2 Archive - 25 October 2019

"25 October 2019" Archive

Provision for mark to market loss on trading in derivative market allowable

DCIT Vs Edelweiss Commodities Services Ltd. (ITAT Mumbai)

Assessee filed details of statement showing provision for mark to market loss and also submitted a detailed note on mark to market loss on outstanding position. Assessee submitted that it had made provisions for loss following accepted accounting principles as per the Guidance Note on 'Accounting for Equity Index & Equity Stock Futures an...

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SEBI Master Circular for Depositories

Master Circular No. SEBI/HO/MRD/DP/CIR/P/118 25/10/2019

SEBI Master Circular for Depositories is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue. References in the circular to the Statutes/Regulations which now stand repealed, have been suitably updated....

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Master Circular for Stock Exchange and Clearing Corporation

Master Circular No. SEBI/HO/MRD/DP/CIR/P/117 25/10/2019

Master Circular for Stock Exchange and Clearing Corporation is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue....

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Examination for Confirmation of Enrollment of GST Practitioners

Examination for Confirmation of Enrollment of GST Practitioners will be a Computer Based Exam. The registration for the exam can be done by the eligible GSTPs on a registration portal, link of which will be provided on NACIN and CBIC websites. The registration portal for exam scheduled on 12.12 .2019 will be activated on 22nd November, 20...

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Posted Under: Income Tax |

Impact of 20% Input Tax credit Restrictions in GST

Recently, notification no 49/2019-central tax on 9th October, 2019 has come restricting the input tax credit to 120% of the eligible input tax credit on the basis of invoices actually uploaded by supplier under section 37(1). We have analyzed the notification in detail and below is the mechanism how to arrive at this 120% and […]...

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Posted Under: Income Tax |

Accounting By Schools For Gratuity Benefit

1. Gratuity Benefit is payable by Schools to its employees. Furthermore, with amendment of ‘Payment of Gratuity Act’ in 2009, Gratuity is payable to teachers also. The amended act can be accessed from the gazette vide Notification S.O. 1080 by Ministry of Labour and Employment. 2. How Schools should do their accounting is explained by...

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Posted Under: Income Tax |

Role of Independent Directors in Corporate Governance

Sub: Role of Independent Directors in Corporate Governance Independent Directors are directors who are not associated with the company. They plays a key role in promoting the corporate governance in the company. An independent director is a non-executive director of a company who helps the company in improving corporate credibility and go...

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Posted Under: Income Tax |

Understanding Section 115JB of Income Tax Act (Minimum Alternate Tax)

Income Tax Act as well as Companies Act both governs companies, and company needs to provide their Income Statement (Profit and Loss Account) and Balance Sheet to the Income Tax department while Preparing Tax Returns and also Final accounts are to be audited and submitted as Annual Returns under Companies Act....

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Posted Under: Income Tax |

Depreciation on Imported Software Not Considered as Royalty & Not Liable for Disallowance u/s 40(a)(ia)

Wifi Networks Pvt. Ltd Vs DCIT (ITAT Bangalore)

The issue under consideration is whether depreciation on ‘imported software’ will be considered as royalty and liable for disallowance under section 40(a)(ia) for want of TDS?...

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Interest on Unutilized Funds which could not be used in development of Port Terminal is Capital Receipt

M/s. Karanja Terminal & Logistics Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s. Karanja Terminal & Logistics Pvt. Ltd. Vs DCIT (ITAT Mumbai) Interest income received by the assessee from the FDRs/ICDs made out of funds are inextricably linked to the development of port terminal and other infrastructure at Karanja Creek which is yet to be completed and commissioned. We would like to add that the these [&helli...

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