"05 September 2019" Archive

Manual Income Tax complete Scrutiny criteria for F.Y. 2019-20

F.No.225/169/2019/ITA-11 (05/09/2019)

The parameters for manual selection of returns for Complete Scrutiny during financial year 2019- 20 are as under.- (i) Cases involving addition in an earlier assessment year(s) on a recurring issue of law or fact:- (a) exceeding Rs. 25 lakhs in eight metro charges at Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai a...

Read More

CBDT revise forms and rules of Approval of Application U/s. 80G & 10(23C)

Notification No. 60/2019-Income Tax [S.O. 3215(E).] (05/09/2019)

Notification No. 60/2019-Income Tax- CBDT amends rules 2C and 2CA related to Application for the purpose of grant of approval for the exemption under sub-clause (iv), sub-clause (v), sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 and Rule 11AA related to Requirements for approval of an institution or fund under section...

Read More

Liability of GST Return on voluntary cancellation of registration

In today’s scenario there is a lot of confusion that are we liable to file GST returns after applying for cancellation of GST registration on voluntary basis. Are we liable to pay any penalty for not filing GST Return in between the period of application and cancellation order? Whether there is a need to file […]...

Read More
Posted Under: Income Tax |

Place of Supply Provision of Goods

As far as Fiscal Federalism is concerned, the GST Regime has brought about a revolutionary changes and it can even be seen as new chapter in collaborative federalism Justice K.M. Joseph, Supreme Court Goods and Service Tax is a Destination based Consumption Tax, so taxable jurisdiction will be the place of consumption i.e., the place [&he...

Read More
Posted Under: Income Tax |

Electronic Vehicles In Fame

Electronic vehicles are one of the emerging sector to invest for. In India, various fossil fuel crisis has exacted an enormous toll on humanity and the environment—from air and water pollution to global warming. That’s beyond all the negative impacts from petroleum-based products such as plastics and chemicals. Such impacts have left ...

Read More
Posted Under: Income Tax |

Indian Economy Slowdown

How do you feel about the Indian economy at the moment? The Indian economy is definitely undergoing a slowdown, with Moodys downgrading India’s GDP growth rate to 6.2% against earlier projection  of 6.8% for the year 2019. However as per the annual report of the Reserve Bank of India (2018-19) the current crises in the […]...

Read More
Posted Under: Income Tax |

Section 281B order ceased to have effect after expiry of six months from the date of assessment order

Duo Meadows (P.) Ltd. Vs ITO (Karnataka High Court)

The order passed by the Assessing Officer under Section 281B of the Act has been ceased to have effect after the expiry of six months from the date of the order of the assessment. Hence, the  apprehension  of the petitioner regarding the enforcement of the provisional attachment further would not arise and the same can be allayed with a...

Read More

No late fees on TDS Statements filed before 1st June 2015

Permanent Magnets Ltd. Vs DCIT (ITAT Mumbai)

Permanent Magnets Ltd. Vs DCIT (ITAT Mumbai) It has been held that the TDS statements which have been filed earlier to 01.06.2015 then no fee is leviable u/s 234E of Income Tax Act, 1961. FULL TEXT OF THE ITAT JUDGEMENT The above mentioned appeals have been filed by the assessee against the order dated 06.08.2018 […]...

Read More

National Financial Reporting Authority (Amendment) Rules, 2019

Notification No. G.S.R. 636(E). (05/09/2019)

(1) These rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

Rental income & Maintenance Charges from Operating Family Entertainment Center-cum-Mall is business income

ACIT Vs M/s. E-city Projects Construction Pvt. Ltd. (ITAT Mumbai)

ACIT Vs M/s. E-city Projects Construction Pvt. Ltd. (ITAT Mumbai) The Tribunal in its Judgment, while appreciating the facts, has observed that the various malls are built by Assessee and are operated from the year 2001. The operational income received from the said activity, in the form of rent, and other service charges was consistently...

