"16 September 2019" Archive

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

Notification No. 66/2019-Income Tax [G.S.R. 661(E)] (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) […...

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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...

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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 […]...

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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....

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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 […]...

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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...

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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...

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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...

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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...

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Posted Under: Income Tax | ,

List of Valuation required under Companies Act 2013 & IBC 2016

Notification 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. IBBI, vide circular dated 16th September 2019, listed the provisions of the Companies Act, 2013 and the Code under which valuations are required [&hell...

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Addition u/s 69C on basis of statement of third party without providing opportunity of cross-examination to assessee was invalid

Bhatia Diamonds Pvt. Ltd. Vs ITO (ITAT Delhi)

Addition under section 69C on the basis of statement of third party without granting opportunity of cross-examination to assessee was not valid as it amounted to ivolation of principle of natural justice and against the law...

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Sec. 43CA was not applicable if transfer was only rights in under-construction flats instead of property per se

Shree Laxmi Estate Pvt.Ltd. Vs ITO (ITAT Mumbai)

Shree Laxmi Estate Pvt.Ltd. Vs ITO (ITAT Mumbai) Conclusion: Since assessee had transferred pursuant to registration of the agreement was only the rights in the flat/ office (which was under construction) and not the property per se hence, there was no transfer of any land or building or both by the assessee in favour of […]...

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Revised Drafts of Secretarial Standard 1 and 2 on Meetings

The Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI) under Section 118(10) of the Companies Act, 2013 are effective from 1st July, 2015....

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Posted Under: Income Tax |

FM Presentation on Measures to Boost Economic Growth

Ministry of Finance Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman’s Presentation on Measures to Boost Economic Growth Dated:  14 SEP 2019 Measures to Boost Economic Growth 14th September 2019 Ministry of Finance, Government of India Contained Consumer Price Inflation Consumer Price Inflation: India &...

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Posted Under: Income Tax |

Internal Auditor Empanelment with NICSI

No. 10(18)/2018-NICSI (09/09/2019)

NICSI invites online bids against Open tender no NICSI/ INTERNAL AUDITOR /2019/06 for Proposal for Hiring of CA firm for empanelment as Internal Auditor. Tender Document is available on https://etenders.gov.in/eprocure/app...

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Posted Under: Income Tax |

Bharat Bill Payment System – Expansion of biller categories

RBI/2019-20/61 DPSS.CO.PD.No.605/02.27.020/2019-20 (16/09/2019)

It has been decided to expand the scope and coverage of BBPS to include all categories of billers who raise recurring bills (except prepaid recharges) as eligible participants, on a voluntary basis....

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Draft RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Reserve Bank of India Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector September 13, 2019 I. Introduction The Reserve Bank had issued the Guidelines for Licensing of ‘Small Finance Banks‘ in  the Private Sector on November 27, 2014. The process of licensing culminated in granting in-pri...

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Posted Under: Income Tax |

How to check scrutiny risk in Tax Audit Report?

The due date of Income Tax Audit is 30th September, 2019 and all the taxpayers are busy finalizing their Income Tax Report. So, what the taxpayer should do in order to avoid scrutiny risk?...

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Posted Under: Income Tax |

ITC wrongly availed but no utilised shall not draw penal proceedings under GST

“availment of a credit is a positive act and unless carried out for reducing any tax liability by its reflection in the return filed for any financial year, it cannot be a case of either availment or utilization” The above quote is from the judgement pronounced on 18.07.2019 by The Hon’ble High Court of Patna […]...

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Posted Under: Income Tax | ,

CGST Delhi busted a racket of issuance of invoices without actual supply of goods

Racket of Issuance of Invoices Without Actual Supply of Goods Busted In Delhi CGST Delhi West and CGST Delhi North in a joint operation busted a racket of issuance of invoices without actual supply of goods. The taxpayer availed fraudulent Input Tax Credit for seeking IGST Refunds from Customs formations. Investigations revealed a novel m...

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Posted Under: Income Tax |

For FCRA Registration Each member to submit affidavit- Rules Relaxed

G.S.R. 659(E) (16/09/2019)

Foreign Contribution (Regulation) (Second Amendment) Rules, 2019 –  Increased the value of articles gifted for personal use from Rs 25000 to Rs 1 lakh in a financial year by amending rule 6A. Under Rule 7 – In case of emergency medical aid during a visit abroad, the acceptance of foreign hospitality has to be intimated [&hell...

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