"07 September 2019" Archive

Format of Undertaking under Proviso to Section 2(15) of Income Tax Act, 1961

Registration u/s 12AA of the Income tax Act, 1961 is a significant compliance requirement as far as Charitable Trusts are concerned. While making application to the Income Tax Department for Registration u/s 12AA in Form 10A, along with many other particulars, documents, trust deed, activity reports, financial statements, declaration u/s ...

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Posted Under: Income Tax |

GST Registration is Compulsory for these supplies under Section 24

We are well aware that as per Section 22 of CGST Act, GST registration is required if the supply of goods or services exceeds the value of Rs.20 lakhs in a year.  With effect from 1st April 2019 this threshold limit has been increased from Rs.20 lakhs to Rs.40 lakhs only for supply of goods.  […]...

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Posted Under: Income Tax |

Calculation of interest on delay filling of GSTR 3B on delayed tax payment

Liability to pay interest on delay filling of GSTR 3B on delayed payment of GST to be calculated on net cash component after adjusting Input Tax Credit and not on Gross amount 1. In this Article an attempt has been made by the author to examine the scope of the delayed filling of Return GSTR […]...

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Posted Under: Income Tax |

Benami Transaction (As Amended By Finance (No. 2) Act 2019)

Background: This Act called The Prohibition of Benami Property Transaction Act 1988 (w.e.f Sept-1988) subsequently name substituted by THE Benami Transaction (Prohibition) Amendment Act, 2016 ( w.e.f Nov-2016). Benami Transaction (As Amended By Finance (No. 2) Act 2019) DEFINITION (u/s 2) BENAMI PROPERTY: Any property which is subject ma...

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Posted Under: Income Tax |

Preface About Employees under Insolvency and Bankruptcy Code, 2016 Regime

1. How is an employee defined for the purpose of formal insolvency proceedings? 2. What are the entitlements provided to an employee within the framework of the Code, and to what extent are they given priority treatment during the formal insolvency proceedings?...

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Posted Under: Income Tax |

Indemnity of Surety Under IBC?

Contracts of Guarantee are required in cases when a party requires a loan, goods or employment. There are three parties in this form of contract, namely, Principal Debtor, Creditor and Guarantor/Surety. The person in respect of whom the surety is given is called the Principal Debtor, and the person to whom the guarantee is given is called...

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Posted Under: Income Tax |

Study Startegy For CA Final Group 1 Old Syallabus Students

Its been 20 days now since the results of CA Final was declared and since CA is one of the Toughest Professional Course, I am sure many of students wouldn’t have made this Time. Never Mind!!! I am sure you will surely turn it around in next 2-3 months.  No Need to loose Hope as […]...

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Posted Under: Income Tax |

Transitional credit can’t be denied for mere non filing of form Tran 1 / Tran 2: HC

M/S Siddharth Enterprises Vs NODAL Officer (Gujarat High Court)

M/s. Siddharth Enterprises Vs NODAL Officer (Gujarat High Court) Hon’ble High Court held that Transitional credit can’t be denied only because form Tran 1/ Tran 2 couldn’t not be filed. Requirement of filing of Trans 1 and Trans 2 returns is procedural in nature and not mandatory and therefore right of transitional credi...

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10 Suggestions for Simplification of GST Law, Procedures & Forms

10 SUGGESTIONS FOR SIMPLIFICATION OF GST LAW, PROCEDURES & FORMS to provide ease of business to dealers & to make GST simple. 1. FOR LATE FEES – Refund of all late fees for all GSTR 3B filled upto period March 2019. It was anyways waived for some very late fillers lately. Otherwise it will be […]...

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Posted Under: Income Tax |

Analysis of NFRA (Amendments), Rules 2019

MCA), Government of India wide notification dated 05th September, 2019 has amended the National Financial Reporting Authority Rules, 2018, (NFRA Rules). These rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019 {NFRA (Amendments) Rules, 2019}....

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Posted Under: Income Tax |

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019- Comprehensive Analysis

SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 is a bold endeavor to unload the baggage relating to the legacy taxes viz. Central Excise and Service Tax that have been subsumed under GST and to allow business to make a new beginning. It may be appreciated that the ambit of the scheme is wide enough to cover all kinds of pending d...