Read More

Quantifiable Closing Allowance to Employees for business purpose is allowable

DCIT Vs District Cooperative Bank Ltd. (ITAT Delhi)

DCIT Vs District Cooperative Bank Ltd. (ITAT Delhi) The assessee has claimed before us that the amount of closing allowance has been paid to the employees from year to year in percentage terms of salary and therefore duly quantifiable provision. The Ld. DR also could not controvert this fact that the amount of closing allowance […]...

Read More

Section 254(2) Non-consideration of decisions is mistake apparent from law

M/s. Ushodaya Enterprises Private Ltd Vs Addl. CIT (TDS) (ITAT Hyderabad)

M/s. Ushodaya Enterprises Private Ltd Vs Addl. CIT (TDS) (ITAT Hyderabad) We have perused the order of the Tribunal and find that in Para 8 of the order, the Tribunal has considered the applicability of sub-section (3) of section 201(1) also to 201(1A) and has clearly held that sub section (3) refers only to an […]...

Read More

HC imposes penalty on a company for filing various frivolous petitions against CA / CA Firms

Wholesale Trading Services P Ltd. Vs ICAI (Delhi High Court)

Wholesale Trading Services P Ltd. Vs ICAI (Delhi High Court) Before concluding, it is also relevant to note that the petitioner has been filing various petitions before this Court in respect of complaints made before ICAI, despite having no particular interest in the matter. As noticed above, the petitioner has no connection or dealing wi...

Read More

Demise of CA in 2016 not a reasonable cause for no Audit of Books for A.Y. 2009-10

Sri. Abdul Azeez M Vs ACIT (ITAT Cochin)

Sri. Abdul Azeez M Vs ACIT (ITAT Cochin) Admittedly in this case, no audit report has been filed for assessment year 2009-2010. It is the contention of the assessee that there was a reasonable cause as mandated u/s 273B of the I.T.Act. It was submitted by the learned AR that consequent to search and seizure […]...

Read More

Benefit of Contribution in Provident fund Job ke sath bhi job ke Baad bhi

During life time as person has to achieve lot of mile stone i.e His own marriage, marriage of his son and daughter, higher education, Medical exigencies, construction and Purchase of House. Besides these requirement he has also have to save money for his old age requirement when he will become to old and not able […]...

Read More
Posted Under: Income Tax |

Revision of TDS Return in case of PAN error Notice

It is a very common mistake at the time of submitting the TDS return that the PAN of the applicant entered wrongly, now this will make your TDS return defective and the applicant has to revise the same. TDS department will send the notice if they found PAN was wrong in the submitted return or […]...

Read More
Posted Under: Income Tax |

Six things must To Do in Sept-19 for every GST registered person!!

Six things which every GST registered person must do in September 2019 includes Reconciliation of ITC claimed in GSTR 3B, Reconciliation GSTR 2A with books of Accounts, Reconciliation GSTR 1 with Sales Invoices, Reconciliation GSTR 1 with GSTR 3B, Ensure filing of GSTR 1 & GSTR 3B for FY 2018-19 and Rectification of Mistakes while filing ...

Read More
Posted Under: Income Tax | ,

Appointment of Statutory auditor still requires ratification at AGM?

Appointment of Statutory auditor still requires ratification at Annual General Meeting (AGM)? Effect of non – ratification of the appointment of the auditor was one of the wonders of the Companies Act, 2013. There were so many queries regarding effects of non – ratification of auditor and removal of an auditor. Now, all these long [&h...

Read More
Posted Under: Income Tax |

Benefits for OPC under companies Act, 2013

New dimensions of the OPC were introduced in the Company Act 2013 by the Ministry of Corporate Affairs to provide the benefits of private company to Proprietorship firm and Individual entrepreneur. OPC is also a private company as per section 3 (1) (C) of companies Act, 2013 but in companies Act, 2013 there some benefits […]...

Read More
Posted Under: Income Tax |

Company / Business Registration laws to follow in India

1. Sole Proprietorship Business You have control over every aspect of the business, from the company’s finances to marketing decisions. You need no consent from partners or board members to make important business-making decisions. This lets you react quickly to market trends and other business conditions. You are not required to...

