"17 September 2019" Archive

CBDT notifies Rules & Forms related to Reference to Approving Panel

Notification No. 67/2019-Income Tax [G.S.R. 662(E)] (17/09/2019)

CBDT inserts Rule 10UD – related to Reference to the Approving Panel, 10UE – Procedure before the Approving Panel, Rule 10UF-. Remuneration for For attending the meeting of an Approving Panel and  Form No 3CEIA under rule 10UD for making reference to the Approving Panel under sub-section (4) of section 144BA of the Income-tax...

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Extend last date to file ITR & Tax Audit Reports to 15.11.2019

Representation on Extension of last date of filing of Income Tax Returns in Audit cases & Tax Audit Reports from 30.09.2019 to 15.11.2019 by District Taxation Bar Association (Direct Taxes), Ludhiana to Union Finance Minister, Smt. Nirmala Sitharaman. DISTRICT TAXATION BAR ASSOCIATION (REGD.) (DIRECT TAXES) Aayakar Bhawan, Rishi Nagar...

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Posted Under: Income Tax | ,

FAQs on Treatment of Dividend Distribution Tax

What is the presentation requirement as per Ind AS in India for dividend and dividend distribution tax thereon?...

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Posted Under: Income Tax |

GST on Bloggers or You Tubers

A blogger is someone who provides space for brands to place their advertisement. Before we get into a detailed interpretation of GST applicability on Bloggers / You Tubers, it is essential to understand their working pattern. There are facilitator agencies, who work as advertising channel between the companies and the blogger. Most of the...

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Posted Under: Income Tax |

Start-Up – A Growth Engine For Economy

Start-up India is a flagship initiative, launched by government in January 2016, within the ambit of the ‘Make in India’ programme. Start-up India was brought in with the intention to build a strong eco-system for promoting innovation, improve sustainable economic growth and to generate large scale employment opportunities....

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Posted Under: Income Tax |

GST on design, realisation, integration and commissioning of Trisonic Wind Tunnel as a turnkey project

In re M/s. Viliram Sarabhai Space Centre(GST AAR Kerala)

In re M/s. Viliram Sarabhai Space Centre (GST AAR Kerala) Vikram Sarabhai Space Center –The work of design, realisation, integration and commissioning of Trisonic Wind Tunnel as a turnkey project falls under the category of Works Contract and is taxable @ 12% GST. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING GST AAR KERALA [&hellip...

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How to avoid TDS by Bank if you’re a Senior Citizen 

According to the Income Tax Act, the tax must be deducted by a bank before payment to the customer on payments such as interest, dividend, etc. However, in case amount of TDS (Tax deducted at Source) deducted by a bank on interest exceeds the income tax payable by such assessee, then such assessee is eligible […]...

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Posted Under: Income Tax |

Comparison of Share Valuation under different Indian Acts

Valuation for issue and transfer of shares (unlisted) under Income-tax Act, 1961, Companies Act, 2013 & FEMA Regulations been explained in detail in this article....

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Posted Under: Income Tax | ,

Confusion on Exclusion from SVLDRS 2019

Many of the assessee are worried whether they can avail the scheme specified under SVLDRS or if they are ineligibile pursuant as if provision of Sec 125(1)(e) Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 will be applicable on them. The main point of concerned is the notices they have received wrt verification of Service tax [&he...

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Posted Under: Income Tax |

Key additional Disclosures in ITR-6 for A.Y. 2019-20

The Income Tax Return – 6 is to be filed by Companies other than companies claiming exemption under Section 11 of The Income Tax Act, 1961. A Company is mandatorily required to file the return of income irrespective of whether it has any taxable income or not during the year under consideration [Section 139(1) of […]...

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Posted Under: Income Tax |

Simplified Guide for Incorporation of a Company

Introduction: With the introduction of SPICe Forms, the Ministry of Corporate Affairs (MCA) has simplified the procedure of company formation and thereby simplifying the ease of doing business in India. This article depicts the process of company formation through SPICe Forms & throws light on some newly introduced compliances such as...

