"12 September 2019" Archive

Functionality to process returns having Income Tax refund claims

ITBA-Processing Instruction No. 9 (12/09/2019)

Functionality for processing of returns having refund claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons- reg....

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SEBI amends Circular No.CFD/DIL3/CIR/2018/2 dated March 10, 2017

Circular No. SEBI/HO/CFD/DIL1/CIR/P/2019/192 (12/09/2019)

In order to streamline the processing of draft schemes, it has been decided to seek additional information further, at one go. The amendment to the Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017, in relation to payment of outstanding dues of SEBI, Stock exchanges and the Depositories is as provided in the Annexure...

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Fake IGST Refund: Biggest ever pan-India joint operation by DGGI & DRI

In the biggest ever joint operation by Directorate General of GST Intelligence (DGGI) and Directorate General of Revenue Intelligence (DRI) against exporters who were claiming refund of IGST fraudulently, pan-India searches were carried out at 336 different locations across the country yesterday....

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Posted Under: Income Tax |

Secretarial Audit

> What is Secretarial Audit? Secretarial Audit means to check the compliances of various applicable rules and regulations applicable to the company during that particular period of review. It helps to detect instances of non compliances and facilitates taking correctives measures well in time. It audits the adherence of good corporate ...

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Posted Under: Income Tax |

Taxonomy 2019 of CRA-4 (Cost audit report) is under development: MCA

Costing Taxonomy 2019 to cater to the annual filing of CRA-4 (Cost audit report) for FY 2018-19 is under development. The companies which are required to file CRA-4 (Cost audit report) for FY 2018-19 are required to use Costing Taxonomy 2019 only. Those who have already filed CRA-4 (Cost Audit Report) using the existing Costing […]...

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Posted Under: Income Tax |

Govt rectifies 52 errors in drafting of Act which cancelled article 370

Corrigenda- The Jammu And Kashmir Reorganisation Act, 2019 (34 Of 2019) (12/09/2019)

Government amends made 52 errors in drafting of Jammu and Kashmir Reorganisation Act, 2019.   A bill for the act was introduced by the Minister of Home Affairs Amit Shah in the Rajya Sabha, on 5 August 2019. The bill was passed in Rajya Sabha the same day and was passed by the Lok Sabha […]...

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TDS on Commission to foreign agents having No PE in India for services rendered outside India

Vimta Labs Limited Vs DCIT (ITAT Hyderabad)

ITAT held that the business receipts of the foreign residents are not taxable in India since the agents have no PE in India and therefore, the assessee was not required to make TDS u/s 195 of the Act. Therefore, the assessee’s appeals for all the three A.Ys are allowed....

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Gujarat Tax Amnesty Scheme, 2019- Key Points

1. Purpose of the Gujarat Tax Amnesty Scheme, 2019 More than 20,000 cases are pending at various levels under the laws sought to be covered under the scheme. Hence a need was felt to ensure the recovery of the tax, grant relief to the trade and reduce the cost of administration. Therefore the present scheme […]...

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Posted Under: Income Tax |

HC explains Liability of professionals acting as Non-executive directors

Rajendra Shah Vs State of Maharashtra & Anr. (Bombay High Court)

Practicing professionals are prohibited from acting as full time directors. They can only act as non-executive directors not performing administrative duties. Such persons cannot be prosecuted for offenses committed by the company. it will be a travesty of justice to prosecute all Directors if the offense is committed without their knowle...

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Delay due to improper legal advice should be condoned

DCIT Vs Atlas Copco (India) Limited (ITAT Pune)

DCIT Vs Atlas Copco (India) Limited (ITAT Pune) The assessee has raised a legal ground challenging the validity of assessment order passed u/s.143(3) r.w.s. 144C of the Income-tax Act, 1961 (hereinafter also called `the Act’). The moot point is as to whether such a long delay deserves condonation. At this stage, it is relevant to [&hell...

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Selection of Case of Search Years in ITBA Assessment module

TBA - Assessment Instruction No. 12 (12/09/2019)

Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search Years’ in Assessment module of Income Tax Business Application (ITBA)- reg. ITBA – Assessment Instruction No. 12 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extens...

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Limit on Bank’s exposure to a single NBFC

RBI/2019-20/60 DBR.No.BP.BC.18/21.01.003/2019-20 (12/09/2019)

 It has been decided that a bank’s exposure to a single NBFC (excluding gold loan companies) will be restricted to 20 percent of that bank’s eligible capital base. Bank finance to NBFCs predominantly engaged in lending against gold will continue to be governed by limits prescribed in circular DBOD.BP.BC.No. 106/21.04.172/2011-12 date...

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RBI reduces risk weight for consumer credit except credit card receivables

RBI/2019-20/59 DBR.No.BP.BC.17/21.06.001/2019-20 (12/09/2019)

As per extant instructions, consumer credit, including personal loans and credit card receivables but excluding educational loans, attracts a higher risk weight of 125 per cent or higher, if warranted by the external rating of the counterparty....

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ICAI: Applicability of legislative amendments in Indirect Taxes for Practical Training Assessments

Applicability of the legislative amendments and notifications and circulars in Indirect Taxes for Practical Training Assessments The cut off date for the applicability of the legislative amendments as well as the amendments made vide notifications and circulars in indirect tax laws for the purpose of practical training assessment is as un...

