"August, 2019" Archive - Page 7

Companies Amendment Act, 2019 (Simplified)

Note on the Companies (Amendment) Act, 2019 (the ‘Act’) The aforesaid is an act to further amend the Companies Act, 2013, the said Act received the President assent on 31st day of July, 2019. The said Companies (Amendment) Act, 2019 has amended a total of 40 sections of the Companies Act, 2013 and two new […]...

Read More
Posted Under: Company Law |

Tax Audit Under Section 44AB of Income Tax Act, 1961

A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant. Simply Tax Audit means, an audit of matters related to tax. Applicability of tax […]...

Read More
Posted Under: Company Law |

Analysis of Companies (Amendment) Ordinance, 2019

The Companies (Amendment) Ordinance, 2019 was passed by the Rajya Sabha on the 30th day of July, 2019 and received the Assent of President on 31st July 2019. Earlier the Amendment Bill, 2019 was passed by Lok Sabha on the 27th day of July, 2019. The Ordinance promulgated is based on the recommendations made by the […]...

Read More
Posted Under: Company Law |

Analysis of CGST (Fifth Amendment) Rules 2019

Analysis of the Provisions of Goods and Services Tax (GST) vis-à-vis Central Goods and Services Tax (Fifth Amendment) Rules 2019 Introduction Goods and Services Tax department has recently issued two notifications regarding various amendments proposed in the existing GST laws. The revised rules stated in the Notification No. 33/2019–Ce...

Read More
Posted Under: Company Law |

Nicotine Polacriliex Lozenge classifiable under heading 38.24

In re M/s Strides Emerging Markets Limited (GST AAR Karnataka)

In re M/s Strides Emerging Markets Limited (GST AAR Karnataka) The instant product, Nicotine Polacriliex Lozenge, is rightly classifiable under the heading 38.24. Accordingly the product is covered under Serial number 97 of Schedule III to Notification No. 01/2017-Central Tax (Rate) dated 28.06.2017 and attracts GST at the rate of 18% (9%...

Read More

Input Tax Credit – ITC

At every stage of the supply chain, the buyer of the goods or service gets credit for the input tax paid, and he can use it to offset the GST payable on the output which is required to be paid to the Centre and State governments. To understand this Input Tax Credit concept better, let’s take the help of an illustration of a company call...

Read More
Posted Under: Company Law |

Treatment of Write Back Amount in GST Era

Background:  The taxpayers may have long outstanding the creditors whose dues are not paid. The non-payment of dues may be on account of many business decisions. As per prudent accounting policies, the long outstanding dues are reviewed periodically and written back (credited to profit & loss account) in the books of accounts. Write ...

Read More

Sustainability of The Growth

India has slipped to seventh position in the global GDP rankings in 2018 mainly on account of currency fluctuation and slow down in the growth, but India still remains the fastest-growing major economy in the world, although growth is estimated to slow to 7% in the current fiscal year that ends in March. China is […]...

Read More
Posted Under: Company Law |

Disclosure of reasons for encumbrance by promoter of listed companies

Circular No. SEBI/HO/CFD/DCR1/CIR/P/2019/90 (07/08/2019)

The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds:...

Read More

Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of Monetary Policy Committee (MPC) Reserve Bank of India

Press Release: 2019-2020/364  (07/08/2019)

Reserve Bank Of India Date : Aug 07, 2019 Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC) On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to: reduce the policy repo rate under the liqui...

Read More

Statement by Governor -Third BI-monthly Monetary Policy, 2019-20

Reserve Bank of India The Monetary Policy Committee (MPC) met on 5th, 6th and 7th August, 2019 and deliberated over the evolving macroeconomic outlook, against the backdrop of recent developments and incoming data. Today, the MPC voted unanimously to reduce the policy repo rate and to maintain the accommodative stance of monetary policy. ...

Read More
Posted Under: Company Law |

Consumer Protection in a digital financial world – Initiatives and beyond

Consumer by definition include us all. They are the largest economic group in the economy, affecting and affected by every public and private economic decisions. Two thirds of all spending in the economy is by consumers. But they are the only important group in the economy who are not effectively organized, whose views are often not heard...

Read More
Posted Under: Company Law |

Repo & Reverse Repo Rates revised downwards by 35 basis points

Notification No. DBR.No.Ret.BC.10/12.01.001/2019-20, DBR.No.Ret.BC.10/12.01.001/2019-20, FMOD.MAOG. No.135/01.18.001/2019-20, FMOD.MAOG. No.134/01.01.001/2019-20 (07/08/2019)

As announced in the Third Bi-monthly Monetary Policy Statement, 2019-20, today, it has been decided by the Monetary Policy Committee (MPC) to reduce the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 35 basis points from 5.75 per cent to 5.40 per cent with immediate effect....

