"23 September 2019" Archive

Extend due date for filing tax audit reports and related ITR: ICAI

Representation to CBDT requesting for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2019 to 30th November, 2019 Section 44AB of the Income-tax Act, 1961 requires the assessee to get his accounts audited by an accountant before the specified date and furnish the same by that date, which [&he...

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Posted Under: Income Tax | ,

Deduction under section 80E of Income Tax Act

Education plays an essential role in the overall development of any country. In order to promote education, interest paid on an educational loan is allowed as a deduction under section 80E of the Income Tax Act. Provisions of section 80E are explained in the present article, along with the Frequently Asked Question. Deduction under sect...

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Posted Under: Income Tax |

CBDT notifies Income-tax Authorities to facilitates conduct of e-assessment

Notification No. 72/2019-Income Tax [S.O. 3435(E)] (23/09/2019)

Notification No. 72/2019- CBDT notified the Income-tax Authorities which shall exercise and perform, concurrently, the powers and functions of Assessing Officer, to facilitate the conduct of E-assessment proceeding in a centralised manner in respect of returns furnished under Section 139 or in response to notice under sub-section (1) of S...

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A Renaissance for tax regime | Taxation Laws (Amendment) Ordinance 2019

The Government passed Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. Below are a few impact areas that the companies and investors will need to revaluate:...

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Posted Under: Income Tax |

Why honest Assessee’s are penalised in GST Regime

Its 2 years for GST Law implementation but still facing issues with respect to changes in law through notifications/circulars along with the portal issues. As it is a new law, everyone understands the initial hiccups and appreciate the Government efforts to structure the system but in the process are good Assessee’s being penalised. It ...

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Posted Under: Income Tax |

ICSI Unique Document Identification Number (UDIN) Guidelines

ICSI Unique Document Identification Number (UDIN) Guidelines. (as approved by the Council in its 261st (Special) Meeting held on 27th June, 2019 at New Delhi and further amended by the Council in its 263rd Meeting held on 23rd September, 2019 at New Delhi) In exercise of the powers conferred by clause (1) of Part II […]...

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Posted Under: Income Tax |

Changes in GST for Hotel Industry- 37th GST Council meeting

Decisions taken at 37th GST Council meet at Goa on 20.09.2019 (with specific reference to Hotel) GST Council in the 37th meeting held on 20th September, 2019 (Friday) at Goa inter-alia, decided to lower GST rates on hotel tariff, outdoor catering and other miscellaneous items. (A) GST Rates on hotel room tariffs A comparative analysis o...

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Posted Under: Income Tax |

Input Tax Credit (ITC) under GST Law

A. Background of ITC. Input Tax Credit (ITC) or Purchase Tax is one of the most important aspects in any value added tax structure. This ensures that tax is paid on value addition only, at each stage from production to final consumer. Following are the two major advantages of ITC:- 1. Less tax burden on […]...

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Posted Under: Income Tax |

Extend due date for filing of Tax Audit Report and ITR: CTBA

CTBA has requested for Extension of due date for filing of Tax Audit Report and Income Tax Returns of specified assessees to 30/11/2019...

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Posted Under: Income Tax |

Request for extension of due date for filling ITR & Tax Audit Reports

Sales Tax Bar Association requested to provide an  extension upto November 15, 2019 for filing of income tax returns and tax audit reports by the assesses for whom the due date otherwise is September 30, 2019. Request is been made to Hon’ble Smt. Nirmala Sirtharaman, Union Finance Minister, Government of India. SALES TAX BAR ASSOCI...

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Posted Under: Income Tax |

Taxation of Overseas Income upon Return To India

Taxation of overseas income upon return to India 1 An individual under the Income Tax Act can either be (i) Resident Ordinary, (ii) Resident but Not Ordinarily Resident, or (iii) Non-Resident. The determination of exact status is important to know the tax incidence. We must remember that Residential status under the Income-Tax Act is diff...

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Posted Under: Income Tax |

Deduction under section 80DDB of Income Tax Act

Deduction under section 80DDB of the Income Tax Act is available towards the amount actually paid for the medical treatment of the specified disease. The current article explains all the provisions attached with the said deduction along with the frequently asked questions. Eligibility of deduction under section 80DDB – For better unde...

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Posted Under: Income Tax |

All you wanted to know about life insurance products

Many of us are forced into buying insurance products which we do not really need. We get to hear number of horror stories of misselling by insurance advisors. In order to  help readers understand basics of life insurance I have decided to discuss various aspect and variations of life insurance products so that they do […]...

