"07 October 2019" Archive

Revenue Secretary inaugurates National e-Assessment Centre of IT Dept.

Revenue Secretary inaugurates National e-Assessment Centre of IT Department Faceless e-Assessment for income tax payers launched New Initiative shall impart greater efficiency, transparency and accountability in the assessment process Posted On: 07 OCT 2019 Revenue Secretary Shri Ajay Bhushan Pandey inaugurated National e-Assessment Schem...

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Posted Under: Income Tax |

Statutory Registers to be Maintained by a Company

All about Statutory Registers to be Maintained by the Company Under Companies Act, 2013 In India What are the Statutory Registers? ♦ According to the Companies Act, Statutory Registers are the registers which contains the specific record of the company’s shareholders, directors, deposits, loan & guaranty etc. and are placed at the...

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Posted Under: Income Tax |

HC directs GST Commissioner to reflect ITC claim of Petitioner in electronic credit ledger

Sikka Motors Pvt. Ltd. Vs Commissioner, Central Goods And Service Tax & Ors. (Delhi High Court)

Sikka Motors Pvt. Ltd. Vs Commissioner, Central Goods And Service Tax & Ors. (Delhi High Court) Learned counsel for the Petitioner points out that in the present case, the eligibility of the Petitioner to claim ITC has not been doubted by the Respondents. However, for no fault of the Petitioner, despite filing the form GST […]...

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Levy & Apportionment of Integrated Goods and Services Tax

The Constitution of India provides that the Parliament may, by law, provide the manner in which goods and services tax, collected on following supplies of goods or services or both, shall be apportioned in between the Union and the States, namely:- (i) supply of goods or services or both in the course of inter-State trade […]...

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Posted Under: Income Tax |

GST may not be applicable on Housing Scocieties

GST may not be applicable on Housing Societies 1. Recently Hon. Supreme Court has given a landmark judgement with regard to levy of sales tax on goods supplied by clubs to its members and service tax on services provided by clubs to its members. Surely this is going to cast shadow on the levy of […]...

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Posted Under: Income Tax |

Unaccounted sales cannot be regarded as turnover for section 44AB

Shri Satya Prakash Mundra Vs ITO (ITAT Jaipur)

Addition made by AO during the assessment proceedings on the basis of unaccounted sales cannot be regarded as the turnover for the purpose of section 44AB of the Act because the documents relied upon by AO are neither the part of books of account nor would substitute the books of account or constitute the books of account of the assessee ...

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RfP for Concurrent Audit of Operations of Branch Office, SIDBI

Small Industries Development Bank of India Request for Proposal (RfP) For Concurrent Audit of Operations of Branch Office, SIDBI. CA will have to submit the following reports to the Management...

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Posted Under: Income Tax |

Requirement of issuance of notice within prescribed time U/s. 143(2)

ITO Vs Globsyn Technologies Ltd. (ITAT Kolkata)

ITO Vs Globsyn Technologies Ltd. (ITAT Kolkata)  is the contention of the ld. AR is that no notice u/s 143(2) of the Act was served within the stipulated time prescribed in the Act and the reassessment order was without jurisdiction and prayed to dismiss the appeal filed by the revenue. Further he submitted that the […]...

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Office Order No. 221/2019 – Additional Charge in Pr. CCIT/CCsIT grade

Office Order No. 221 of 2019 - CBDT (07/10/2019)

Office Order No. 221 of 2019 The following officers in the grade of Pr.CCIT/CCsIT are hereby ordered to hold the charge(s), as indicated against their names, in addition to their substantive charge/additional charge(s), if any, being held by them, with immediate effect and until further orders:...

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Aadhaar data cannot be shared : CIC

Anupam Saraph Vs Asst. Director General & CPIO (Central Information Commission)

Anupam Saraph Vs Asst. Director General & CPIO (Central Information Commission) Aadhaar data contains Personal Identifiable Information (PII) including Biometric details of Indian residents which is highly sensitive in nature. Aadhaar data being a national asset, therefore sharing the requested information can affect the security inte...

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PMC Crisis- An Indepth Analysis

Few days ago, PMC account holders got a message on their phones that shocked them. PMC Bank was directed by the RBI to let the account holders withdraw no more than ₹1000 for the next six months; not extend or provide any new loans. All of this, overnight. No intimation was given to the customers....

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Posted Under: Income Tax |

TDS Provisions made Simple (Tax Deducted at Source)

Article explains Section wise requirement of TDS deduction, Threshold exemption limit and rate at which TDS needs to be deducted. Article is updated as on 01.10.2019 to include sections under which TDS needs to be deducted from 01st October 2019. Newly introduced section are Section 194M – TDS on any work in pursuance of contract [&hell...