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Posted Under: Income Tax |

Sabka Vishwash Legcy Dispute Resolution Scheme

 Chapter V of Finance (No. 2) Act, 2019 In the past, indirect tax laws were fraught with huge pending litigation with more than Rs. 375,000 crores being blocked in Service Tax- and Central Excise-related litigations. In Budget 2019, the Honourable Finance Minister Nirmala Sitharaman proposed to introduce a dispute-resolution scheme, t...

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Posted Under: Income Tax |

AO should not share their RSA token & ITBA password with staff: DIT(S)

F. No. Systems/ITBA/Common Module/160/2016-17(part file)Admn./ (17/09/2019)

It has come to the notice of the Directorate of Systems that the Assessing officers continue to share their RSA token and ITBA password with their Inspectors and staff for working on ITBA/ITD, in complete disregard of the security policy. The following table conveys the extent of the problem:...

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HC dismisses petition for refund of late fees of Form GSTR-3B as alternate remedy exist

Sonu Ansari S/o Yashim Ansari Vs Union of India (Rajasthan High Court)

Petitioner is seeking directions to respondents to refund late fee collected from him while filing Form GSTR-3B in his Cash Ledger in GST Portal so that he can utilise it for discharging his tax liabilities....

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Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2019

Notification No. S.O. 3350(E). (17/09/2019)

Govt notifies Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2019 on 17th September, 2019. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 17th September, 2019 S.O. 3350(E).—In exercise of the powers conferred by section 9 of the Banking Companies (Acquisition and Transf...

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Discharge & Back to town of Export Containers shipped to Pakistan from Nhava Sheva

Public Notice 81/2019-JNCH (17/09/2019)

Representations are received from Exporters/Shipping Lines regarding permission to allow for back to town of containers already shipped to Pakistan in the light of cancellation of bi lateral trade between India & Pakistan on 09.08.2019....

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SEBI (Prohibition of Insider Trading) (Third Amendment) Regulations, 2019

No. SEBI/LAD-NRO/GN/2019/32 (17/09/2019)

SEBI notifies Securities and Exchange Board of India (Prohibition of Insider Trading) (Third Amendment) Regulations, 2019 on 17th September, 2019 and they shall come into force on the 100thday from the date of their publication in the Official Gazette. SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 17th September, 2019 SE...

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TDS Rate Chart for AY 2020-21/FY 2019-20

TDS Rate Chart or TDS Rate Table For Assessment year 2020-21 (AY) / Financial Year (FY) 2019-20 In the case of a person other than a company (Resident and Non-Resident) i.e. Individual, HUF, BOI, AOP, Artificial Judicial Persons. Partnership Firm (Including LLP) and for domestic company and Foreign Companies. TDS Rates are after consideri...

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Posted Under: Income Tax |

Benefit to Non- Residents under Income Tax Act, 1961

Articles explain who is Non-Resident Individual, Partnership firm, Company for Income Tax Purpose, Taxable Income of Non Residents, Tax on Indirect transfer of a capital asset situated in India by Non-Residents, activities not to constitute business connection in India, Exemption from applicability of Section 206AA to non-residents...

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Posted Under: Income Tax | ,

Issue of DIN on Intimation Letter for documents uploaded manually in ITBA

ITBA - Common Functions Module/Instruction No.3 (17/09/2019)

Roll out of facility for System generated Document (i.e. Intimation Letter) containing Document Identification Number (DIN) for documents issued outside the system but uploaded manually in Income Tax Business Application (ITBA) ITBA – Common Functions Module/Instruction No.3 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floo...

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Customs duty reduction on Open cell (15.6” & above) for use in Manufacture of LCD/LED TV

Notification No. 30/2019-Customs [G.S.R. 666(E)] (17/09/2019)

Notification No. 30/2019-Customs- Seeks to amend notification No. 50/2017-Customs dated 30.06.2017 to reduce basic customs duty on Open cell (15.6 inch and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels and certain goods for use in the manufacture of Open cell of Liquid Crystal D...