Read More

Migration of OLTAS functions to Income Tax Business Application-Reg.

ITBA-OLTAS Instruction No. 1 (07/08/2019)

OLTAS module of ITD has been migrated to ITBA. The functionality for Search and Modify Challan in OLTAS Module is available in Income Tax Business Application (ITBA) as per the following details:...

Read More

Launch of Income Tax Business Application– Refund Banker Module

ITBA- Refund Banker Instruction No.1 (07/08/2019)

The functionalities for Refund Blocking/Unblocking, Refund Revalidation and Refund Status in Refund Banker Module are available in Income Tax Business Application (ITBA) as per the following details:...

Read More

Exchanges dealing in commodity derivatives to form Product Advisory Committee

Circular No. SEBI/HO/CDMRD/DNPMP/CIR/P/2019/89 (07/08/2019)

It has been decided that each recognised stock exchange dealing in commodity derivatives segment shall constitute a Product Advisory Committee (PAC) for each group/complex of commodities having common stakeholders/value chain participants, on which derivatives are traded or being proposed to be traded on the exchange....

Read More

Statement on Developmental & Regulatory Policies: Third BI-monthly Monetary Policy, 2019-20

Press Release: 2019-2020/365 (07/08/2019)

Reserve Bank of India Date : Aug 07, 2019 Statement on Developmental and Regulatory Policies This Statement sets out various developmental and regulatory policy measures in the areas of Financial Markets; Payment and Settlement Systems; Banking Regulation, Financial Inclusion and Credit flow to NBFCs. I. Financial Markets 1. Introduction ...

Read More

ICSI Requests inclusion of CS in Definition of “Accountant”

It is requested to kindly consider amendment in the explanation to Section 288(2) of the Income 'lax Act. 1961 'so as to include the profession of Company Secretary within the meaning of the Company Secretaries Act, 1980 in the definition of Accountant...

Read More
Posted Under: Company Law |

Angel Taxation | Assessment Procedure of startup Companies | Section 56

Circular No. 16/2019-Income Tax (07/08/2019)

Following procedure is laid down with regard to the assessment of such startup entities involving the issue of section 56(2)(viib). (i) Where the Startup Company has been recognised by the DPIIT but the case is selected under "limited scrutiny" on the single issue of applicability of section 56 (2)(viib), no verification on such issues wi...

Read More

Sufficient Company Secretaries available to serve Corporate India: ICSI

That, out of total active companies, i.e. approximately, 11 lakh companies, only 39,805 companics are required to appoint a whole-time Company Secretary. We wish to submit that as on 1st July 2019, ICSI has 58,690 Company Secretaries on its register out of which only 10,644 are in practice. Accordingly, sufficient numbers of Company Secre...

Read More
Posted Under: Company Law |

IBBI prescribes CPE requirement for IP Professionals

NA (06/08/2019)

(a) An IP shall undertake CPE in compliance with these Guidelines to keep his registration valid. (b) Authorisation for assignment shall not be issued or renewed to an IP who fails to comply with these Guidelines. (c) These Guidelines shall not apply to IPs who have completed the age of 65 years....

Read More

Form 80IAC Startup India

STARTUP RECOGNITION: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127 (E) are eligible to apply for recognition under the program. The Startups have to provide support documents, at the time of application. Eligibility Criteria for Startup Recognition: The Startup should be...

Read More
Posted Under: Company Law |

PM Narendra Modi and HM Amit Shah Achieve the Impossible

The current session of Parliament has been the most productive where historical legislations have been passed. The Triple Talaq law, strengthening of India’s anti-terror laws and the decision on Article 370 are all unprecedented. The popular belief that the promise BJP made on Article 370 is an unachievable slogan has been proved wrong....

Read More
Posted Under: Company Law |

Mechanical Addition for fictitious loss by Client Code Modification not sustainable

DCIT Vs M/s Comet Investment Pvt. Ltd. (ITAT Mumbai)

Addition made by AO on account of suppression of profit and obtaining fictitious loss by assessee company by way of Client Code Modification (CCM) and on account of commission paid to brokers to obtain fictitious loss through CCM was to be deleted as AO had mechanically added amounts as income of assessee without verifying & furnishing...

Read More

GSTR 9- One Page Guide on Treatment of ITC, RCM & Outward Liability

The last date for filing of Annual return in FORM GSTR-9 for the FY 2017-18 is 31st August 2019 and many professionals facing lot of Confusion regarding Presentation purpose in different tables of GSTR 9 specially in case of transactions shown in GSTR 3B of 2018-19 which are pertaining to FY 2017-18. So  What will […]...

