"10 October 2019" Archive

FY 2018-19: Actions in September 2019 GST returns

Unlike in FY 2017-18 where the assesses were provided with extension of time limit for rectifying the errors or omissions and availment of input tax credit through removal of difficulties (ROD) order no. 02/2018, the time limits for FY 2018-19 have yet been extended....

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Analysis of GST Notifications dated 09th October 2019

Further Changes Pursuant to The 37th GST Council Meeting in GST Law and Rules vide CBIC Central Tax notification No. 44 to 49/2019 dated 9th October 2019. Pursuant to the decisions taken at the 37th GST Council meeting, following changes have been made via issuance of notifications dated 09th October, 2019. A. DUE DATES FOR […]...

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GST E-Invoice System concept note, Standard, Schema & Template

The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on voluntary basis. Since there was no standard for e-invoice existing in the country, standard for the same has been finalized a...

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RFP for Appointment of Concurrent Auditor of IIFCL

Request for Proposal (RFP) for Appointment of Concurrent Auditor for Concurrent Audit of Operations of India Infrastructure Finance Company Limited India Infrastructure Finance Company Limited A Govt. of India Enterprise (Registered with RBI w.e.f 9th September 2013 vide Certificate of Registration no. DNBS.ND. No.1222/Regn. New/04 17 004...

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Merely because a debt has not been repaid for over three years, would not automatically imply cessation of liability

PCIT Vs Pukhraj S. Jain (Bombay High Court)

PCIT Vs Pukhraj S. Jain (Bombay High Court) It is well settled through series of judgements that merely because a debt has not been repaid for over three years, would not automatically imply cessation of liability. Exhaustion of period of limitation may prevent filing of recovery proceedings in a Court of law, nevertheless it cannot [&hel...

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IBC 2016 | Section 12A | Opportunities and Obstacles to Resolution

Whether Section 12A is beneficial in the resolution process is debatable. Section 12A has proved to be beneficial only in cases where the amount in dispute is very less or wherever it is possible the Corporate Debtors makes an effort to settle it with the Creditors and this way the Creditors get the whole amount of claim or a better deal ...

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These 5 platforms will help you get back in gear after festive season

In India, the period between October and December marks the much-awaited festive season. Starting from Navratri, people joyously celebrate Dussehra, Diwali, Bhai Dooj, Christmas and New Year. Most of us throw caution to the wind and make the most of this time, eating, shopping and travelling to our home towns. And why not? After working [...

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Section 138 NI Act: Legal Heirs Can Challenge Conviction of deceased Convict

M. Abbas Haji Vs. T.N. Channakeshava (Supreme Court of India)

The legal heirs, in such a case, are neither liable to pay the fine or to undergo imprisonment. However, they have a right to challenge the conviction of their predecessor only for the purpose that he was not guilty of any offence....

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Basic administrative expenses incurred after setting up but before commencement of business allowable

Vil Media (P) Ltd. Vs DCIT (ITAT Hyderabad)

 Assessee having already set up its business was eligible to claim basic administrative expenditure as business expenditure though business operations were commenced in the subsequent year....

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Section 234E: Assessee not liable for late filing charges for the period prior to June, 2015

Gangamai College of Engineering Vs ACIT, CPC (TDS) (ITAT Pune)

Assessee could not be held liable for levy of late filing charges under section 234E for the period prior to June, 2015 in the absence of amendment to section 200A, which was brought on Statute from 1-6-2015....

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