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CVD on Welded Stainless Steel Pipes & Tubes import from China

Notification No. 04/2019-Customs (CVD) [G.S.R. 665(E).] (17/09/2019)

Notification No. 4/2019-Customs (CVD)– Seeks to levy countervailing duty on ‘Welded Stainless Steel Pipes and Tubes’ originating in or exported from China PR and Vietnam, in pursuance of final findings issued by DGTR. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 17th September, 2019 Not...

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DIR-3 KYC form- 23 things you must know (Updated)

For Financial year 2019-20 onwards – Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year....

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Posted Under: Income Tax |

CVD on ‘Atrazine Technical’ originating in or exported from China

Notification No. 03/2019-Customs (CVD) (17/09/2019)

Seeks to levy countervailing duty on 'Atrazine Technical' originating in or exported from China PR , in pursuance of final findings issued by DGTR- Notification No. 3/2019-Customs (CVD) Dated -17th September, 2019....

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Transfer/Posting in respective grade in National e-Assessment Centre

Office Order No. 205 and 206 of 2019 (17/09/2019)

Office Order No. 205 of 2019 and 206 of 2019 -Transfer/Posting in respective grade in the view of diversion of post under newly created NeAC – In view of the diversion of posts in the various grades of Indian Revenue Service to the newly created National e-Assessment Centre (NeAC), Delhi and its Regional Centres (ReACs), […]...

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How to View / Take Actions on submitted SVLDR Scheme applications

User – Manual – View /Actions on applications submitted under SVLDR Scheme,2019 Tax officer’s User manual for SVLDRS: Step 1: There will be one member in each designated committee with Approval Permissions i.e. the officer will be able to issue SVLDRS 2/2B/3/4 . The Tax officer of the designated committee login with his SSO-...

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Posted Under: Income Tax |

How taxpayer can view / submit SVLDRS-Form 2A, B and 3

Tax Payer User -Manual For Form 2A /other actions under  Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS, 2019) Tax payer’s login: Step 1: The tax payer clicks on the “Apply SVLDRS Scheme” & the taxpayer enters his Login ID and Password. – Step 2: The taxpayer clicks on the “View SVLDRS” from Menu >&...

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Posted Under: Income Tax |

How to View applications submitted under SVLDR Scheme, 2019

Manual View applications submitted under SVLDR Scheme,2019 Step by step process: Step 1 : The tax officers of the designated committee will login in application using their SSO-ID. Step2: The tax officer clicks on GST icon from the screen. Step 3 : The tax officer click on the ” Menu “. Step 4: From the […]...

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Posted Under: Income Tax |

Extend due date for filing Tax Audit reports and ITR to 30 November 2019

Request for Extension of due date for filing of Tax Audit reports and Income-tax returns from 30th September 2019 to 30 November 2019 to Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance & Corporate Affairs....

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Posted Under: Income Tax |

Complaint against Summoning of CA by GST Dept.

All India Chartered Accountants Society has made a representation to revenue secretary Shri Ajay Bhushan Pandey against the following alleged acts of harassment and tax terrorism – 1. Issuing summons to Chartered Accountants and Auditors, asking for personal presence in the office of GST Departments.. 2. Auditors are being summoned ...

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Posted Under: Income Tax |

Extend due date to file ITR & tax audit reports by one month

AIFTP has made a Request for extending the due date for submitting tax returns and tax audit reports by one month i.e. from 30.09.2019 to 31.10.2019 for A.Y. 2019-20 to Hon’ble Smt. Nirmala Sitharaman, Union Finance Minister. Text of the representation is as follows:- ALL INDIA FEDERATION OF TAX PRACTITIONERS HO: 215, Rewa Chambers,...

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Posted Under: Income Tax | ,

Services covered under Reverse Charge Mechanism (RCM) under GST

Government published Notification No 13/2017-Central Tax (Rate) dated 28.06.2017 enumerating list of services on which recipient of services required to pay tax under reverse charge mechanism....

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Posted Under: Income Tax |

Certification on Reconciliation of Share Capital

This article deals with Share Capital certification applicability, its requirement and procedures to be followed while certifying the reconciliation of share capital of both listed as well as listed companies....

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Posted Under: Income Tax |

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