Read More
Posted Under: Company Law |

Upfront fee paid to bank to obtain loan for acquisition of capital asset allowable

M/s Escorts Ltd. Vs ACIT (ITAT Delhi)

Any expenditure incurred for obtaining loan was allowable as revenue expenditure even if the loan was intended for acquiring a capital asset. Thus, upfront fee paid to bank was thus allowable....

Read More

What is new under Section 135 of Companies Act, 2013

Provisions of Corporate Social Responsibility under section 135 of Companies Act, 2013 are  amended vide Section 21 of Companies (Amendment) Act, 2019. Provisions of Section 21 Companies (Amendment) Act, 2019 will  come into force on such date as the Central Government may, by notification in the Official Gazette. Extract of Changes in ...

Read More
Posted Under: Company Law |

Constitutional Powers of Parliament in Relation to GST

Article 246A(1) gives powers to the Parliament for making law for providing levy and collection of GST on all types of supplies of goods or services or both except the following supplies of goods or services or both, namely-...

Read More
Posted Under: Company Law |

Changes in Income Tax Return for AY 2019-20

The CBDT has notified the Income-tax Return (ITR) Forms for the Assessment Year 2019-20 with many changes and revisions. While the last date for filing income tax returns has been extended to August 31 for FY 2018-19, the changes and penal clauses for late filing mean one should start the process as soon as possible. ITR 1 […]...

Read More
Posted Under: Company Law |

GST mein kisiko nahi “Banana” – Don’t Charge incorrect GST

What do you mean by charging incorrect rate of GST? Charging incorrect rate of tax refers to short or excess collection of tax amount by the taxpayer other than the rate actually applicable....

Read More
Posted Under: Company Law |

Switch from Base Rate to MCLR for Home Loans- Recommended or Not?

MCLR or Marginal Cost of funds based Lending Rate refers to the lowest possible interest rate which a lender or bank can offer to its customers. No bank in the Indian financial structure can provide loans at rates lower than the MCLR rates. Exceptions to same can be approved by RBI only. The MCLR based […]...

Read More
Posted Under: Company Law |

Ordinance into Act, Companies (Amendment) Act, 2019

The Companies Amendment Bill, 2019 has received assent of President on 31st July 2019. With total of 44 Sections, the act emphasis majorly on monetary penalties on Companies and reducing the criminal liabilities of the directors. Some of the amendments are note-worthy and some are penalty’s oriented...

Read More
Posted Under: Company Law |

Section 195 TDS on payment of any other sum to a non-resident

Provisions of tax deduction at source (TDS) with regard to payment of any other sum to a non-resident is covered under section 195 of the Income Tax Act, 1961 which are explained hereunder....

Read More
Posted Under: Company Law |

CCI imposes penalty on SAAR IT Resources Private Limited and others

Competition Commission of India (‘Commission’) after detailed inquiry has found SAAR IT Resources Private Limited, CADD Systems and Services Private Limited and Pentacle Consultants (I) Private Limited  to be in contravention of the provisions of Section 3(3)(d) read with Section 3(1) of the Competition Act, 2002 (‘Act’),  ...

Read More
Posted Under: Company Law |

Section 194M: TDS on Payment of certain sum by certain Individual / HUF

The Budget introduced new section 194M covering TDS applicability on payment done to resident contractors, commission / brokerage and professionals. Let us analyze what the newly introduced section 194M has to say, in the present article....

Read More
Posted Under: Company Law |

Article 370 shall cease to be operative from 6th August, 2019

Notification No. G.S.R. 562(E). (06/08/2019)

President, on the recommendation of Parliament, is pleased to declare that, as from the 6th August, 2019, all clauses of the said article 370 shall cease to be operative except the following which shall read as under, namely :—...

Read More

DIR-3 KYC & Web Based KYC – MCA Update Dated 25th July 2019

MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 w.e.f. July 25,2019 by introducing Web-based DIR-3 KYC and brought certain amendment in filing of form DIR-3 KYC Applicability of filing of e-form DIR-3 KYC 1) It is to be filed by an Individual who holds DIN and is filing his/her KYC details […]...

Read More
Posted Under: Company Law |

Draft Company Secretaries (Amendment) Regulations, 2019

Notification No. 710/1(M)/1 (06/08/2019)

The following draft of certain regulations, further to amend the Company Secretaries Regulations, 1982 which the Council of the Institute of Company Secretaries of India proposes to make, in exercise of the powers conferred by sub-section (1) of section 39 of the Company Secretaries Act, 1980 (56 of 1980), and with the prior approval of t...

