"03 October 2019" Archive

Services under Reverse Charge Mechanism in GST on 01.10.2019

List of Services liable for Reverse Charge Mechanism (RCM) in GST including notified services effective from 1st October, 2019. In the normal course of taxability in GST liability to pay GST is on supplier on supply of Goods or services but in some cases recipient of goods or services are liable to pay GST. The […]...

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CBIC withdraws Discount Circular No. 105/24/2019-GST dated 28.06.2019

Circular No. 112/31/2019–GST (03/10/2019)

Circular No. 112/31/2019 – GST- To ensure uniformity in the implementation law across, CBIC, hereby withdraws, ab-initio, Circular No. 105/24/2019-GST dated 28.06.2019....

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CBIC clarifies on GST refund subsequent to favourable order in appeal

Circular No. 111/30/2019-GST (03/10/2019)

Circular No. 111/30/2019 - GST: Seeks to clarify procedure to claim refund in FORM GST RFD-01 subsequent to favourable order in appeal or any other forum....

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GST refund application when NIL refund application already been filed

Circular No. 110/29/2019-GST (03/10/2019)

Circular No. 110/29/2019 – GST- Eligibility to file a refund application in FORM GST RFD-01 for a period and category under which a NIL refund application has already been filed. Circular No. 110/29/2019 – GST F.No. CBEC – 20/06/03/2019 – GST Government of India Ministry of Finance Department of Revenue Central Board of In...

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Simplified Annual Return (Combined Form GSTR 9 & GSTR 9C)

Biggest reason for non-filing of GSTR 9, 9A and 9 C is the complexity of these forms and asking for data which was not captured during the concerned period. Ahilya Chamber of Commerce and Industry, Indore has compiled a simplified Annual Return (Combined Form 9 and 9C) with the perspective of traders. and taking care […]...

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India’s First ‘Unlimited Trading Subscription Plans’ with Indiabulls Shubh

The Indiabulls Shubh is a discount broking platform which offers unlimited trading with subscription-based plans. The customers could pick from a range of subscription plans on both Intraday as well as Delivery....

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MAT Credit Clarification issued by CBDT – Impact Assessment

The Central Board of Income taxes, vide Circular No. 29/2019 dated 2nd October 2019 have issued clarification on the usability of the Minimum Alternate Taxes (MAT), subsequent to the issue of the Taxation Laws (Amendment) Ordinance, 2019. The Amendment Ordinance, had provided an option to the existing domestic company of paying tax at red...

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5 Important Benefits of Doing CFA After CA

Chartered Accountancy (CA) and the Chartered Financial Analyst Program (CFA) are one of the most preferred career options for aspirants. The CA is most in-demand course in India whereas the CFA program has its popularity across the globe as a most sought-after professional qualification. Opt for CFA after being qualified as CA is a better...

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Denial of deduction u/s 10(23C)(iiiad) on account of running school for profit motive

The ITO(Exemption) Vs M/s Vidya Bharti Samiti (ITAT Jaipur)

Sharing of the profit or income under the agreement between the parties and assessee and 80% of the income was going to the commercial entities clearly established the intention of the parties in this arrangements being for profit were not solely for providing education, therefore, the benefit of Section 10(23C)(iiiad) was not available t...

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Single Authority GST Refund Disbursement Process: Concept Document

1. The taxpayer files refund application on the portal in form RFD-01. 2. On filing of RFD-01 application, common portal shall process the data and generate Taxpayers’ (Assessee) Master file. This file contains the details of the taxpayers’ bank account. 3. The Assessee Master is then shared with Public Financial Management Syst...

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Section 2(22)(e): ITAT restricts overall addition to amount of loan

Shri V. Ramesh Vs ACIT (ITAT Chennai)

Hence it would be an appropriate analogy that the entire amount which is liable to be treated as deemed dividend has to be apportioned between both the shareholders in whose cases the conditions stipulated for attracting the provisions of Section 2(22)(e) of the Act are satisfied. Therefore as pleaded by the Ld.AR, it would be judicious t...

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Setting up of ReACs under E-assessment Scheme, 2019

Order No. 2 (03/10/2019)

Central Board of Direct Taxes hereby sets up the Regional e-Assessment Centres (ReACs) as specified in column 2 of the Schedule-1, with their headquarters at the place mentioned in column 3 of the said Schedule and shall comprise of the Income Tax authorities as per Annexure to this order....

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Re-open Portal to enable Petitioner to file its TRAN-1 Form: HC

Chogori India Retail Ltd Vs Union of India And Ors. (Delhi High Court)

Chogori India Retail Ltd Vs Union of India And Ors. (Delhi High Court) This Court would not like to get into the issue whether in fact the Petitioner faced difficulty. The transitional credit (TC) available in the account of the Petitioner is a substantial sum. It is not denied by the Respondent that the Petitioner […]...