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Posted Under: Income Tax |

Extension of date For Online Filling of November 2019 CA exam forms

It is hereby informed that the last date for submission of the Online flling up of examination application form for Chartered Accountants Examinations scheduled in the month of November 2019 has been extended...

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Posted Under: Income Tax |

Payments to teachers/ lecturers/ staff is covered u/s 192 and not u/s 194J

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur)

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur) Assessee college has issued appointment letters to teachers/ lecturers/ staff members from time to time to whom salary was paid. The monthwise salary sheet was also prepared by the college on the basis of the attendance register of the employees. The salary was paid […...

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Section 54F exemption cannot be denied merely because bills & vouchers were not produced

Shri Govind Gangadhar Sabane Vs The Income Tax Officer (ITAT Pune)

Shri Govind Gangadhar Sabane Vs ITO (ITAT Pune) There is no dispute to the fact that one capital asset was sold and thereafter, new house was constructed. That both the Revenue Authorities in their respective orders have agreed that the Inspector had visited the site and has reported that residential house has been constructed consisting ...

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Receipt from a right to sue cannot be considered capital gain U/s. 45

ACIT Vs Shri Anil Gulabdas Shah (ITAT Mumbai)

ACIT  Vs Shri Anil Gulabdas Shah (ITAT Mumbai) The undisputed position that emerges is the fact that the property under consideration was subject matter of extensive litigation which ultimate got culminated into sale of the property by the assessee in terms of consent terms dated 03/01/2012 between the assessee and certain other parties....

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Cenvat credit admissible on legal consultancy services: CESTAT

M/s. Cenza Technologies Pvt. Ltd. Vs Commissioner of G.S.T. & Central Excise (CESTAT Chennai)

M/s. Cenza Technologies Pvt. Ltd. Vs Commissioner of G.S.T. & Central Excise (CESTAT Chennai) Relying on Commissioner of Central Excise Vs. M/s. HCL Technologies reported in 2015 (37) S.T.R. 716 (All.)  CESTAT allowed Cenvat credit on legal consultancy services. in HCL technologies it was held that “6. As regards Consultancy Servic...

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Employees’ State Insurance (Central) Amendment Rules, 2019

Notification No. G.S.R. 638(E). (06/09/2020)

1. (1) These rules may be called the Employees' State Insurance (Central) Amendment Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Employees' State Insurance (Central) Rules, 1950, in rule 52, for the words rupees one hundred thirty seven, the words rupees one hundred sevent...

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Statutory Repositories under IBBI (Information Utilities) Regulations, 2017

Circular No. IBBI/IU/025/2019 (07/09/2019)

IBBI approves MCA 21 database of the Ministry of Corporate Affairs and the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) registry as repositories under regulation 21(2)(c)(ii) of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. Insolvency and Bankrupt...

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UDIN Guidelines 2019 by ICSI

UNIQUE DOCUMENT IDENTIFICATION NUMBER (UDIN) Guidelines 2019 is Approved by ICSI Council on 27th June, 2019 Objective of the Guidelines 1. enable the stakeholders to verify the authenticity of various documents certified by Company Secretaries in Practice; 2. prevent counterfeiting of various attestations / certifications; 3. provide ease...

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Posted Under: Income Tax |

Section 54F | Holding period | Computation from allotment or possession date

ITO Vs Smt. Meeta Bhavesh Ganatra (ITAT Mumbai)

 As allotment of property was final and payment of purchase consideration had been duly made before allotment, therefore, holding period of property had to be computed from the date of allotment, and not from the date of taking delivery of possession which was only a follow-up action....

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eCSIN Guidelines 2019

Employee Company Secretary Identification Number ( eCSIN ) -Guidelines 2019 are Approved by the ICSI Council on 27th June 2019 and these areSubject to the Clause (1) of the Part II of the Second Schedule to the Company Secretaries Act, 1980 Objective of the eCSIN Guidelines 2019 (1) to monitor the appointment and cessation of […]...

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Posted Under: Income Tax |

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