Read More

Notification No. 31/2019-Customs (ADD), Dated: 06.08.2019

Notification No. 31/2019-Customs (ADD) [G.S.R 561(E).] (06/08/2019)

Notification No. 31/2019-Customs (ADD), Dated: 06.08.2019- Seeks to amend notification No.12/2019-Customs (ADD) dated the 26.02.2019 as per Corrigenda issued by Designated Authority vide notification F. No. 6/45/2017-DGAD 31.05.2019....

Read More

26 Vacancies with MCA for Chartered Accountants

Ministry of Corporate Affairs (MCA) invites applications from Young Chartered Accountants having 2 to 5 years of post qualification experience at various locations (list mentioned below). The selected candidates will be engaged as Consultant in various offices of MCA located all across India in Compliance, Investigation and Inquiries and ...

Read More
Posted Under: Company Law |

GST, Excise, Service Tax & Customs updates for July 2019

Indirect Taxes Updates- GST, Customs, Excise, Service Tax & VAT- Month – July 2019 A. GST Updates for the Month of July 2019 (i) Amendments proposed in CGST Act vide Union Budget-2019 a. Penalty for profiteering under GST proposed- Finance (No.2) Bill 2019 has propose amendment in Section 171 of the Central GST Act to […]...

Read More

25 Amendments in Company Law vide Companies (Amendment) Act, 2019

Article explains Amendment in Companies Act, 2013 vide Companies (Amendment) Act, 2019 in Section 26 : Matters to be stated in Prospectus amended, Section29 : Public Offer of Securities to be in Dematerilised Form, Section 35 : Civil Liability for Mis-statements in Prospectus, Section 90 : Register of significant beneficial owners in a co...

Read More
Posted Under: Company Law |

GST on Monthly Subscription charged by RWA from its Members

GST on Monthly Subscription/Contribution Charged By A Residential Welfare Association (RWA) From Its Members A number of issues have been raised regarding the GST payable on the amount charged by a Residential Welfare Association for providing services and goods for the common use of its members in a housing society or a residential compl...

Read More
Posted Under: Company Law |

New change in our constitution -Article 370 & 35A (can it be repealed?)

ARTICLE 370 & 35 A (can it be repealed?) As tensions gone up in Jammu and Kashmir, Union Home Minister Amit Shah moved proposal to remove Article 370 in the Rajya Sabha on Monday. The revocation of Article 370 was announced by Home Minister Amit Shah in the Upper House of Parliament today, ending 70 years of stated policy [&hellip...

Read More
Posted Under: Company Law |

Section 144 of CrPC in Jammu & Kashmir: What is Section 144

In India we often hear in news about the applicability of Section 144 at different parts of the country in case of riots or strikes or vase public processions. When and why the government tends to invoke this section? Does it infringe any fundamental rights? Who has the power to apply section 144? And who all are […]...

Read More
Posted Under: Company Law |

Section 148 Notice for reassessment invalid If not served properly

Harjeet Surajprakash Girotra Vs Union of India & Ors. (Bombay High Court)

Since the delivery of the notice of reassessment could not be made at the address of assessee available in PAN database, by virtue of the further proviso to sub-rule (2) of Rule 127, the communication had to be delivered at the address as available with the banking company however, no such steps were taken, therefore, service of notice wa...

Read More

Lapse of unutilised ITC on A/c of inverted duty rate structure unlawful

Lapse of unutilised input tax credit on account of inverted duty rate structure unlawful as held by  Hon’ble Gujarat High Court in the case of Shabnam Petrofils Pvt. Ltd Vs Union of India. Legal Provisions Section 54(3) of CGST Act, 2017 provides for refund of unutilised input tax credit in following 2 circumstances Zero rated [&he...

Read More

Help Taxpayer in filing of Annual GST Return: CBIC Chairman

D.O.F. No. 349/43/2(117-GST(Pt.1)(Vol.1)12/89 (06/08/2019)

As you are aware, the last date for tiling the annual return and the reconciliation statements in FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C is 31.08.2019. However the available data shows that till 31st August 2019 only 14,85,863 GSTR-9 returns have been filed while all non-composition taxpayers are required to file the said annual retur...

Read More

TDS u/s 195 cannot be deducted in case no title in goods passed from foreign suppliers to assessee outside India

Organising Committee for Winter Games, 2009 Vs DCIT (ITAT Delhi)

Since the title in goods passed from foreign suppliers to assessee outside India at the port of shipment and AO failed to show as to how income of foreign parties was chargeable to tax in India, therefore,  no income had accrued to foreign parties in India in terms of section 5 and section 9, therefore, section 195 did not apply to payme...

Read More

Section 194N – TDS on Cash Withdrawals

While introducing the new applicability of TDS levy on cash withdrawals under newly inserted Section 194N, the Finance Minister Shri Nirmala Sitharam in her budget speech elaborated that the Government has taken a number of initiatives for promotion of the digital payments and less cash economy. She stated that to promote the digital paym...