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Aggregate Turnover under GST- Meaning, Inclusion and Exclusions

> The term ‘aggregate turnover’ plays an important role in GST. It decides: 1. Whether a person is liable for registration under GST? 2. Whether a person is eligible for opting Composition Scheme? > The term ‘aggregate turnover’ has been defined in GST law as under: “Aggregate Turnover” means value of all taxable...

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Allowability of CSR Expenditure under Income Tax Act, 1961

CORPORATE SOCIAL RESPONSIBILITY (CSR) is a self-regulating process, through which corporate link their activities with common public. The Corporate generally using resources, whether it is natural or human to amass big profits and through Corporate Social responsibility, they will take social responsibility to develop local area and peopl...

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Remedies available under CPA and RERA are concurrent: Delhi HC

M/S M3M India Pvt Ltd & Anr Vs Dr Dinesh Sharma & Anr (Delhi High Court)

M/S M3M India Pvt Ltd & Anr Vs Dr Dinesh Sharma & Anr (Delhi High Court) Judgment in Pioneer Urban Land and Infrastructure Ltd. & Anr. vs. Union of India & Ors. constitutes the law declared by the Supreme Court under Article 141 of the Constitution, even in respect of the question raised in these […]...

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Procure to Pay – Internal audit

The Procure to Pay process (P2P) remains one of the most complex business processes, often spanning across multiple systems and operations. Despite the level of automation, including enterprise resource planning (ERP) implementations, P2P remains an area prone to fraud, money leakage, and inefficiencies....

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Recent Updates In GST till 02nd October 2019

CBIC has issued 14 notifications yesterday on 30.09.2019 the decisions taken in 37th GST Council meeting which was held on 22.09.2019 in Goa. The gist of new notifications is given below in this article...

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GST Advance Ruling in case of Mohana Ghosh- Interesting facts

In a recent ruling by the Authority of Advance Ruling (AAR), West Bengal, two interesting things occurred and this article tries to highlight the 3rd interesting thing which is missed out in the ruling of the AAR, so this is an interestingly interesting matter. The ruling was in the case of Mohana Ghosh, In Re […]...

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Revised jurisdiction of DCIT/ACIT/ITO in Delhi

F. No. JCIT/Range-28/Jurisdiction/2019-20/478 (03/10/2019)


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Deduction under section 80TTA of Income Tax Act

Any interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction under section 80TTA of the Income Tax Act. The provisions relating to the same are explained in the current article. Provisions of section 80TTA – The […]...

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All about E- Form BEN–2 in FAQs Format

Q.1 What is Form BEN – 2? Ans: According to Section 90 of Companies Act, 2013; every company is required to file the declaration to the concerned RoC i.r.o. Significant Beneficial Owners of the company, Disclosing their interest in the company by way of : – shareholding or voting rights Within 30 days of acquiring […]...

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Tax Treatment of Income from Other Sources

Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head Income from Other Sources....

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Superannuation Fund: Approval And Winding Up

ON THE QUESTION OF APPROVAL: HOW TO GET IT APPROVED An approved superannuation fund is a fund that is approved by the Commissioner of Income Tax. The rules pertaining to this can be found in Part B of the Fourth Schedule of the Income Tax Act, 1961. Superannuation funds are approved by the Income Tax […]...

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HC allows petitioner to file TRAN-2, not filed due to technical glitches

M/S. Baril Marketing Pvt. Ltd. Vs Union of India and 5 Ors. (Gauhati High Court)

M/s. Baril Marketing Pvt. Ltd. Vs Union of India and 5 Ors. (Gauhati High Court) This Court is of the view that if there is a provision made for filing returns electronically and if because of certain technical glitches uploading could not be done in time, on that ground the concerned individual or firm ought […]...

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GST Registration requirement in another state is beyond AAR jurisdiction

In re T & D Electricals (GST AAR Rajasthan)

The applicant has raised a question, whether separate registration is required in the State of Karnataka for the work contract awarded to him in the State of Karnataka? In this regard we observe that the question raised by the applicant is outside the purview of this authority. The authority for Advance Ruling is created under SGST/UTSGST...

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Basic Concepts of Income Tax updated with recent amendments

Simplified and Latest version of Basic Concepts of Income Tax (Including amendments up to 26/9/2019). The Topics included are  Income-tax: Basic concepts; Residential status and tax incidence; Exempted incomes; Agricultural income; Computation of taxable income under various heads; Deductions from Gross total income; Assessment of Indivi...

