"24 September 2019" Archive

Time limit for filing e-form No. BEN-2 extended upto 31.12.2019

General Circular No. 10/2019 24/09/2019

General Circular No. 10/2019– Time limit for filing e-form No. BEN-2 is extended upto 31.12.2019 without payment of additional fee and thereafter fee and additional fee shall be payable. Consequent to the extension in the date of filing of e-Form BEN-2, the date of filing of Form BEN-1 may be construed accordingly. General Circular ...

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TDS on Payment made to jewellery market exhibition for stall at exhibition

OTM Jewellery (P) Ltd. Vs ITO (ITAT Delhi)

Where basic evidence to prove the contention of assessee was contract between assessee and organizers, which assessee failed to produce before AO and contentions as raised by assessee have not been substantiated through any evidence or material on record, therefore, space was allotted to assessee for carrying out its business activities a...

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Know all about Interim Resolution Professional under IBC

Article explains about Eligibility of Insolvency Professional, Appointment of Interim Resolution Professional, Tenure of Interim Resolution Professional and Management of affairs and Business of the corporate debtor after appointment of Interim Resolution Professional under IBC. Eligibility for Insolvency Professionals:- [Regulation -4 of...

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Posted Under: Company Law |

Notice to ICAI for Negligence of Examiner stopping student from becoming CA

Gross Negligence of Examiner in evaluating correct MCQ Answers as wrong stops CA Final student from becoming CA, legal notice to ICAI issued for rectifying the errors. Advocate Paras Jain has served the attached legal notice to Institute of Chartered Accountants of India (ICAI) for rectifying the mistakes committed by the Examiner in MCQ ...

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Posted Under: Company Law |

Delegated Legislation – Pain or Gain??

The Theory of Separation of Power promulgated by Montesquieu states that, the responsibilities and power of these branches of government should be kept separate from each other without any kind of interference. However, broadly speaking, their categorical roles can’t exactly be confined into a water tight compartment....

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Posted Under: Company Law |

Bench marking of Most Appropriate Option for Taxation of Domestic Companies

Government has brought in the Taxation Laws (Amendment) Ordinance 2019 and announces major relief in corporate tax for domestic companies, in order to boost the Make in India initiative. Corporate tax reduced to 22% (Effective Tax Rate 25.17% inclusive of Surcharge and Cess) for domestic firms while for new manufacturing companies, tax ra...

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Posted Under: Company Law |

Request to extend due date for submitting Tax Audit Reports/related ITR

Chartered Accountants’ Association Ahmedabad requested that CBDT shall exercise the discretionary powers vested in it under section 119 of the Act, by extending due date of 30th September, 2019, to ameliorate the difficulties faced by the assessees on account of no default on their part, by extending the due date for filing the inco...

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Posted Under: Company Law | ,

e-File Your Income Tax Return

e-Filing – Objective What is e-Filing The process of electronically filing Income tax returns through the internet is known as e-Filing. Objective √ “To make it possible for the tax payers, tax Deductor, tax professionals, other agencies directly or through authorized intermediaries, to submit their Returns and other forms...

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Posted Under: Company Law |

Intimation For Voluntary Payment Under GST (DRC-03)

Intimation for voluntary Payment of Tax, Interest and Penalty (Form No. DRC-3) DRC-3 is an online form which is required to file by taxpayers to intimate payment of Tax, interest and penalty voluntary. Mistake is common and natural for all who execute work and takes decisions. Under GST law statue has provided to disclose mistake [&hellip...

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Posted Under: Company Law |

GST on volume discount received on purchases

In re Kwality Mobikes (P) Ltd. (GST AAR Karnataka)

In re Kwality Mobikes (P) Ltd. (GST AAR Karnataka) a) Whether the volume discount received on purchases is liable for GST? If yes, under which HSN/SAC? The Volume Discount received on purchases in the form of credit note without any adjustment of GST is not liable for GST. b) Whether volume discount received on retail […]...

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