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Posted Under: Income Tax | ,

Filing of Minor Modifications in approved Individual Insurance Products-Reg.

Ref. No:IRDA/HLT/CIR/MISC/151/09/2019 (23/09/2019)

IRDA Guidelines on Filing of Minor Modifications in the approved Individual Insurance Products offered by General and Stand Alone Health Insurers on Certification Basis....

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Keep Away From Benami Transactions

‘Benaml’ means ‘no name’ or ‘without name’. Benami properties are those that ore held by an owner through proxies. The property is purchased in the name of or held In the name of a person who has neither paid for it nor actually enjoys it it may even be held in the name of a […]...

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Posted Under: Income Tax |

New GST Registration after Cancellation of earlier (old) Registration

Verification: New GST Registration after Cancellation of earlier(old) Registration – By CA Nitin Jain a very important clarification is came vide Circular no. 95/14/2019-GST dated 28th March, 2019 from Central Board of Indirect Taxes and Customs is being summarized in the present article. Many cases are came to knowledge of departm...

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Posted Under: Income Tax |

Filing Your Income Tax Return-Benefits and Consequences

Filing of Income Tax Return (ITR) filing is mandatory in the Following cases: (1) Benefit an individual, If the income exceeds the basic exemption limit, before claiming deductions under chapter VIA of Income Tax Act (which h called as Gross Income) in or for a financial year, then you are required to file Income Tax […]...

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Posted Under: Income Tax |

Report of Working Group on Group Insolvency

We thank the Insolvency and Bankruptcy Board of India for providing us an opportunity of developing a framework for Group Insolvency under the Insolvency and Bankruptcy Code, 2016. We believe that the framework recommended by the Working Group would take the insolvency reform a step forward....

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Posted Under: Income Tax |

Determination of Residential Status under Income Tax Act, 1961

BASIS FOR INCOME TAX LIABILITY IN INDIA 1. The tax liability of a person under the Income-tax Act depends upon his residential status in the financial year in which the income accrues or arises to him or is received by him. Financial year means the period of twelve months commencing on the 1st day of […]...

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Posted Under: Income Tax |

Senior Citizens not having Business Income exempt From Advance tax

As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of advance tax. Thus, any taxpayer whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his tax in advance by the due dates prescribed in this regard....

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Certificate of Shares- Relevant Provisions

Section 46 of Companies Act, 2013– Share Certificate? (1) A certificate, issued under the common seal, if any, of the company or signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary], specifying the shares held by any person, shall be prima facie evidence of [&hel...

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Posted Under: Income Tax |

SEBI (Mutual Funds) (Second Amendment) Regulations, 2019

F. No. SEBI/LAD-NRO/GN/2019/37 (23/09/2019)

1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2019. 2. They shall come into force on the date of their publication in the Official Gazette: Provided that the amendments to regulation 24 shall come into force with effect from October 15, 2019....

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SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/35 (23/09/2019)

1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2019. 2. They shall come into force on the date of their publication in the Official Gazette....

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SEBI (Credit Rating Agencies) (Amendment) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/34 (23/09/2019)

1. These regulations may be called the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2019. 2. They shall come into force on the date of their publication in the Official Gazette....

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Notification No. 48/2019-Customs (N.T./CAA/DRI), Dated: 23.09.2019

Notification No. 48/2019-Customs (N.T./CAA/DRI) [S.O. 3438(E).] (23/09/2019)

Notification No. 48/2019-Customs (N.T./CAA/DRI), Dated: 23.09.2019 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 48/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 23rd September, 2019 S.O. 3438(E).—In pursuance of notific...

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Initiation of Safeguard Investigation concerning imports of Single Mode Optical Fibre into India

(Safeguard Investigation) [Case No: (SG) 05/2019] (23/09/2019)

Product under Consideration: The product concerned is Single-mode Optical Fibre which refers to the Optical Fibre used to facilitate transmission of a single spatial mode of light as a carrier and is used for signal transmissions within certain bands....

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CBDT prescribes time-frame for handling grievances of Startups

F. No. 173/149/2019-ITA-I (23/09/2019)

Grievances of Startups should be handled within the following time-frame:- i) In case of any grievance, the preliminary Action Taken Report is to be submitted to this office by the next day i.e. within one working day of calling of report by this office....

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Computation of book profit & MAT credit U/S 115JB

The Minimum Alternative Tax (MAT) is a provision introduced in direct tax laws to limit the tax deductions/exemptions otherwise available to taxpayers so that they pay a 'minimum' amount of tax to the government....

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Posted Under: Income Tax |

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