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Posted Under: Income Tax |

Option to pay under PTRC & PTEC together in Maharashtra

Trade Circular No. 52T of 2019 (07/10/2019)

As a step forward towards Ease of Doing Business initiative, MGSTD has now introduced facility to make payment of PTRC and PTEC in single screen through its web-site. This facility is optional....

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Collective Bargaining : A Bonanza for Workmen

Introduction: The two wheels that are responsible for the working of industrial sector are – Labourers and Employers. To run the sector smoothly, both the parties are expected to work with co-operation and co-ordination. However, many a times, their interpersonal relations tend to stretch due to the typical industrial problems. Here, em...

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Posted Under: Income Tax |

Expanding and Deepening of Digital Payments Ecosystem

RBI/2019-20/79 FIDD.CO.LBS.BC.No.13/02.01.001/2019-20 (07/10/2019)

With a view to expanding and deepening the digital payments ecosystem, it has been decided that all State/ UT Level Bankers Committees (SLBCs/ UTLBCs) shall identify one district in their respective States/ UTs on a pilot basis in consultation with banks and stakeholders....

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Profits and Gains from Business and Profession- Brief Study

In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In coming articles we will also discuss Income Tax provisions related to Capital Gain & Income from Other Sources. ...

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Posted Under: Income Tax |

Salient Features of Direct tax Code

The Finance Ministry of India after make-over of Goods & Service Tax is now headed for restructuring the direct tax structure into a simplified version of law. Under which you will meet with the substantial changes along with in depth interpretation on moot question of current prevailing IT act 1961 which gives rise to faulty [&hellip...

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Posted Under: Income Tax |

No Condonation of delay if reasonable cause not furnished by assessee

Krishna Developers Vs DCIT (ITAT Mumbai)

Where assessee failed to show that delay in filing the appeal was not attributable to any factors which were beyond its control, plea raised by assessee for condoning the delay in filing appeal was dismissed....

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Tax Treatment of Income from Salary in Brief

Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance in Recognized Provident Fund j) Contribution by Cent...

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Posted Under: Income Tax |

The Economics of Bankruptcy Laws

The Insolvency and Bankruptcy Code (Code), passed by the Parliament of India in 2016, is one of the most important and comprehensive legal reform. For the first time in independent India, the law formally sets out a bankruptcy and insolvency resolution framework...

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Posted Under: Income Tax |

Efficiency of Bankruptcy Institutions

Banks' willingness to lend depends on their ability to get back the money that they have lent out. Banks lend to risky projects that are able to meet the debt repayment Schedule when they are successful but are unable to meet the banks' claims when they fail....

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Posted Under: Income Tax |

IBC 2016: A Journey of Endless Hope

Dr. M. S. Sahoo* A dialogue between two characters in a novel goes¹ like this: ‘How did you go bankrupt?’ Bill asked. ‘Two ways,’ Mike said, ‘Gradually and then suddenly.’ Most bankruptcies happen that way. The insolvency reforms in India also happened in the same way. While in the works for many years...

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Posted Under: Income Tax |

Depository Receipts (Amendment) Scheme, 2019

Notification No. F. No. 9/1/2013-ECB(Pt-2) (07/10/2019)

This Scheme may be called the Depository Receipts (Amendment) Scheme, 2019.- 5. International Financial Services Centre in India set up under section 18 of the Special Economic Zones Act, 2005 (No. 28 OF 2005)...

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Three Possible Reasons of Failures in CA Exams

Now it’s hardly a month left for the exam to begin with and the excitement has already started knocking the doors. I hope the studies for the ensuing exams are under heat and you are giving your best to fight each and every obstacle coming your way. ...

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Posted Under: Income Tax |

Recommendation of 37th GST Council meeting, not notified so far

It is important to note that whatever is recommended by GST Council , does not becomes the law unless and untill the recommendation is notified in the offical garetta of India. The GST Council in its 37th meeting held in Goa had made the following recommendation , which are yet to be notified √ Small […]...

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Posted Under: Income Tax |

Reform of international tax system: radical change or yet another short-term fix?

In a new report, ICRICT evaluates the forthcoming OECD solution to tax multinationals and calls for a fair and comprehensive reform that would tax multinationals as single firms, using formulary apportionment based on objective factors, together with a minimum effective corporate tax rate of 25%. A significant challenge to resource availa...

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Posted Under: Income Tax |

CG constitutes Inter-ministerial Co-ordination Committee under PMLA

G.S.R. 762(E) (07/10/2019)

In exercise of the powers conferred by section 72A of the Prevention of Money Laundering Act, 2002, the Central Government, hereby constitutes an Inter-ministerial Co-ordination Committee (IMCC), consisting of the following members, namely:—...

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All about Income from House Properties

Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land appurtenant thereto; b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose of business or profession carried on by the taxpa...

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Posted Under: Income Tax |

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