Read More
Posted Under: Income Tax |

Case Studies for Intricacies of Outward Supply under GST Annual Return

GST Annual return date has again been extended upto 30 Nov 2019 for the year 2017-18 due to low return filing status by the assesses and request from various organizations to extend the due date due to various complexities and lack of clarity in GST annual return and reconciliation format. Different professionals, authors, speakers on [&h...

Read More
Posted Under: Income Tax |

DGFT Amends import policy of Chlorotrifluoroethene

Notification No. 18/2015-2020-DGFT (05/09/2019)

Central Government hereby amends the import policy of Chlorotrifluoroethene (CTFE) under HS Code 2903 77 90 of Chapter 29 of ITC (HS), 2017 — Schedule — I (Import Policy)....

Read More

Is it really a “RECESSION” or a “REALITY”? 

Everyone is talking about Recession and we heard this quite often in different parts of world and for different economies or Industries, in last couple of decades. Be it post mortgage crisis or current economic downturn we all are facing slow down. Even economists and analysts are discussing and predicting more recession for India now....

Read More
Posted Under: Income Tax |

DGFT amends import policy of Iron & Steel

Notification No. 17/2015-2020-DGFT (05/09/2019)

Amendment in import policy of Iron & Steel and incorporation of policy condition in Chapter 72, 73 and 86of ITC (HS), 2017, Schedule — I (Import Policy). Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 17/2015-2020-DGFT New Delhi, Dated: 5 September...

Read More

CBIC notifies Rate of Exchange of Foreign Currencies wef 06.09.2019

Notification No.63/2019 - Customs (N.T.) (05/09/2019)

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 6th September, 2019 notified vide Notification No. 63/2019–Customs (N.T.) dated 5th September, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No.63/2019 – Customs (N.T.) New Delhi, ...

Read More

Eligibility Criteria for availing of DPD Scheme by Importers -reg

Circular No. 29/2019-Customs (05/09/2019)

CBIC has felt the need for providing general guidelines / eligibility criteria so that reach of DPD could be made maximized. Importers who have so far not availed the benefit of DPD for reasons including lack of awareness, may now join this program with certainty....

Read More

ICSI Request for inclusion of CS in Definition of “Accountant”

We request your goodself to kindly consider amendment in the explanation to section 288(2) of the Income Tax Act,1961 so as to include the Company Secretaries as defined under clause (c) of sub-section (1) of section 2 of the Company Secretaries Act,1980 who shall be deemed 'to be in practice ' under sub-section (2) of section 2 of the Co...

Read More
Posted Under: Income Tax |

HC stays GSTR 3B late Fees recovery

M/s Aap And Co Vs Union of India (Gujarat High Court)

Pending admission, hearing and final disposal of this petition, to stay any recovery proceedings for the recovery of late fees for late filing of Form GSTR-3B for the period 1st July 2017 to 30th September 2018 for which returns are furnished between 1st July, 2017 to 21st December, 2018;...

Read More

Allow access of Central University’s library for students and members of ICSI

THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of Corporate Affairs) Academics:Lib:2019/3 August 28, 2019 Shri Dhotre Sanjay Shamrao Hon’ble Minister of State for FIRD Government of India 126-C, Shastri Bhawan, New Delh...

Read More
Posted Under: Income Tax |

Recognize CS equivalent to Post Graduate degree to Appear in UGC-NET: ICSI

Request for recognition to Company Secretaryship Qualification as equivalent to Post Graduate degree for Appearing in UGC-National Eligibility Test (NET) for becoming eligible for Assistant/Associate Professor/Professor...

Read More
Posted Under: Income Tax |

Online Change of Centre/Group/Medium to appear in CA exam

An on-line facility, for making requests for change of Centre/Group/Medium for appearing in CA exams is in place since May 2015 examination and onwards....

Read More
Posted Under: Income Tax |

Search Posts by Date

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