"26 September 2019" Archive

CBDT issues FAQs on filing of ITR-5, ITR-6 and ITR-7

Circular No. 26/2019-Income Tax (26/09/2019)

Circular No. 26 of 2019- CBDT clarifies on certain issues relating to filing of Forms ITR-5, ITR-6 and ITR-7 which includes furnishing of details of shareholding in Schedule SH-1 / SH-2, details of assets and liabilities in Schedule AL-1 / AL-2. It also provide solutions to queries of Partnership firms and Trusts. Circular No. 26 [&hellip...

Read More

Extend date of filing of Tax Audit Report and income Tax Returns

RTCA has made a representation to CBDT Chairman and requested to extend the date of filing of Tax Audit Report and income Tax Returns in audit cases for Asstt Year 2019-20 to to 15th November 2019....

Read More
Posted Under: Income Tax |

Penalties and Prosecutions under the Income tax Act

IS THE LEVY OF PENALTY AUTOMATIC? No penalty under the Income-tax Act is imposed unless the person concerned has been given reasonable opportunity of being heard. WHAT IS THE MINIMUM AND MAXIMUM PENALTY LEVIABLE? The quantum of penalty leviable depends upon the nature of default. The relevant sections of income-tax Act prescribe the minim...

Read More
Posted Under: Income Tax |

Conduct of assessment proceedings through ‘E-Proceeding’ facility

Circular No. 27/2019-Income Tax (26/09/2019)

In all cases (other than the cases covered under the `e-Assessment scheme, 2019' notified by the Board), where assessment is to be framed under section 143(3) of the Act during the financial year 2019-20, it is hereby directed that such assessment proceedings shall be conducted electronically subject to exceptions in para below....

Read More

HC allows petitioner to file TRAN-1 Forms again

Kusum Enterprises Pvt. Ltd. & Sanko Gosei Technology India Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court)

Kusum Enterprises Pvt. Ltd. & Sanko Gosei Technology India Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court) GST Department to either open the portal so as to enable the Petitioners to again file the TRAN-1 Forms electronically, failing which the Department will accept the manually filed TRAN-1 Forms on or before 31st [&hellip...

Read More

All about Availability of Online GST Refunds functionality in CBIC-GST Application

Advisory No.29 — Online Refund Functionality (26/09/2019)

Till now, the Refund application — RFD-01A filed online by the tax payer at the GSTN common portal is pushed to the CBIC back end system, in which the jurisdictional tax officer can view and download these applications. Thereafter, the proper officer manually processes the applications and refund sanction order and Payment advice are se...

Read More

HC permits revision of TRAN-1, waives penalty & interest for late filing of GSTR-3B

M/s Blue Bird Pure Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court)

M/s Blue Bird Pure Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court) In the present case, the Court is satisfied that, although the failure was on the part of the Petitioner to fill up the data concerning its stock in Column 7(d) of Form TRAN-1instead of Column 7(a), the error was inadvertent. […]...

Read More

Global Depository Receipt- Relevant Provisions

Q.1 What Is a Global Depositary Receipt? A global depositary receipt (GDR) is a bank certificate issued in more than one country for shares in a foreign company. Understanding Global Depositary Receipt A global depositary receipt (GDR) is very similar to an American depositary receipt (ADR). It is a type of bank certificate that represent...

Read More
Posted Under: Income Tax |

Imprisonment with Fine to Then Commissioner of Customs & Excise in DA Case

Five Years Imprisonment With Fine Of Rs. Twenty Lakh To Then Commissioner Of Customs & Central Excise In A Disproportionate Assets (DA) Case The Special Judge, Rouse Avenue Court Complex, New Delhi has sentenced Sh. VK Puri, then Commissioner of Customs and Central Excise, Lucknow and his wife Smt. Amita Puri, both to undergo five [&h...

Read More
Posted Under: Income Tax |

RTI Information supplied after statuary period of delay- Rs. 25000 penalty imposed

Rajesh Kumar Patel S/o Shri Ramsharan Vs Chief Information Commission (Chhattisgarh High Court)

Rajesh Kumar Patel S/o Shri Ramsharan Vs Chief Information Commission (Chhattisgarh High Court) Admittedly, in this case, up till the filing of the second appeal, no information was supplied, however, the information when was supplied i.e. the copy of the cash-book, the petitioner contended that one copy was supplied twice. The commission...

Read More

Taxation Laws (Amendment) Ordinance, 2019 – Key Changes

HIGHLIGHTS OF THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 The President has promulgated an Ordinance dated 20 September, 2019 to amend the Income-tax Act, 1961 and the Finance (No.2) Act, 2019. The Ordinance promulgated is THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019, hereafter referred to as “the Ordinance”. The Ordinance shall co...