Read More
Posted Under: Company Law |

New Functionality on Form GST ITC-04 and for GST Practitioners

A. FORM GST ITC-04 To furnish details of the goods/ capital goods sent to job worker and received back or supplied from the premises of the job worker. The format of the GST ITC-04, as amended vide Notification No. 39/2018–Central Tax, dated 04-09-2018, has been made available on the GST Portal. B. UPDATE FOR GST PRACTITIONERS [&he...

Read More
Posted Under: Company Law |

Processing of I.T. returns with refund beyond prescribed time limits in non-scrutiny cases

F. No.225/194/2019/ITA-II (05/08/2019)

(a) returns filed for any assessment year prior to assessment year 2017-18, which were under scrutiny and were not processed in view of provisions of sub-section (1D) of section 143 of the Act; (b) returns remain unprocessed, where either demand is shown as payable in the return or is likely to arise after processing it; (c) returns...

Read More

Article 370 scrapped: Constitution (Application to Jammu and Kashmir) Order, 2019

Notification No. G.S.R. 551(E) (05/08/2019)

(1) This Order may be called the Constitution (Application to Jammu and Kashmir) Order, 2019. (2) It shall come into force at once, and shall thereupon supersede the Constitution (Application to Jammu and Kashmir) Order, 1954 as amended from time to time....

Read More

Implication of Amendment in Article 370 on Income Tax Act & GST Act

Is the Constitutional Amendment in Article 370 of the Constitution of India has any Implications on Income Tax Act & GST Act? 1. Background: On 5 August 2019, the Hon’ble Union Home Minister Sh. Amit Shah has moved a resolution to amend Article 370 of the Constitution of India in the Rajya Sabha, so as to […]...

Read More
Posted Under: Company Law |

Know the Facts Before You Buy a Term Life Insurance

Here are some facts that everyone needs to consider before opting for a term life insurance....

Read More
Posted Under: Company Law |

Settled Law of Deemed Dividend Again Unsettled

The Income Tax Act, 1961 contains various provisions either expressly or impliedly. There are many deeming fiction provisions in the Act viz. section 50C, 43CA, 56(2)(x), etc. One such section is section 2(22)(e) of the Act which provides that an amount of loan or advance given to a shareholder directly or indirectly shall be treated as d...

Read More
Posted Under: Company Law |

Corporate Social Responsibility [From discretionary to disciplinary]

With the Corporate Social Responsibility (CSR), Companies are able to develop their own social investment strategies and decide where to invest and implement programs, but the government has recommended particular areas of need, including eradicating hunger and poverty, maternal and child health, promoting gender equality and environmenta...

Read More
Posted Under: Company Law |

The Chit Funds (Amendment) Bill, 2019 Introduced in Lok Sabha

Bill No. 192 of 2019 (05/08/2019)

THE CHIT FUNDS (AMENDMENT) BILL, 2019- A BILL further to amend the Chit Funds Act, 1982. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:—...

Read More

CBDT reduces tax collection targets by Rs. 45K crore for FY 2019-20

F.No. 380/03/2019-IT(B) (05/08/2019)

In this regard, it is stated that in the main Budget presented in July, 2019, Rs. 13,35,000 crore (reduction of Rs. 45,000 crore) has been allocated as the Budget Estimates for Direct Taxes for the Financial Year 2019-20. Accordingly, revised Region-wise allocation of budgetary target for Financial Year 2019-20 is forwarded herewith for k...

Read More

Maharashtra Amnesty Scheme- Opportunity to taxpayers who faced technical glitches

Trade Circular No. 42T of 2019 (05/08/2019)

Opportunity to the taxpayers who have faced technical glitches affecting the payment of requisite amount and submission of applications for Settlement of Arrears under First Phase...

Read More

Jammu And Kashmir Reorganisation Bill, 2019 as introduced in Rajya Sabha

Bill No. XXIX of 2019 (05/08/2019)

AS INTRODUCED IN THE RAJYA SABHA Bill No. XXIX of 2019 THE JAMMU AND KASHMIR REORGANISATION BILL, 2019 A BILL to provide for the reorganisation of the existing State of Jammu and Kashmir and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Seventieth Year of the Republic of India […]...

Read More

Unabated assessment cannot be reopened u/s 153A in absence of incriminating material

Omprakash Gupta Vs ACIT (Central)- II (ITAT Indore)

Omprakash Gupta Vs ACIT (Central)- II (ITAT Indore) Conclusion: No addition could be made in case of concluded assessments and non abated assessments in absence of an incriminating material discovered during search. Held:  In the assessment order,  AO observed that once search was conducted and notice was issued u/s 153A, AO was bound t...

