"04 October 2019" Archive

Deduction under section 80TTB of Income Tax Act

Deduction under section 80TTB was introduced for the first time in Budget 2018. Section 80TTB provides a deduction to senior citizens towards interest earned on deposits. The provisions of the same are explained hereunder – Persons eligible for claiming deduction under section 80TTB Deduction under section 80TTB is available only to a s...

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Posted Under: Income Tax |

National Pension Scheme from Income tax perspective

National Pension Scheme (NPS): National Pension Scheme is pension scheme launched by the government of India to provide the old age security to citizens of India. It brings an attractive long-term saving avenue to effectively plan your retirement through safe and regulated market- based return. Under NPS scheme all citizens can invest, wh...

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Posted Under: Income Tax |

Reconstitution of firm does not constitute transfer u/s 45(4)

National Company Vs ACIT (Madras High Court)

Section 45(4) would not be attracted on the retirement of the two partners and consequential allotment of their share in the assets in the assessee-firm as there was no element of transfer of interest in the partnership assets by the retiring partner to the continuing partners. ...

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PMC Bank failure – insight of DICGC-Risky Bonds issued by PMC– Suggestions to RBI

Most of you may be reading, listening to the news on Punjab Maharashtra Co-operative Bank’s failure and would broadly be aware as to how a co-operative bank ranking number four in the Cooperative sector with apparently good balance sheet became almost become bankrupt, overnight. At this stage issue of accountability would be discussed f...

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Posted Under: Income Tax |

Clarification by CBIC on GST Refund application

Clarifications issued by the CBIC on filing of refund application where NIL return has already been filed and favorable order received in appeal or any other forum. Following is the key point related to such circulars issued on 3rd October 2019. Circular No. 110/29/2019- GST dated: 3rd October 2019 Allow to file a re-claim for […]...

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Posted Under: Income Tax |

Summary of Notifications pursuant to 37th GST Council Meeting

The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications and Circular under GST Laws to implement the recommendation of the 37th GST Council held on 20th September, 2019. The summary of notification have been given in a tabular manner for easy understanding: S. No GST Notification No Summary of the Notification 1. [...

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Posted Under: Income Tax |

Compliance Checklist of IEPF Rules

Checklist on compliance of various Provisions under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 [Updated upto: 30.09.2019] S. No Relevant Rule Compliances E-Form Due Dates 1 5(1) Company shall file Form IEPF-1 and statement in excel template with the IEPF Authority and thereafter s...

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Posted Under: Income Tax |

Accounting of CSR Expenditure

Introductions: CSR which stands for Corporate Social Responsibility is a mode for corporate entities to give back to the society they are functioning in for the welfare of the same. In India, CSR was introduced first time in Section 135 of Companies Act, 2013. After that law related to CSR has been undergone some changes. […]...

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Posted Under: Income Tax |

GST on Ocean Freight a controversy

Introduction: The shipping industry is a vital part of global freight transportation which caters global trade supply-chain. More than 90% of the world trade is through oceans as it is the most affordable and efficient mode of transporting goods, where large volume of goods can be carried on vessels for long distances at a fraction [&hell...

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Posted Under: Income Tax |

Basics of RERA

Basics of RERA The much needed Real Estate (Regulation and Development) Act, 2016 came into effect on 1st May, 2016. 59 of 92 Sections of the Act were notified on 15 April, 2016 making them effective from May 1, 2016. This enabled preparation of Real Estate Rules, setting up of Regulatory Authorities and other infrastructure. […]...

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Posted Under: Income Tax |