"20 September 2019" Archive

Taxation Laws (Amendment) Ordinance, 2019

No 15 OF 2019 (20/09/2019)

Taxation Laws (Amendment) Ordinance, 2019 amends Section 92BA, section 115BA Section 115JB, Section 115QA and Finance (No.2) Act, 2019. It also inserts section 115BAA - Tax on income of certain domestic companies and 115BAB- Tax on income of certain new domestic manufacturing companies....

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Open Letter to Union Finance Minister for TAR due date extension

It is requested by that The chartered accountants are not in a position to complete audits under Income Tax Act and meet the specified timelines for furnishing of Tax Audit Report which is falling at the end of September 2019 and further in this hour of severity it would be inhumane and unjust to force assessee until their livelihood retu...

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Posted Under: Income Tax |

Filing of Annual Return in GST optional for dealers below 2 crore turnover

As per twitter handle of Deputy CM of Bihar , Shri Sushil Kumar Modi – Filing of Annual Return in GST waived for dealers below 2 crore turn over. Above 2 crore Annual GST returns will be simplified. Further Update from Press Releases by Ministry of Finance on decisions taken in 37th GST Council Meeting […]...

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Posted Under: Income Tax | ,

Changes in GST Law & Return Filing including Annual Returns

Filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have aggregate turnover up to Rs. 2 crores made optional for the said tax periods. A Committee of Officers to be constituted to examine the simplification of Forms for Annual Return and reconciliation statement....

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Posted Under: Income Tax |

Changes in GST Rate on Services | 37th GST Council Meeting

GST Rate on Services as Recommended by The GST Council in Its 37th Meeting The 37th GST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Chief [&he...

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Posted Under: Income Tax |

Changes in GST Rate on Goods | 37th GST Council Meeting

GST Rate on Goods as Recommended by The GST Council in Its 37th Meeting- GST rates reduction a. 18% to 12% on parts of Slide Fasteners b. 18% to 5% on Marine Fuel 0.5% (FO) c. 12% to 5% on Wet Grinders(consisting stone as a grinder)...

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Posted Under: Income Tax |

SOP for Acceptance of Transport Related Information in Electronic Form

Standard Operating Procedure for Acceptance of Transport Related Information in Electronic Form The Ministry of Road Transport & Highways has issued detailed SOP (Standard Operating Procedure) for acceptance of Driving Licence, Registration Certificate and other transport related information presented in electronic form. The Central M...

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Posted Under: Income Tax |

Registration of Property under projects which requires registration with MahaRERA

Government Notification (20/09/2019)

No Registration of Property under projects which requires registration with MahaRERA till registration of project As per the Govt of Maharashtra notification dated 20th Sept, 2019, agreement for sale of any apartments will be done only if the project is registered or exempted from registration. In other words, the Agreement in respect of ...

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Section 11 Exemption on Principle of mutuality cannot be denied for non-entitlement of some class of members

DDIT Vs National Association of Software and Services Company (ITAT Delhi)

The income from non-members was offered to tax by assessee, whereas membership fee from its own members was claimed as exempt on the principle of mutuality. Assessee being a trade association of software industries, it’s main object is to promote and protect the interest of its members. Membership received from its own members came with...

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Reverse Mortgage: a gold walking stick of senior citizens

The old age may be, financially, a golden period of your life or the worst part of your life depending on whether you have accumulated enough to meet day today expenses after your retirement. Due to gradual decline of joint family system in India couple with rapid urbanization and the increasing trend of  children staying […]...

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Posted Under: Income Tax | ,

How to establish Charitable Company/NGO in India through Foreign Funding

1. CONCEPT OF CHARITABLE COMPANY/NGO’S: Charitable Company or Non Governmental Organization (NGO) is a group, organization, Non Profit establishment or non Profit association of individuals, activists, voluntary and social persons. Non Government Organization (NGO) is citizen based non–profit group works for social welfare and sustain...

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Posted Under: Income Tax |

Sabka Vishwas Scheme: Effect And Analysis

Any person can avail the benefits of Sabka Vishwas for any issue. The only qualifying criteria is the stage and pendency of case in terms of aforesaid rule. The meaning of ‘case’ under this rule is defined and it says:...

