"03 November 2019" Archive

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

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 […]...

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

Royal Rich Developers (P.) Ltd. Vs Pr. CIT (Bombay High Court)

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 ...

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MSME Samadhaan: Tool to Recover Outstanding dues for MSME Enterprises

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 MSME...

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Independent Directors – Leveraging Governance

“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 appoi...

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GST Registration Cancellation & Revocation – Process

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 Revoc...

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Income Tax Amendments for October 2019

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 ...

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

Court On Its Own Motion Vs Union Of India & Ors.(Delhi High Court)

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....

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Introduction to Form 15CA & Form 15CB

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 the...

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Refund of excess amount paid by mistake as pre-deposit

M/s. UR Options Vs Commissioner of G.S.T. & Central Excise (CESTAT Chennai)

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 mis...

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Factors affecting Gratuity Benefits, Accounting & Taxation of Gratuity Benefits

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 Benefit...

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May 2022