"11 October 2019" Archive

CBDT release Time-series and income-distribution data

Central Board of Direct Taxes has further released Time-series data updated up to F.Y. 2018-19 and income-distribution data for A.Y. 2018-19 (F.Y. 2017-18). ...

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Posted Under: Income Tax |

Claim of refund amount on account of double-payment of Customs Duty -Reg

Public Notice No. 92/2019-JNCH 11/10/2019

Verification from the PAO/e-PAO office regarding double/multiple payments for the same Bill of Entry of the amount to be refunded as also being reported by the banks in the scroll for transfer to RBI;...

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Recent changes in ITC availment under GST

Notification No. 49/2019 – Central Tax dated 9 October 2019 has announced a major change in availment of Input Tax Credit (‘ITC’) while filing monthly GST returns. Section 43(A) of CGST Act, 2017 (‘the Act’) and the recent amendment in rule 36 of the CGST Rules, 2017 provides that an assesse can claim twenty percent […]...

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Posted Under: Income Tax |

Eligibility Criteria for availing of DPD Scheme by Importers– reg

Public Notice No. 93/2019-JNCH 11/10/2019

Some of the reasons like non-receipt of original documents from abroad and consequent delay in issuance of Delivery Order, financial and credit woes, delay in settlement of dues of shipping lines, opening PD Account with the terminals, are inhibiting a larger section of importers to opt for DPD....

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Decoding the Direct Tax Code

Over the period of 6 decades, the Income Tax Act of India has undergone various impediments. The judgments of the  courts or amendments by parliament has made the Act lengthy and hard to interpret as there was a need to ease up the provisions and make it shorter. It is expected that the government may […]...

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Posted Under: Income Tax |

Directorship- A Status or Responsibility

Private Limited Company is one of the most popular forms for carrying the business in India. It is formed under the Companies Act, 2013 (previously Companies Act, 1956). A Company is a separate legal entity distinct from its members. The day to day affairs and management is handled by the Board of Directors. Board of […]...

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Posted Under: Income Tax |

Section wise Income Tax Deductions for A.Y. 2020-21/ FY 2019-20

In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2020-21 / F.Y. 2019-20 and subsequent Years. Deductions include deduction Against Salaries, Against ‘income from house properties‘, Against ‘profits and gains of business or profession‘ Against R...

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Posted Under: Income Tax |

Form NDH-4 to be available for filing w.e.f 11th October 2019

Form NDH-4 (Form for filing application for declaration as Nidhi Company and for updation of status by Nidhis) notified vide the Nidhi (Amendment) Rules 2019 dated 1st July 2019 shall be available for filing w.e.f 11th October 2019’. Stakeholders may please take note and plan accordingly....

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Posted Under: Income Tax |

GST implications on royalty paid to government for mining

GST implications on seigniorage charges (royalty) paid to the government for mining GST has always been confusing for the mining industry with its never-ending changes in GST rates for the infra works, subcontracted works with many conditions attached to it. When we talk about the mining industry, there are certain terms that are very com...

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Posted Under: Income Tax |

SOP for GST Demand creation, Set off & Temp ID creation (DRC-07)- Assessment & Adjudication

DRC-07 is the summary of all orders. Every order which ultimately ends up in demand creation, liability is created through DRC-07. By submitting DRC-07 to GSTN, liability against the tax payer will be created in part B {other than return related liability} of the Liability Ledger....

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Posted Under: Income Tax |

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