Read More
Posted Under: Income Tax |

Tax implication of Taxation Laws (Amendment) Ordinance, 2019

Analysis of tax implication on ‘The Taxation Laws (Amendment) Ordinance, 2019 dated 20th September, 2019 The CBDT has introduced new section , Sec. 115BAA – Tax on income of certain domestic companies where at the option of the assessee, may compute tax @ 22% plus surcharge and cess (effective tax rate comes to 25.17%) from the [&hel...

Read More
Posted Under: Income Tax |

Client not bound by concession in law contrary to statutory rules made by his lawyer before a judicial authority

Director of Elementary Education, Odisha & Ors. Vs Pramod Kumar Sahoo (Supreme Court)

Director of Elementary Education, Odisha & Ors. Vs Pramod Kumar Sahoo (Supreme Court) We have heard learned counsel for the parties and find that the distinction between Trained Matric Teacher and Untrained Matric Teacher has not been appreciated by the Tribunal and the same error was committed by the High Court as well. The concessio...

Read More

International Taxation – Introduction to Transfer Pricing

In our recent discussions, we had come across that many of the business people and few of the professionals were not aware/familiar with the Transfer Pricing (TP) provisions and the related compliances. This document is intended to provide the basic knowledge of the same....

Read More
Posted Under: Income Tax |

Deduction under section 80EEB of Income Tax Act

Currently, with an aim to promote the electric vehicle market, the Government is coming up with various exemption, deductions and rates cuts. One such step is the insertion of new deduction section 80EEB in the Income Tax Act, 1961. Newly introduced section 80EEB provides deduction in respect of interest paid on loan taken from the fina...

Read More
Posted Under: Income Tax |

SEBI (Foreign Portfolio Investors) Regulations, 2019

Notification No. SEBI/LAD-NRO/GN/2019/36 (23/09/2019)

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

Read More

Circular on Group Life Insurance Products and other operational matters

Circular No: IRDAI/LIFE/CIR/172/09/2019 (26/09/2019)

Though entry into or exit from the group may go on continuously, entry into the group insurance policy for individual members will be either from a well defined date such as the next anniversary of the policy or from the first of the following month or from a clearly identifiable event other than merely joining the group, subject to recei...

Read More

IRDA Circular on Benefit Illustration and other market conduct aspects

Circular No: IRDAI/LIFE/CIR/173/09/2019 (26/09/2019)

Every Insurer carrying on life insurance business shall provide customised benefit illustrations to proposers or policyholders at the point of sale for all products, except those issued under IRDAI (Micro Insurance) Regulations, 2015, Guidelines on Point of Sales(POS) - Life Insurance Products, 2016 and IRDAI (Insurance services by Common...

Read More

New Definition of Employees in Age of Disruption Series 1

Would you hire Tesla’s Elon Musk or Virgin’s Founder, Richard Branson, Sundar Pichai, Steve Jobs, or Bill Gates? Well, you cannot ignore them. Why you cannot ignore them? How many people in your organisation have this type of mindset of people? How many seniors leaders have built this incubation hub of creating future leaders in [&hel...

Read More
Posted Under: Income Tax |

Highlights of the Companies Amendment Bill, 2019 – CSR

1. In case the CSR amount for a particular financial year is unspent, then the same has to be transferred to a Fund specified in Schedule VII within a period of six month from the end of that Financial Year. 2. Any amount remaining unspent pursuant to any ongoing project, undertaken by a company in […]...

Read More
Posted Under: Income Tax |

Recent Income Tax Changes by Taxation Laws (Amendment) Ordinance, 2019

DIRECT TAX HIGHLIGHTS Benefits have been announced by Finance Minister in order to boost the economy. A gist on them has been provided below for your ease of reference: For Existing Domestic Companies Reduce the Corporate tax rate for Domestic Companies from 30% to 22% (excluding surcharge & cess) subject to the condition that they [&...

Read More
Posted Under: Income Tax |

Position Limits in Interest Rate Derivatives (IRD)

Circular No. SEBI/HO/MRD/CIR/P/2019/103 (26/09/2019)

Based on the consultations held with stock exchanges, it has been decided to review the extant position limits in Interest Rate Derivatives as under: (i) Banks and Primary Dealers dealing as clients shall have same position limits as are applicable to Trading Members....

Read More

PMCB Bank Crisis: RBI increases cash withdrawal limit

Press Release : 792/2019-2020 (26/09/2019)

Vide modified Directive dated September 26, 2019, it has been decided to allow the depositors to withdraw a sum not exceeding ₹10,000/- (Rupees Ten Thousand Only) (including ₹1,000/- wherever already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account by whatever name cal...

Read More

New norms of Differential Voting Rights

The Ministry of Corporate Affairs (MCA) recently amended the Companies (Share Capital and Debentures) Rules, 2014 (SCAD Rules) which would relaxed norms for shares with Differential Voting Rights (‘DVR’)that will help such companies to retain control while raising equity capital. The MCA move was long-awaited and follows closely on th...

