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Archive: 03 November 2019

Posts in 03 November 2019

Analysis of ITC Capped – 20% of Eligible ITC of GSTR 2A

November 3, 2019 9615 Views 1 comment Print

ANALYSIS ITC CAPPED BY 20% OF ELIGIBLE ITC OF GSTR 2A CBIC by Notification No. 49/2019 – Central tax – dated 09 October, 2019 it has placed a cap on availment of Input Tax Credit (‘ITC’) to the extent to 20% of eligible input invoices or debit notes. TABLE FOR ABOVE UNDERSTANDING Sr. No Particulars […]

Section 68 additions justified on failure to prove identity of share applicants

November 3, 2019 663 Views 0 comment Print

Royal Rich Developers (P.) Ltd. Vs Pr. CIT (Bombay High Court) We notice that during the original assessment as well as the remand proceedings, the assessee was given ample opportunities to produce the share investors which the assessee failed to do. The Assessing Officer thereupon issued the summons to the share purchasers calling upon them to […]

MSME Samadhaan: Tool to Recover Outstanding dues for MSME Enterprises

November 3, 2019 14493 Views 5 comments Print

In today’s article, we are going to discuss a very good initiative taken by the Government of India to help MSME Enterprises to file a complaint against the person who defaults in making payment after the decided time period. The prerequisite for filing an application under MSME SAMADHAAN, your enterprises must be covered under the MSMED Act, 2006 and you have a valid Udyog Aadhar Number.

Independent Directors – Leveraging Governance

November 3, 2019 2490 Views 3 comments Print

“Ethics is knowing the difference between what you have a right to do and what is right to do.” Increasing stakeholder’s activism has stimulated the role of Independent Directors. It has been decided in the case of “Central Government vs Sterling Holiday Resorts (India) Ltd. and Ors” that “Independent Directors should be appointed to strengthen […]

GST Registration Cancellation & Revocation – Process

November 3, 2019 214416 Views 53 comments Print

After the passage of more than 2 Years of GST Implementation, now GST Department becomes active in relation to GST Defaulters and starts cancelling GST Registration of GST Defaulters which may be in form GST Return Defaulters, GST Bogus Dealers issuing Fake GST Invoices etc. In Today’s article, we will discuss GST Cancellation and Revocation […]

Income Tax Amendments for October 2019

November 3, 2019 11055 Views 0 comment Print

Income Tax Notifications, Circulars, Order for the Month  of October 2019 a. Circular 1. Circular no. 29/2019 dated 2nd October 2019– Clarifications in respect of option exercised under section 115BAA (related to lower rate of 22%) inserted through The Taxation Laws (Amendment) Ordinance, 2019– related to allowability of brought forward loss on account of additional […]

Delhi HC takes suo motu cognizance of firing /lathicharge by police upon Advocates (Read Order)

November 3, 2019 714 Views 0 comment Print

This Court has taken suo motu cognizance of incident of police firing as well as lathicharge by the police upon Advocates at Tis Hazari Courts Complex, New Delhi.

Introduction to Form 15CA & Form 15CB

November 3, 2019 34842 Views 5 comments Print

Form 15CA is a declaration of remitter used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective information processing system which may be utilized by the Income tax Department to independently track the foreign remittances and their nature to determine tax liability.

Refund of excess amount paid by mistake as pre-deposit

November 3, 2019 3705 Views 0 comment Print

CESTAT Chennai has allowed refund of excess amount paid by mistake as pre-deposit by the assessee. It observed that when the legislature made it clear what is to be collected as pre-deposit, in the absence of any finding about non-satisfaction of conditions as to pre-deposit, the department cannot retain such excess amount remitted by mistake.

Factors affecting Gratuity Benefits, Accounting & Taxation of Gratuity Benefits

November 3, 2019 13227 Views 0 comment Print

Gratuity Benefits, Factors affecting Gratuity Benefits, Accounting requirement of Gratuity Benefits, Taxation benefits available to companies in pay as go option and Funding Option and Roll of a Gratuity Trust fund consultant in formation of an Approved Gratuity Trust. This article is an attempt to give more clarity about Gratuity Benefits, Factors affecting Gratuity Benefits, […]

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