Read More

Withdrawal of instructions issued on reporting of payouts to Insurance Agents and Intermediaries

Ref. No: IRDA/F&A/CIR/MISC/129/08/2019 (05/08/2019)

IRDA has notified IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016. On this it may be noted that the segments specified in the existing reporting formats and specified in the Regulations do not match and the existing reporting formats do not capture information on r...

Read More

Exchange Rates Notification No. 56/2019-Custom (NT) dated 05.08.2019

Notification No. 56/2019-Customs (N.T.) (05/08/2019)

CBIC hereby makes the following amendments in the Notification of the Central Board of Indirect Taxes and Customs No. 55/2019-CUSTOMS (N.T.), dated 01st August, 2019 with effect from 06th August, 2019, namely:-...

Read More

Notification No. 35/2019-Customs (N.T./CAA/DRI), Dated: 05.08.2019

Notification No. 35/2019-Customs (N.T./CAA/DRI) [S.O. 2800(E).] (05/08/2019)

Notification No. 35/2019-Customs (N.T./CAA/DRI) Principal Director General, Revenue Intelligence, hereby appoints officers 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 respec...

Read More

Notification No. 34/2019-Customs (N.T./CAA/DRI), Dated: 05.08.2019

Notification No. 34/2019-Customs (N.T./CAA/DRI) (05/08/2019)

Notification No. 34/2019-Customs (N.T./CAA/DRI) Principal Director General, Revenue Intelligence, hereby appoints officers 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 respec...

Read More

Notification No. 33/2019-Customs (N.T./CAA/DRI), Dated: 05.08.2019

Notification No. 33/2019-Customs (N.T./CAA/DRI) [S.O. 2798(E).] (05/08/2019)

Notification No. 33/2019-Customs (N.T./CAA/DRI) Government of India, Ministry of Finance, Department of Revenue, under clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Principal Director General, Revenue Intelligence, hereby makes the following amendments in the Notification No. 28/2019-Customs (N.T./CAA/DRI) dated 09....

Read More

Mechanism to apply for additional claims under MEIS

Trade Notice No. 28/2019-2020-DGFT (05/08/2019)

It may be noted that the Directorate has notified higher rates for certain HS Codes during the Mid Term Review of the Policy, for export made from 01.11.2017. This was done vide Public Notice 42 dated 24.11.2017, Public Notice 44 dated 05.12.2017, Public Notice 02 dated 01.05.2018 and Public Notice 28 dated 08.08.2018....

Read More

DGFT revises SION of Double Decorative/Single side Laminates with or without Barrier Paper

Public Notice No. 24/2015-2020-DGFT (05/08/2019)

Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper — M/s Marino Industries Ltd., M/s Merino Panel Product Ltd. & M/s Greenlam Industries Ltd., Kolkata...

Read More

Provision for claiming additional benefits under MEIS

Public Notice No. 23/2015-2020-DGFT (05/08/2019)

provision enabling issue of additional benefits under MEIS for HS Codes, for which enhanced rates under MEIS were notified with a retrospective effect, has been incorporated in the Handbook of Procedure, 2015-20....

Read More

No addition u/s 68 if burden of proof discharged by filing sufficient evidences

ITO Vs M/s Megasun Merchants Pvt. Ltd. (ITAT Kolkata)

ITO Vs M/s Megasun Merchants Pvt. Ltd. (ITAT Kolkata) Conclusion: Since assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by filing sufficient evidences and accordingly, the onus shifted to AO to disprove the materials placed before him and as AO failed to do so, addition of s...

Read More

Jammu and Kashmir Reservation (Second Amendment) Act, 2019 as introduced in Rajya Sabha

Bill No. XXVIII of 2019 (05/08/2019)

RAJYA SABHA ———— The following Bills were introduced in the Rajya Sabha on the 5th August, 2019:— I BILL NO. XXVIII OF 2019 A Bill further to amend the Jammu and Kashmir Reservation Act, 2004. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:— 1. Short title. This […]...

Read More

Residential Management Development Programs across India by Devalya

We are happy to inform that Devalya Advisory LLP is organising various Residential Management Development Programs at locations across India. The Training wing of the organisation is led by CMA Sanjeev Goel, Former Joint Director of ICWAI. The objective of the programmes is to enrich the participants with the various topics relating to Fi...

Read More
Posted Under: Company Law | ,

Withdrawal of Instructions issued on reporting of payouts to Insurance Agents and Insurance Intermediaries

Circular No: IRDA/F&A/CIR/MISC/L21/08/2019 (05/08/2019)

IRDA is of the view that these existing reporting formats require significant modification. Accordingly, the above mentioned Circulars for reporting of payouts to Insurance Agents and Insurance Intermediaries, stand withdrawn with immediate effect....