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Posted Under: Income Tax |

Major Income Tax Form to be Filed Along with ITR- Due Date 30th September

Major Income Tax Form To Be Filed Along With ITR- Due Date 30th September- Forms Are Commonly Used Forms, Forms To Claim Specific Eligible And Specific Forms. COMMONLY USED FORMS* Form No. Description Applicable to Form 3CA-3CD Audit report under section 44AB of the Income Tax Act,1961, in a case where the accounts of the business or [&...

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Posted Under: Income Tax |

Appellate authority cannot reduce or waive 25% pre-deposit u/s 62(5) of Punjab VAT: SC

M/s Tecnimont Pvt. Ltd. Vs State of Punjab & Others (Supreme Court of India)

M/s Tecnimont Pvt. Ltd. Vs State of Punjab & Others (Supreme Court) In this case Supreme Court reversed the decision of Punjab and Haryana High Court in the case of PSPCL ltd Vs state of Punjab wherein the HC had held that appellate authority can in appropriate cases reduce or waive 25% of pre-deposit u/s […]...

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ICSI to Allot new unique code in case of change of state of practicing firms

Members of the Institute may note that as per the decision of the Council, a new Unique Code will be allotted to practising units in case there is a change in the place of the practice unit from one state to another....

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Posted Under: Income Tax |

Taxation of Non Residents in India

Taxation of Non Residents in India Non Residents (hereafter referred to as NR) having a source of income in India are required to comply with the Indian tax laws which has certain beneficial provisions specific to them for facilitating their participation in the Indian economy. A NR, for the purposes of Income-tax Act, is used […]...

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Posted Under: Income Tax |

AAR cannot give ruling on a Project which is not been awarded to Applicant

In re Ajwani Infrastructure Private Limited (GST AAR Maharashtra)

We also find that CIDCO has awarded the construction contract of the project of "Development of Infrastructure facility for Passenger Water Transport Terminal at Nerul, Navi Mumbai to 'Ajwani-Kargwal Joint Venture', and not to the applicant. Thus the applicant is not a person competent to apply for ruling as provided under Section 95 of t...

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AAR cannot rule on Rate of GST if applicant is not a supplier

In re Tejas Constructions & Infrastructure Private Limited (GST AAR Maharashtra)

The applicant, on this issue of supply of concerned materials, is not a supplier of goods/services and as per the provisions of Section 95 of the CGST Act, they cannot raise this question. Hence the question is not answered....

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Multipurpose Empanelment 2018-19- Due date extended

Considering the requests of various Members of ICAI, it has been decided by Professional Development Committee to extend the last date for submission of online Multipurpose Empanelment Form for the year 2019-20 till 30th September, 2019. The last date for submission of Declaration is 30th September, 2019....

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Posted Under: Income Tax |

Extension of Time Period for AGM

Annual General Meeting Notified Date of Section: 01/04/2014 96. (1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall […]...

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Posted Under: Income Tax |

‘Technical Varnish/ Medium’ falls under HSN code 3208 : AAR Gujarat

In re Flint Group India Private Limited (GST AAR Gujarat)

In re Flint Group India Private Limited (GST AAR Gujarat) The applicant has submitted that their product, ‘Technical varnish’, “Medium’ or ‘tinting ink’ should not be treated anything other than printing ink. The ‘Printing ink’ manufactured and supplied by them fall under Chapter Heading 321...

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GST on Sale of Land after converting into integrated residential sub plots

In re Satyaja Infratech (GST AAR Gujarat)

The activity of purchase of land and selling the said land by converting in to integrated residential sub plots of varying sizes under the name of 'Bliss Homes' with the basic facility is liable to GST....

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CBDT amends Jurisdiction of Principal CITs and CITs

Notification No. 71/2019-Income Tax [S.O. 3426(E)] (20/09/2019)

Seeks to amend Notification No. 50/2014-Income Tax dated the 22nd October, 2014 – Jurisdiction of Income-tax authorities (Principal Commissioner of Income-tax/ Commissioner of Income-tax) vide Notification No. 71/2019 dated 20th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification...

