"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 |