Read More

A Brief on Form No. BEN-1, BEN-2, BEN-3 & BEN-4

The main reason behind incorporating the concept of significant Beneficial owner, is to catch those individuals whose name does not appears in the register of members and who holds the significant Beneficial Interest in a Company. For Proper reporting of beneficial interest MCA has notified Form No. BEN-1, BEN-2, BEN-3 and BEN-4. Example ...

Read More

Insolvency and Bankruptcy Code (Amendment) Act, 2019

Notification No. 26 of 2019 (05/08/2019)

Insolvency and Bankruptcy Code (Amendment) Act, 2019 received the assent of the President on the 5th August, 2019. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

Read More

Derivatives- Income Tax Provisions

According to Securities Contract Act 1956, the derivative is a contract between two or more parties, and its price is directly related to the fluctuations of price of the underlying asset. The most common types of derivatives in India are futures and options. Futures: Future is a contract to buy or sale an underlying asset […]...

Read More
Posted Under: Company Law |

How to download consolidation and justification file from TRACES

How to download Consolidation and Justification file of TDS return through Traces: TDS defaults on traces comes when if we have done mistake in filing return like short payment, short deduction, late filing penalty, late correction interest, & other interest. We can check default status after some day of filing the TDS return on TRACE...

Read More
Posted Under: Company Law |

CSR- Recent Amendment vide Companies (Amendment) Act, 2019

CSR (Corporate Social Responsibility) is understood to be the way firms integrate social, environmental and economic concerns into their values, culture, decision making, strategy and operations in a transparent and accountable manner and thereby establish better practice within the firm, create wealth and improve society. CSR is also cal...

Read More
Posted Under: Company Law |

3D-Dream, Desire, Do- “WIN”

One day your life will flash before your eyes. Make sure it’s worth watching.” Do you have a dream? A wish? A desire? Do you ever wake up and wonder: What would it be like to love life? People can tell you ‘follow your dream,’ but is anyone really doing it? Not someone in a […]...

Read More
Posted Under: Company Law |

Section 147 | Reason to Believe | 20 Case Laws

Section 147 of the Income tax Act , 1961 and explanation of the text ‘Reason to Believe’ Reason to believe does not mean a purely subjective satisfaction on the part of the ITO The expression ‘reason to believe’ in section 147 does not mean purely subjective satisfaction on the part of the Assessing Officer. The [&...

Read More
Posted Under: Company Law |

Comprehending Residential Status

Under the Income Tax Act, 1961, the taxability of an assessee is reliant on the residential status of the assessee. Section 6, which governs the determination of an assessee’s residential status for the relevant assessment year has categorised an assessee into below mentioned four specific sub categories:...

Read More
Posted Under: Company Law |

New Export incentive scheme- RoSCTL– Need of an hour!

In wake of complaints filed by USA against India to discontinue export incentive scheme (like MEIS), which is not in compliance with WTO guidelines, Commerce ministry has proposed new scheme- Rebate of State & Central Taxes and Levies Scheme (RoSCTL). Currently this scheme is available for Textile industry, however, it would be soon e...

Read More
Posted Under: Company Law |

Do This- Your Life will Move to Next Level

1. Rise Before Sunrise Start your day by getting up early. Early in the morning your energy level is at its highest level. Use this energy to start your day well. The silence of early morning helps you to concentrate on your mind. It is a time when you are alone and with yourself. No […]...

Read More
Posted Under: Company Law |

Treatment of discounts under GST

Introduction: In this article we will discuss the treatment of following discounts under GST: ♠ Discounts at the time of supply/sale ♠ Post-sale discounts Discount agreed at the time of supply/sale Discount not agreed at the time of supply/sale Analysis: As per section 15(3) of CGST Act, 2017 the value of supply shall not include [&he...

Read More
Posted Under: Company Law |

How to apply Importer and Exporter Code in 8 Simple Steps

Any person who wants to import or export any goods needs to first acquire an Importer and Exporter code (IEC) before importing or exporting such goods. IEC is issued by Directorate General of Foreign Trade (DGFT) and can be applied online by following this simple procedure. 1. Visit https://dgft.gov.in/ 2. Click on Services 3. In [&hellip...

Read More
Posted Under: Company Law |

Company Law: Word fine replaced with penalty- Ease of levying Penalties?

Ease of doing business is a mirage? Companies Amendment Act, 2019 replaced the words fine with penalty. Is it a Ease of levying Penalties or ease of doing Business? Ease of doing business is a mirage? Companies amendment act 2019 replaced the words fine with penalty, stating that it will reduce the hardship of companies […]...

