"28 September 2019" Archive

Deduction under section 80G of Income Tax Act

Overall, most of the assessee generally would have the basic know-how relating to deduction available under section 80G of the Income Tax Act. Broadly speaking, the deduction under section 80G is available in respect of the contribution / donations made to the specified charitable institutions or funds etc. The current article would try...

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Posted Under: Income Tax |

Provisions of Section 62(2) of GST Act have to be construed strictly

M/s Bridge Hygiene Services Private Limited Vs The State Tax Officer (Kerala High Court)

M/s Bridge Hygiene Services Private Limited Vs The State Tax Officer (Kerala High Court) The statutory prescription of 30 days from the date of receipt of the assessment order passed under sub section (1) of Section 62 has to be strictly construed against an assessee and in favour of the revenue, since this is a […]...

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Tax Audit Under Income Tax Laws

As per the combined readings of provisions of sections 44AB, 44AD and 44ADA of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be), or carrying on a profession whose gross receipts exceed Rs. 50 Lakh in the relevant assessment year, must get his/her accounts audited....

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Posted Under: Income Tax |

RERA Registration, Applicability, Offence Provision & Important Definitions

In past few years, we observed that there are many reforms has been taken place in large for development and smooth functioning the economy. One of them, regulation which we are taking up in this article is RERA i.e Real Estate Regulation Act, name itself reflects that this for regulating the Real Estate Transaction. Now […]...

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Posted Under: Income Tax |

Update on 37th GST Council meeting at Goa on 20.09.2019

The 37th meeting of GST Council was held on 20th September, 2019 at Goa where in several taxpayer friendly measures have been announced which inter alia include GST rate reduction on hotels, few exemptions, lower rate on diamond related job works and outdoor catering, measures to boost export, few clarifications and relaxation in filin...

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Posted Under: Income Tax |

Online GST refund processing and single authority disbursement : Advisory

Online processing of refund applications and single authority disbursement implemented The online processing of refund applications and single authority disbursement has been implemented. The taxpayers are advised to take note of the following changes: Refund applications filed by the taxpayers in RFD-01 form shall be processed electronic...

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Posted Under: Income Tax |

Reversal of common Input Tax credit and its finalization

Under GST Law, there are various activities which need to be completed by 30.09.2019 in respect of the supplies made during the FY 18-19. One of such activities is the finalization of the common credit reversed during the year. The manner of reversal of credit is prescribed under Rule 42 (for inputs and input services) and Rule 43 (for...

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Posted Under: Income Tax |

Deduction under section 80GG of Income Tax Act

In general, the employee who is receiving ‘House Rent Allowance’ has a benefit of claiming an available exemption under section 10 (13A) of the Income Tax Act. However, there can be a situation, wherein, the individual (either self-employed or a salaried person) would not be receiving House Rent Allowance, but, is paying rent for his ...

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Posted Under: Income Tax |

Niti Aayog Registration: Benefits & Eligibility

Niti Aayog Registration: Benefits & Eligibility In the period of Digitalization, now Government is focusing on maintaining a centralized database of all NGO/Society/Trust which want to avail government grant/funding to achieve their objectives. For that purpose, government has now, made it mandatory for all NGO/Society/ Trust to take ...

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Posted Under: Income Tax |

Removal of Difficulties Order – View Points

Removal of Difficulties Order – View Points Under Central Goods and Services Act, 2017 Removal of Difficulties Order plays a vital part to implement the provisions of this Act by extending time limit.  Until now the Government has issued 13 Removal of Difficulties Order, on the recommendations of the GST Council. The List of Removal [&...

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Posted Under: Income Tax |

Compliance Calendar Under Income Tax for October 2019

Due Dates Under Income Tax Act, 1961- (October 2019) Monday, October 7, 2019 1. Due date for deposit of tax deducted/collected for the month of September, 2019. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid […]...

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Posted Under: Income Tax |

FIDIC – 2017: Rainbow Suite Standard Contracts

A contract is a legally binding agreement between the parties identified in the agreement to fulfill all the terms and conditions outlined in the agreement. Contract management plays a vital role in all the companies and determines financial health and also indicates how best the funds are invested and utilized. Contract management is ...

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Posted Under: Income Tax |

Clarification on GST and ITC in Respect of Free Samples etc.

Clarification on GST and ITC in Respect of Free Samples, Stolen, Discount, Theft and Loss of Goods Gifts to incentivize Distributors Gifts or samples for Marketing Distribution of Samples through Branches As per section 7 supplies refers to all form of supply made or agreed to be made FOR CONSIDERATION in the course of furtherance [&helli...

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Posted Under: Income Tax |

Exemption u/s 11 allowable on donation by a charitable trust to other for utilization towards charitable objects

DCIT Vs M/s Divya Yog Mandir Trust (ITAT Delhi)

Inter-trust donation by one charitable trust to another for utilization by the donee trust towards charitable objects was proper application of income for charitable purpose in the hands of donee trust and it would not affect the exemption claimed by assessee u/s 11 in any manner whatsoever nor inter-trust donation could be termed as devi...