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Posted Under: Income Tax |

Declaration of MEK/2 Butanone content as part of description in Bill of Entry

Public Notice No.79/2019-JNCH (12/09/2019)

Attention of the Importers, Exporters, Custom Brokers and all concerned are invited to the Public Notice no 68/2019 dated 07.08.2019 wherein the items mentioned above when imported from manufacturer suppliers and imported by actual users were allowed to be assessed on 2nd check on the basis of MSDS (Material Safety Data Sheet) or PTR (Pr...

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SoP for filing Kerala Flood Cess Return and Payment of Flood Cess

SoP for filing Kerala Flood Cess Return and Payment of Flood Cess • For filing of Kerala Flood Cess return and payment of Kerala Flood Cess every tax payer has to register into Kerala Flood Cess portal available in the website of Kerala State Goods and Services Tax Department (keralataxes.gov.in) initially. The SoP for registering [&hel...

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Posted Under: Income Tax |

Anti-Subsidy Investigation of imports of Textured Tempered Glass from Malaysia

Initiation Notification No. F. No. 6/13/2019-DGTR (12/09/2019)

The petitioner has alleged that the producers/exporters of the subject goods in the subject country have benefitted from the actionable subsidies provided at various levels by the Government of the subject country, including the government of different provinces and Municipalities in which producers/exporters are located, and other ‘Pub...

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Notification No. 45/2019-Customs (N.T./CAA/DRI), Dated: 12.09.2019

Notification No. 45/2019-Customs (N.T./CAA/DRI) [S.O. 3276(E)] (12/09/2019)

Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 45/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 12th September , 2019 S.O. 3276(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453...

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Notification No. 44/2019-Customs (N.T./CAA/EXTENSION/DRI), Dated: 12.09.2019

Notification No. 44/2019-Customs (N.T./CAA/EXTENSION/DRI) [S.O. 3275(E).] (12/09/2019)

Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 44/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 12th September , 2019 S.O. 3275(E).—In exercise of powers conferred upon by first proviso to section 28(9) of the Customs Act...

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Notification No. 43/2019-Customs (N.T./CAA/DRI), Dated: 12.09.2019

Notification No. 43/2019-Customs (N.T./CAA/DRI) [S.O. 3274(E).] (12/09/2019)

Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 43/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 12th September , 2019 S.O. 3274(E).– In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R...

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CBDT notifies Cost Inflation Index for Financial Year 2019-20

Notification No. 63/2019-Income Tax [S.O. 3266(E)] (12/09/2019)

CBDT notifies Cost Inflation Index for Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Inflation Index for Financial Year 2019-20 at 289. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 63/2019- Income Tax New Delhi, the 12th September, 2019 (INCOME-TAX) S....

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Extend Tax Audit and related ITR Filing Due Dates

AGFTC & ITBA has made a representation to Smt Nirmala Sitharaman on Hardships to the income tax payers due to delay in providing e-filing platform and frequent amendments in return preparation Utilities and Requested for extending due date for submitting Tax Audit Reports/related Income Tax returns for financial year ended on 31.03.2019 d...

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Posted Under: Income Tax | ,

Register of members: Companies (Management and administration) Rules, 2014

Register of members under the Companies (Management and administration) Rules, 2014 Every company limited by shares shall, from the date of its registration, maintain a register of its members in Form No. MGT-1. In the case of a company not having share capital, the register of members shall contain the following particulars, in respect o...

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Posted Under: Income Tax |

Due date to avail ITC & rectification of errors in GST returns

Due date for availing Input Tax Credit (ITC) and rectification of any errors or omission in disclosures made in returns, pertaining to F.Y.2018-19 Everybody is busy in GST Audit of FY 2017-18, Statutory Audit & Tax Audit of FY 2018-19. However, we should not miss the crucial compliance pertaining to ITC for FY 2018-19. It […]...

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Posted Under: Income Tax |

How to cancel the GST Number

Introduction GST Registration can be cancelled by any person who is no longer required to file GST Return if either his annual turnover is below the exemption limit or the taxpayer is no longer liable to be a registered person or any other reason explained below. One must settle all the GST liability before they […]...

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Posted Under: Income Tax |

HC explains what is reasonable time to file writ petition

S. Vaidhyanathan Vs Government of Tamil Nadu (Madras High Court)

The word reasonable has in law prima facie meaning of reasonable in regard to those circumstances of which the person concerned is called upon to act reasonably knows or ought to know as to what was reasonable. It may be unreasonable to give an exact definition of the word reasonable....

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Directions for giving effect to Income Tax E-assessment Scheme, 2019

Notification No. 62/2019- Income Tax [S.O. 3265(E)] (12/09/2019)

[Notification No. 62/2019 For giving effect to the E-assessment Scheme, 2019 the Central Government hereby makes the following directions ...

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CBDT notifies Income Tax E-assessment Scheme, 2019

Notification No. 61/2019- Income Tax [S.O. 3264(E)] (12/09/2019)

The assessment under E-assessment Scheme, 2019 shall be made as per the following procedure, namely (i) the National e-Assessment Centre shall serve a notice on the assessee under sub-section (2) of section 143, specifying the issues for selection of his case for assessment;...

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