 2019 is An Act to amend and consolidate the laws relating to wages and bonus and matters connected therewith or incidental thereto....

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Section 80IBA- 100% Tax deduction on Affordable House construction Income

CBDT has inserted section 80IBA by Finance Act, 2016.The provisions of this sections are designed in such way that, it will help to achieve a goal of Housing for All by 31 March 2022....

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GST Audit – An Analysis

Why Audit ? Whenever I start thinking of undertaking any kind of audit, a sense of exasperation and a little bit of despondency creep into me. Despondency because I will have to displease people again and again, exasperation because there will be unnecessary but obvious arguments not based on facts and logic but backed by […]...

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TCS – Tax Collection at Source – A Complete Guide

Tax Collection at Source, more popularly known as TCS, provisions mandate the seller to collect tax from the buyer and deposit the same to the Government. The provision of tax collection at source is contained under section 206C of the Income Tax Act, 1961 and the same are explained briefly in the current article. Guidelines […]...

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Reimbursement of SGST applicable on tickets of Super 30 movie

Trade Circular No. 43T of 2019 (07/08/2019)

You are aware that Super 30 movie which gives an important social message in the field of education is released throughout India. To promote this social message, Government of Maharashtra has issued above referred GR wherein Government is going to reimburse to the registered theatre the component of State Goods and Services Tax (SGST) pro...

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Input Tax Credit on Demo Cars Under GST

According to section 17(5) of CGST Act, 2017,  input tax credit will not be available in respect of motor vehicles and other conveyances,  except when such motor vehicles or other conveyances are supplied further, or used for transportation of passengers or giving training on driving, flying, navigating such vehicles or conveyances or a...

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Qualities to look for in an insurance company

Whether you buy a brand new car or a second-hand one, the first thing you should do is invest in a good car insurance policy. You can choose from a wide range of coverages offered by various insurance providers. While a good insurance company is one that offers a wide range of products choose from, […]...

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List of Documents Required while incorporating a company

SPICe Private Limited Company Incorporation Filing Process is an integrated single point application for Reservation of Company Name, Allotment of DIN for Directors and Incorporation of a New Company along with allotment of Permanent Account Number (PAN) and Tax Collection and Deduction Account Number (TAN) to the New Company. For more d...

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November 2020