Read More
Posted Under: Income Tax |

Proposed changes in Hospitality Sector with respect to GST

Proposed changes in Hospitality Sector with respect to GST as discussed in the 37th meeting of the GST Council With the Puja and Winter vacations approaching, expeditions and trips are inevitable! The 37th Meeting of the Goods and Services Tax Council, held in Goa on 20th September, 2019 had proposed to lower the GST rates […]...

Read More
Posted Under: Income Tax |

Roll out of facility to access e-assessment records

ITBA - Audit Module/Instruction No. 9 (26/09/2019)

A new column named Assessment Proceedings is provided in List of Assigned Internal Audit Cases grid. Clicking on View hyperlink will open the closed Assessment Proceedings (that is the work item) screen in read-only mode (similar to Assessment Work item being opened from Assessment module Status Monitor screen)....

Read More

Time for completion of assessment in OCM cases extended till 31.12.2019

F.No.225/363/2017-ITA-II (26/09/2019)

Further extension of time till 31.12.2019 for completion of assessment in OCM cases where no return has been filed in response to notice u/s 142(1) of Income -tax Act, 1961 and the assessments have to be completed u/s 144. F.No.225/363/2017-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Tax **...

Read More

ICAI Robust Examination System and Evaluation Process

ICAI made an announcement with respect to Evaluation of answer books of CA exams on 21st September, 2019. Thereafter, a webinar was conducted on 22nd September, 2019 wherein the procedure and processes followed in the examination system were explained and all the misgivings about the examination process were cleared. Further, an announcem...

Read More
Posted Under: Income Tax |

Corrigendum to Taxation Laws (Ordinance), 2019 to correct errors

Corrigendum to Taxation Laws (Ordinance), 2019 (26/09/2019)

CBDT issued corrigendum to Taxation Laws (Ordinance), 2019 in order to correct typographical errors.  MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 26 September, 2019 CORRIGENDA In the Taxation Laws (Amendment) Ordinance, 2019 (No. 15 of 2019) as published in a Gazette of India, Extraordinary, part II section 1, dat...

Read More

No Issue of Advance Authorisations where export item is Gold medallions and coins

Public Notice No. 35/2015-2020-DGFT (26/09/2019)

Advance authorisation shall not be issued where item of export is 'Gold Medallions and Coins' or 'Any jewellery/articles manufactured by fully mechanised process'....

Read More

Seeks to amend Notification No. 51/2019- Jurisdiction of income-tax authorities

Notification No. 73/2019-Income Tax [S.O. 3469(E)] (26/09/2019)

Seeks to amend Notification No. 51/2019 Dated 22/10/2014 – Jurisdiction of income-tax authorities vide Notification No. 73/2019-Income Tax dated 26th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 73/2019-Income Tax New Delhi, the 26th September, 2019 (Income-Tax) S.O. 3...

Read More

Amendment in import policy of electronic cigarettes

Notification No. 20/2015-2020-DGFT (26/09/2019)

Import of electronic cigarettes (e — cigarettes) or any parts or components thereof such as refill pods, atomisers, cartridges etc, including all forms of Electronic Nicotine Delivery Systems, Heat Not Burn Products, e — Hookah and the like devices by whatever name and shape, size or form it may have, but does not include any product ...

Read More

GST on Work Contract on Roads & Highways

India has a vast network of road network of 5.23 million kms. and categorically it is the world’s second largest network . The national Highway comprises 2% of the total road network but carry 40% of the total traffic . One more interesting fact is that the 65% of the freight and 80% of the […]...

Read More
Posted Under: Income Tax |

FDI in Defence Sector in India

Defence Industry in India is subject to Industrial License under the Industries (Development & Regulation) Act, 1951 and manufacture of small arms and ammunition under the Arms Act, 1959. The detailed guidelines in this regard may be seen under the Press Note available at www.dipp.nic.in followed by link Acts & Rules. Previously,...

Read More
Posted Under: Income Tax |

Notification No. 50/2019-Customs (N.T./CAA/DRI), Dated : 26.09.2019

Notification No. 50/2019-Customs (N.T./CAA/EXTENSION/DRI) [S.O. 3508(E).] (26/09/2019)

Appointment of Common Adjudicating Authority (CAA) by DGRI | Notification No. 50/2019-Customs (N.T./CAA/EXTENSION/DRI) dated 26th September, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 50/2019-Customs (N.T./CAA/EXTENS...

Read More

Notification No. 49/2019-Customs (N.T./CAA/DRI), Dated : 26.09.2019

Notification No. 49/2019-Customs (N.T./CAA/DRI) (26/09/2019)

Appointment of CAA by DGRI | Corrigendum to Notification No. 48/2019-Customs (N.T./CAA/DRI) dated 23.09.2019 | Notification No. 51/2019-Customs (N.T./CAA/DRI) Dated 27th September, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Corrigend...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031