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Archive: 30 October 2019

Posts in 30 October 2019

Seats for railway coaches classifiable under Heading 9401, taxable @ 18% GST: AAR

October 30, 2019 2910 Views 0 comment Print

The Hon’ble AAR, Punjab in the matter of M/s. Sutlej Coach Products Pvt Ltd. held that Seats for Railway Coaches supplied to Rail Coach Factory falls under Heading 9401, liable to GST at 18%, and cannot be classified at 5% under HSN 8607 as parts of Railway.

CCI receives combination notice under green channel scheme

October 30, 2019 351 Views 0 comment Print

CCI receives combination notice under green channel scheme, relating to acquisition of equity stake in Hero Future Energies Global Ltd and non-voting compulsorily convertible preference shareholding in Hero Future Energies Private Ltd. by Abu Dhabi Future Energy Company P.J.S.C. – Masdar, on 28th October, 2019.

Overseas Citizen of India can enroll in NPS at par with NRIs

October 30, 2019 621 Views 0 comment Print

Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enroll in National Pension Scheme (NPS) at par with Non-Resident Indians vide Circular No: PFRDA/2019/19/PDES/3 dated 29th October 2019.

Accepted cash deposits above Rs. 20000- Section 271D penalty leviable

October 30, 2019 2952 Views 0 comment Print

Assessee could not establish any ‘reasonable cause’ with respect of acceptance of the deposits in cash, exceeding the permissible limit, imposition of the penalty was re-affirmed.

Identifying a lease under Ind AS 116: Leases

October 30, 2019 6777 Views 1 comment Print

The assessment of whether a contract is or contains a lease is the biggest practical issue while applying Ind AS 116. This assessment is required right at the inception of the contract. In most of the cases, the assessment is likely to be straightforward and contracts which are classified as lease contracts under Ind AS 17 are likely to continue as lease contracts under Ind AS 116 as well.

Section 54EC Deduction cannot be disallowed for Investment not made with in prescribed time due to non-availability of REC Bonds

October 30, 2019 3381 Views 0 comment Print

The claim of deduction under section 54EC could not be disallowed since assessee has demonstrated that non–investment in REC Bonds within the stipulated period was due to non–availability of bonds in the market.

Re-Issuance of Income Tax Refund – How to Submit Request Online

October 30, 2019 18078 Views 8 comments Print

Now, the ITR Filing season is almost over and assesses are receiving Intimation U/s 143 (1) of Income Tax Act, 1961 related to their filed ITR. This time focus of the Income Tax Department is on the issuance of Income Tax Refund as soon as possible. And assesses who have claimed a refund in their […]

Registration under GST – Detailed Analysis

October 30, 2019 15453 Views 7 comments Print

Introduction > Registration is a basic requirement to run the net work of GST. > Registration is an Authority available to the Registered Person to collect tax on behalf of the Government. > Registration is a source by which the Registered Person can claim input Tax Credit. > Seamless flow of Input Tax Credit among […]

No addition U/s. 68 for Cash amount explained by assessee as derived from sale of agricultural produce

October 30, 2019 5466 Views 0 comment Print

Where assessee had explained source of the cash deposit in the bank account by producing copies of the bills of sale of agricultural produce, which supported the explanation of assessee that assessee had received cash out of sale of agriculture produce, no addition under section 68 was warranted.

Extend due date of filing Income Tax Return & Tax Audit Report

October 30, 2019 222534 Views 156 comments Print

Sales Tax Bar Association Request for extension of due date of filing Income Tax Returns and Tax Audit Reports for the Assessment Year 2019-20 to 15th November 2019. Text of the representation is as follows:- SALES TAX BAR ASSOCIATION (REGD.) Office: IInd Floor, Department of Trade & Taxes, Vyapar Bhawan, Indraprastha Estate, New Delhi-110002 EPABX […]

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October 2019