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Trademark Act- Section 34 vs Section 35

Section 34- Nothing in this Act shall entitle the proprietor or a registered user of registered trade mark to interfere with or restrain the use by any person of a trade mark identical with or nearly resembling it in relation to goods or services in relation to which that person or a predecessor in title […]...

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Posted Under: Income Tax |

Form DIR 3-KYC- A brief

The Ministry of Corporate Affairs has issued a General Circular No. 07/2019 dated: 27.06.2019 and has clarified the following: 1. As per the Companies (Appointment and Qualification of Directors) Rules 2014, every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rule...

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Posted Under: Income Tax |

MAT Credit Entitlement for Companies opting for lower Tax regime

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 companies while for new manufacturing companies, ...

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Posted Under: Income Tax |

Kinds of Share Capital- Relevant Provisions

Q.1 Kinds of Share Capital? The share capital of a company limited by shares shall be of two kinds, namely:— (a) equity share capital— (i) with voting rights; or (ii) with differential rights as to dividend, voting or otherwise in accordance with such rules as may be prescribed; and (b) preference share capital: COMMENT: Provided [&he...

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Posted Under: Income Tax |

Offer or Invitation for Subscription of Securities on Private Placement

Q.1 What is Private Placement? The term private placement refers to the sale of securities to a small number of private investors to raise capital. These private investors include mutual fund investors, banks, insurance companies and etc. Private placements are different from public issue since in the latter one the shares are sold in the...

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Posted Under: Income Tax |

Loopholes in Goods & Service tax

Since the inception of the Goods and Service Tax in India, GST has been a matter of discussion for every layman and experts in the country. Like every coin has 2 sides, the implementation of GST in the country also has arguably many merits and demerits as compared to the earlier subsumed taxes. Moving on […]...

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Posted Under: Income Tax |

Inter-State Trade or Commerce in GST

Article 246A of the Constitution, which gives powers to the Parliament and the Legislatures of the States to make law to provide levy and collection of goods and services tax (hereinafter referred to as the GST), runs as follows:– “246A. (1) Notwithstanding anything contained in articles 246 and 254, Parliament, and, subject t...

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Posted Under: Income Tax |

5% GST payable on Marine Duty Hydraulic Equipment

In re Fluid Power Pvt Ltd. (GST AAR Maharashtra)

In re Fluid Power Pvt Ltd. (GST AAR Maharashtra) 5% GST payable on Marine Duty Hydraulic Equipment designed & custom built to be fitted on barge Question 1:- Applicability of GST @ 5% (CGST of 2.5% and SGST of 2.5%) or IGST @ 5% for the above mentioned Marine Duty hydraulic equipment, which is being […]...

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Mandatory Compliances of Private Limited Companies

WHAT IS MEANING OF PRIVATE LIMITED COMPANY? A private limited company is a company which is privately held for small businesses. The liability of the members of a Private Limited Company is limited to the amount of shares respectively held by them. Shares of Private Limited Company cannot be publically traded. Mandatory compliances of Pri...

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Posted Under: Income Tax |

MCA advisory on e-filing to avoid last minute rush

To avoid last minute rush and system congestion on the MCA21 Portal on account of Annual Filings during the Month of October and November 2019, Companies are requested to file their Financial Statements and Annual Returns at the earliest, Without Postponing it to the Last Days....

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Posted Under: Income Tax |

Tax Collected at Source (TCS)

TAX COLLECTED AT SOURCE (TCS) 1. Tax collected at source (TCS) is an extra amount collected as tax collected by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account.As per Income Tax Act 1961 Certain persons, being the […]...

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Posted Under: Income Tax |

Certificate of lower withholding tax for income accruing/arising in India

How to get a Certificate for lower Deduction Tax for Income accruing/arising in India Q1. In case of non-residents, taxes are withheld, i.e. deducted at source from the payment in relation to income accruing and arising in India. Is there any provision in the Income Tax Act, 1961 for obtaining certificate for lower deduction of […]...

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Posted Under: Income Tax |

Extension of due date for linking of PAN with Aadhaar from 30.09.2019 to 31.12.2019

Notification No. 75/2019-Income Tax [S.O. 3539(E)] (28/09/2019)

Extension of due date for linking of PAN with Aadhaar from 30.09.2019 to 31.12.2019 by CBDT vide Notification No. 75/2019 dated 28th of September, 2019...

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Notification No. 39/2019-Customs (ADD), Dated: 28.09.2019

Notification No. 39/2019-Customs (ADD) (28/09/2019)

Notification No. 39/2019-Customs (ADD)– seeks to rescind Notification No. 23/2013-Customs(ADD) dated 10th October, 2013. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No. 39/2019-Customs (ADD) New Delhi, the 28th September, 2019 G.S.R. 696(E).– Whereas in the matter of ‘Ductile iron pipes’ (he...

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