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CCI approves acquisition of shareholding in GMR Airports

CCI approves the acquisition of shareholding in GMR Airports Limited (GAL) by TRIL Urban Transport Private Limited (TUTPL), Valkyrie Investment Pte. Ltd. (Valkyrie) and Solis Capital (Singapore) Pte. Limited (Solis) under Section 31(1) of the Competition Act, 2002...

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In absence of claim of exempt Income disallowance U/s 14A not warranted

Pr. CIT Vs Harsha Engineerings Ltd. (Gujarat High Court)

Pr. CIT Vs Harsha Engineerings Ltd. (Gujarat High Court) Section 14A of the Act can be invoked only if the assessee seeks to square off the expenditure against the income which does not form the part of the total income under the Act and in such circumstances, section 14A of the Act could not have […]...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 04.10.2019

Notification No. 72/2019-Customs (N.T.) (03/10/2019)

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 4th October, 2019 notified vide Notification No. 72/2019–Customs (N.T.) dated 3rd October, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 72/2019 – Customs (N.T.) New Delhi, dat...

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P2P Lenders Hope of an Increase in Lending Limit

P2P Lenders Hope of an Increase in Lending Limit as RBI Awakens to Their Demands RBI’s demand for P2P lending platforms to provide authentic data has certainly aroused hope for positive change among stakeholders! Background The Association of NBFC Peer-to-Peer (P2P) Lending Platforms had written a letter to the RBI in July this year, br...

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Sachin Bansal’s recent Investment in a NBFC Create Ripples in Financial World

Sachin Bansal’s Big Ticket Investment of 739 Crore In A NBFC Creates Ripples in Financial World The poster boy of Indian start-up industry, Sachin Bansal, famously known as the Flipkart co-founder, has been hogging the limelight recently, as he seems to be on a shopping spree. His latest investment on 25 September 2019, has found [&hell...

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An Insight on Conversion of LLP into a Private Limited Company

Introduction:- Operating a LLP form of business organization can be a hurdle as other form of business organizations offers better opportunities for the growth & expansion of the business. Therefore, the amazing benefits offered by the other organizational structures will attract the shareholders. Thus, that would lead to the conversi...

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Rates of Tax on Job-work Services wef 1st October 2019

What Council Propose – Government Disposes !! Council at their 37th meeting took the following decision with respect to reduction in rates of tax on job-work services: ‘3. To reduce rate of GST from 5% to 1.5% on supply of job work services in relation to diamonds. 4. To reduce rate of GST from 18% […]...

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Review of anti-dumping investigation concerning imports of Hot Rolled Flat Products of Stainless Steel-

Initiation Notification SSR No. 07/2019 (03/10/2019)

Initiation of Sunset Review of anti-dumping investigation concerning imports of Hot Rolled Flat Products of Stainless Steel- 304 grade from China PR, Malaysia and Korea RP....

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No Postponement of CA November 2019 Exams- ICAI Denies Social Media Report

IMPORTANT ANNOUNCEMENT 1st October, 2019 Subject: No Postponement of CA November 2019 Exams It has been brought to our notice that certain announcement is being circulated in social media that the CA Exams will be held in December instead of November 2019. In this connection, it is hereby clarified that the above announcement has not [&he...

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Proactive Steps Initiated by ICAI in PMC Bank Matter

Recently, various Media reports were reported about major financial irregularities and failure of internal control systems leading to downfall of PMC Bank. Considering the enormity of the matter, the Institute of Chartered Accountants of India (ICAI) in consonance with its role as a Regulator has triggered its Disciplinary mechanism by wr...

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How to Authenticate Notice/Order Issued by Income Tax Department

1) Go to the Income Tax department’s e-filing website and click on “Notice/Order Issued by ITD” button on the left side or visit the following link- https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/AUTHNoticeLink.html?lang=eng 2. You can search any income tax notice online by any of two methods below at abov...

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Directions of CBDT regarding Regional e-Assessment Centres (ReAC) ‘s Headquarters, functions and powers

Notification No. 77/2019-Income Tax [S.O. 3597(E)] (03/10/2019)

Central Board of Direct Taxes hereby directs that the Income-tax Authority of Regional e-Assessment Centres (read as ReAC) specified in column (2) of the Schedule below, having their headquarters at the places mentioned in column (3) of the said Schedule, shall exercise the powers and functions of the Assessing Officer...

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RBI Enhances withdrawal limit for depositors of PMC Bank Ltd to Rs. 25000

Press Release: 2019-2020/861 (03/10/2019)

Reserve Bank Enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd to Rs. 25,000 Reserve Bank of India Date : Oct 03, 2019 It may be recalled that the Reserve Bank of India had permitted the depositors of Punjab and Maharashtra Cooperative Bank Ltd to withdraw up to Rs. 10,000/- (Rupees Ten Thousand [&he...

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November 2020