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No TDS on cash withdrawal u/s 194N for making payment to farmers

Notification No. 70/2019-Income Tax [S.O. 3427(E)] (20/09/2019)

Exemption from TDS on cash withdrawal under section 194N for making payment to farmers – Central Government specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC)– Notification No. 70/2019-Income Tax Dated 20th September, 2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL B...

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CBDT notifies Additional depreciation on Motor car & motor vehicles

Notification No. 69/2019-Income Tax [G.S.R. 679 (E).] (20/09/2019)

Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certain conditions- Notification No. 69/2019-Income Tax Dated 20th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 69/2019-Income Tax New Delhi, the 20th ...

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Setting up of NeAC as per E-assessment Scheme, 2019

F. No. 187/7/2019-ITA-I (20/09/2019)

In pursuance of para 4 of the E-assessment Scheme, 2019 made by the Central Government vide Notification No.61 of 2019 dated 12th September, 2019, the Central Board of Direct Taxes hereby sets up National e-Assessment Centre (NeAC), which shall have its headquarters at Delhi and shall comprise of the following Income-tax authorities:-...

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Corporate tax rates slashed to 22% and 15% for domestic companies

Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for ...

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Posted Under: Income Tax | ,

Risk management framework for liquid & overnight funds & norms of investment in short term deposits

Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/101 (20/09/2019)

SEBI Circular on Risk management framework for liquid and overnight funds and  Investment and advisory fees for parking of funds in short term deposits...

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Tax Treatment of Dividend Received From A Foreign Company

Article discusses about Meaning of dividend, Head of taxability and applicable tax rate, Relief from double taxation, Concessional rate of tax to dividends received from foreign specified company,...

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Posted Under: Income Tax | ,

Banks to pay compensation to customer for failed transactions

RBI/2019-20/67 DPSS.CO.PD No.629/02.01.014/2019-20 (20/09/2019)

Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems- a. If the transaction is a ‘credit-push’ funds transfer and the beneficiary account is not credited while the debit to originator has been effected, then credit is to be effected within the prescribed time period...

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Increase in Sanctioned Limit for classification of export credit under PSL

RBI/2019-20/66 FIDD.CO.Plan.BC.12/04.09.01/2019-20 (20/09/2019)

It has been decided to i. Enhance the sanctioned limit, for classification of export credit under PSL, from ₹ 250 million per borrower to ₹ 400 million per borrower. ii. Remove the existing criteria of ‘units having turnover of up to ₹ 1 billion’...

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Income Tax Rates Corporate/Co-op Society & Local Authority for A.Y. 2019-20

Article explains Income Tax Rate For A.Y. 2019-20 Company, Minimum Alternate Tax for Assessment year 2019-20, Income Tax Rate For A.Y. 2019-20 for Co-operative Society and Special Tax Rates Under Chapter XII. Income Tax Rate For A.Y. 2019-20 Company Domestic Company Rate of  income tax Total turnover or gross receipt for F.Y. 2016-17 <...

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Posted Under: Income Tax |

Income Tax Rates for Individual/HUF/AOP/BOI/Artificial Juridical Person/Firms/LLP for A.Y. 2019-20

Income Tax Rates for Individual/HUF/AOP/BOI/Artificial Juridical Person/Firms/LLP for Addessment Year 2019-20 Article explains Income Tax Rates for Resident Very Senior Citizen (Who is 80 years or more on the last day of the previous year), Income Tax Rates for Resident Senior Citizen (Who is more than 60 years but less than 80 years), In...

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Posted Under: Income Tax |

Latest and Simplified Version of FDI and Balance of Payment

Concepts and elements of business environment: Economic environment- Economic systems, Economic policies(Monetary and fiscal policies); Political environment-Role of government in business; Legal environment- Consumer Protection Act, FEMA; Socio-cultural factors and their influence on business; Corporate Social Responsibility (CSR). ...

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Posted Under: Income Tax |

HC passes interim order permitting to pay GST on amount exceeding Rs. 7500 on plea of RWAs

M/s TVH Lumbini Square Vs Union of India (Madras High Court)

Madras High Court passes an interim order against AAAR on plea of RWAs to charge GST only on the amount in excess of Rs.7500/- but not on the entire amount....