Read More
Posted Under: Company Law |

Improvements required in E-payment of taxes

While we make payment of Direct Taxes via the ‘NSDL Web site’, every time we have to fill the address of the assessee, which in my opinion can be dispensed with since the address of the assessee is already available with the Income Tax Department and it should be made available on entering the PAN […]...

Read More
Posted Under: Company Law |

Sec. 68 addition of undisclosed credit liability justified in case of non-satisfactory explanation

Pawan Kumar Garg Vs CIT (Punjab and Haryana HC)

Pawan Kumar Garg Vs CIT (Punjab and Haryana HC) Conclusion: If the explanation offered by assessee regarding nature and source of sum credited in his books of account was not found satisfactory by AO, the said sum could be charged to income tax under section 68. Held: During assessment proceedings, AO noted that credit liability […...

Read More

Receipt of share capital with higher premium cannot be added as unexplained credit on mere suspicion

ITO Vs M/s Anjali Millenium Tours Travels Pvt. Ltd. (ITAT Mumbai)

AO, having accepted the fact that identity of subscribers had been proved, could not have proceeded to make addition only on the basis of charging higher premium, because charging higher premium on issue of shares was a decision between parties and AO would not have any role to play as long as genuineness of transaction was not in doubt. ...

Read More

Disallowance u/s 14A cannot be made in absence of exempt income

DCIT  Vs Sarita Synthetics & Industries Ltd. (ITAT Visakhapatnam)

No disallowance u/s 14A was called for in case of no exempt income earned by assessee in the relevant assessment years...

Read More

Booking of bare shell of flat was construction of house property and not purchase U/s. 54

ACIT Vs Seema Sobit (ITAT Delhi)

Since the booking of bare shell of a flat was a construction of house property and not purchase, therefore, the date of completion of construction was to be looked into which was as per provision of section 54, therefore, AO was directed to allow benefit to assessee as claimed u/s.54....

Read More

Receipts of subscriptions pursuant to collective investment schemes is capital receipt

The Peerless General Finance And Investment Company Ltd. Vs CIT Tax (Supreme Court of India)

The Peerless General Finance And Investment Company Ltd. Vs CIT (Supreme Court of India) Receipts of subscriptions pursuant to collective investment schemes is to be treated as capital receipts even if it is shown as income in books of accounts Conclusion: Receipts of subscriptions in the hands of the assessee-company should be treated as...

Read More

Deduction allowable on interest on late deposit of VAT, Service Tax, TDS

M/s. Emdee Digitronics Pvt. Ltd Vs PCIT (ITAT Kolkata)

Interest paid on late deposit of VAT, Service Tax, TDS etc, was not penal in nature and the same was allowable as business expenditure under section 37(1)...

Read More

Everything about GST New Return System

We All Know That The Interim Budget 2019 Has Made A Provision For New And Simplified GST Return System. This Will Make The GST Return Filing Mechanism Simpler And It Would Reduce The Compliance Burden For Small Taxpayers. The GST Department Has Recently Brought Out The New Return Prototype In The GST Portal Which Is […]...

Read More
Posted Under: Company Law |

Section under GST related to Annual return date

Article compiles section of Availment of ITC – no availment after furnishing of Annual return, Declaration of Credit Note – no tax adjustment after, furnishing of annual return, Period of retention of Accounts, Rectification of details of outward supply, Rectification of details of inward supply including ITC, Rectification of return,...

Read More
Posted Under: Company Law |

Fine vs Penalty under Companies (Amendment) Act, 2019

Brief of 17 Sections under the Companies (Amendments) Act, 2019 *Note- Fine is imposed when any Compounding application/ Petition filed with NCLT or any Court, but the Penalty imposed when Company made noncompliance and adjudicating authority directly can imposed penalty on them. Sr. No. Section Description 1 53(3) Prohibition of Issue of...

Read More
Posted Under: Company Law |

New Avenues for Chartered Accountants to Practice

After qualifying as a Chartered Accountant, I immediately opted for Practice after weighing Pros and cons of Job and Practice. In order to help young Chartered Accountants, I previously wrote articles on following topics: 1. CA in Practice Vs CA in Job : Who is better in the Long Run? 2. A Guide to seek […]...

Read More
Posted Under: Company Law |

Major Change in Corporate Social Responsibility

Section 135 – Corporate Social Responsibility The Parliament has passed amendments to Companies Act and the bill now advocates for stricter laws for CSR. Amendments are made to Section 135 to carry forward the unspent corporate social responsibility amount, to a special account to be spent within three financial years and transfer t...

Read More
Posted Under: Company Law |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30