"16 September 2019" Archive

CBDT omits Proviso to Sub-Rule (5) of Rule 2F of Income-tax Rules

Notification No. 66/2019-Income Tax (16/09/2019)

Rule 2F of Income-tax Rules, 1962 provides Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10. In this Rule Proviso to sub-rule (5) is been omitted by CBDT vide Notification No. 66/2019 dated 16th September, 2019 with effect from 16.09.2019. Text of the sub-rule (5) […...

Read More

Monetary appeal filing limit not applicable to Gain through penny stocks

F. No. 279/Misc./M-93/2018-ITJ(Pt.) (16/09/2019)

Special Order of Board exempting cases involving bogus Long Term Capital Gains (LTCG)/Short Term Capital Loss (STCL) through penny stocks from monetary limits specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg F. No. 279/Misc./M-93/2018-ITJ(Pt.) Government of India Ministry of Finance Department of Revenue...

Read More

Cost Inflation Index for FY 2019-20/ AY 2020-21

Cost Inflation Index (CII) for PY 2019-20/ AY 2020-21 Notified by CBDT at 289 (Base Year 2001-02) In the case of transfer of short term capital asset, the amount of capital gains can be arrived at by deducting the cost of acquisition/ improvement from the sale consideration. However, in the case of transfer of long […]...

Read More
Posted Under: Income Tax |

IS ITC Available on Bike and Scooty?

Hence Bike and scooty having engine capacity more than specified limit will be covered in motor vehicle and ITC will be not eligible as per section 17(5) CGST ACT....

Read More
Posted Under: Income Tax |

Withdraw GST on Affordable Housing & amend thresholds of the same

Appeal to FM to do away with GST on Affordable Housing & amend the thresholds of Affordable Housing The Real Estate Sector is the worst affected due to acute recession in the economy. The steps announced in the Budget 2019 & the remedial measures announced thereafter have not provided any respite to the ailing Real […]...

Read More
Posted Under: Income Tax |

Deduction under section 80CCD of Income Tax Act

The present article highlights provisions of section 80CCD of the Income Tax Act, which provides a deduction of the amount paid or deposited towards the notified pension scheme. Deduction under section 80CCD is divided into three parts which are defined as under – 1. Section 80CCD (1) – Employee’s contribution to the notified pens...

Read More
Posted Under: Income Tax |

Highlight & Procedure for Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 Government has announced the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 as a part of the recent Union Budget Further, in accordance with the Finance (No 2) Act, 2019, the Central Government has notified the Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019 as we...

Read More
Posted Under: Income Tax |

Economic Recession And Reforms

Its more or less an accepted fact that almost all economics including Indian economy are passing through a rough weather amidst global slowdown. The economic growth has slowed down in various industrial and service sectors over past few quarters. Some economists term it as a cyclical slowdown while others as structural due to changes taki...

Read More
Posted Under: Income Tax |

Extend due date to file income tax return & tax audit report

Chamber of Tax Consultants  has made Request for extension of due date for filing income tax returns and tax audit reports for AY 2019-20 due on September 30, 2019  to Shri Pramod Chandra Mody, Chairman of CBDT. Text of the Representation is as follows:- The Chamber of Tax Consultants  Date: 16th September, 2019 To, Shri Pramod [&hell...

Read More
Posted Under: Income Tax | ,

List of Valuation required under Companies Act 2013 & IBC 2016

No. IBBI/RVO/026/2019 (16/09/2019)

A list of the provisions of the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016 under which valuations are required to be conducted by a registered valuer are given below. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/RVO/026/2019 16th September, 201...

Read More