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Notification No. 47/2019-Customs (N.T./CAA/DRI), Dated: 20.09.2019

Notification No. 47/2019-Customs (N.T./CAA/DRI) [S.O. 3437(E)] (20/09/2019)

Notification No. 47/2019-Customs (N.T./CAA/DRI), Dated: 20.09.2019 amends Notification No. 19/2018-Customs (N.T./CAA/DRI) dated 05.09.2018 MINISTRY OF FINANCE (Department of Revenue) (Central Board of Indirect Taxes and Customs) (Directorate of Revenue Intelligence) Notification No. 47/2019-Customs (N.T./CAA/DRI) New Delhi, the 20th Septe...

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Notification No. 46/2019-Customs (N.T./CAA/DRI), Dated: 20.09.2019

Notification No. 46/2019-Customs (N.T./CAA/DRI) [S.O. 3436(E).] (20/09/2019)

Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 46/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 20th September, 2019 S.O. 3436(E).- In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(...

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Summary of Key Amendments on Income Tax And Corporate Law

Article explains TDS on cash withdrawals of over Rs 1 crore under section 194N of the Income Tax Act, 1961, TDS at the time of purchasing immovable property under Section 194-IA of the Income Tax Act, TDS on payments made to professionals and contractors under Section 194M,  TDS on life insurance proceeds Under section 194DA, […]...

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Posted Under: Income Tax |

Disposal of Unmanned Aircraft System (UAS)/ Unmanned Aerial Vehicle (UAVs)/Remotely Piloted Aircraft (RPAS)/ Drones

Circular No. 32/2019-Customs (20/09/2019)

Unmanned Aircraft Systems (UAS)/ Unmanned Aerial Vehicles (UAVS)/ Remotely Piloted Aircrafts (RPAS)/ Drones, (herein-after referred to as 'Drones') of various frequencies brought by the passengers at different Airports or imported at various ports, FPOs, etc., in contravention of the statutory requirements, have been absolutely confiscate...

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Fee Waiver in CA Registration Course Fee & Opening up of Representative Office in Ladakh

ICAI Announces Fee Waiver in Registration Course Fee & Opening up of Representative Office in Ladakh Taking forward its mission of inclusive growth & empowering students, the Council of The Institute of Chartered Accountants of India (ICAI) has taken a major decision providing concession on registration course fee for the student...

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Posted Under: Income Tax |

DGGI-MZU arrest one for passing on fictitious Input Tax Credit

DGGI-MZU makes an arrest for passing on fictitious Input Tax Credit The Mumbai Zonal Unit of the Directorate General of GST Intelligence (DGGI-MZU) on Tuesday (17th September) made an arrest for one Shri Sandeep alias Karan Arora, Managing Director of M/s High Ground Enterprises Ltd.; on charges of having availed & utilized, as well a...

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Posted Under: Income Tax |

FM reviews performance of banks with top management of PSBs

Finance Minister reviews performance of banks with top management of Public Sector Banks Discussions held on overall credit growth with focus on disbursements to key sectors to support the needs of economy Finance Minister reviews banking initiatives announced earlier with focus on credit growth, rate cut transmission and amalgamation Smt...

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Posted Under: Income Tax |

ITR Verification: Methods of e-Verification of Income Tax Return

Income Tax Return (ITR) verification refers to the process by which one validates or authenticate the details furnished during the return filing process. ITRs are processed further and refunds (if any) are given by the Income Tax Department (ITD) only when you are done with ITR verification. When it should be done? ITRs have to […]...

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Posted Under: Income Tax |

Deduction under section 80D of Income Tax Act

Deduction under section 80D of the Income Tax Act is available in addition to the deduction of INR 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1). Deduction under section 80D is available basically for two types of payment, namely – 1. Medical insurance premium (including preventive health che...

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Posted Under: Income Tax |

Govt appoints 28 new Judicial and Technical Members in NCLT

Notification No. S.O. 3412(E). (20/09/2019)

Central Government appoints 28  persons as Judicial and Technical Members in the National Company Law Tribunal for a period of three years or till the attaining the age of sixty-five years, whichever is earlier. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th September, 2019 S.O. 3412(E).—In exercise of the powers confe...

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