"07 November 2019" Archive - Page 2

HC directs GSTN to consider transitional ITC claimed by Appellant

Sanjay Agencies Vs The Goods And Services Tax Network (Jharkhand High Court)

The writ petitioners have filed these applications for getting the transitional input tax credits, for which Form GST TRAN-I was filled up by them....

Read More

TDS Under section 194C deductible on Payment of outsourcing expenses

CIT Vs M/s Reliance Life Insurance Co. Ltd. (Bombay High Court)

Where assessee had hired the services for various works such as storage of data, scanning of documents, processing charges, call center operations, etc. and the same were basically clerical services of repetitive nature of work therefore, work outsourced was in the nature of clerical work and was rightly deducted under section 194C....

Read More

Auto-generated communication/Order under section 241A are not valid: HC

Vodafone Idea Limited Vs DCIT (Bombay High Court)

Auto-generated communication dated 24.3.2019 which contained the note of withholding of the refund in terms of Section 241A of the Act, does not satisfy any of the legal tests for passing said order. Firstly, it is not passed by the Assessing Officer who is competent to do so. Secondly, it is not even an order, it is a mere auto-generate...

Read More

Income from commercial exploitation of popularity of Cricket not incidental to main object U/s. 2(15)

Punjab Cricket Association Vs ACIT (ITAT Chandigarh)

Punjab Cricket Association Vs ACIT (ITAT Chandigarh) Punjab Cricket Association (Assessee) is regularly following commercial activity by commercially exploiting its property and rights to hold matches and thereby earning huge income, hence the said activity can not be said to be incidental activity rather the commercial exploitation of th...

Read More

CBIC DIN System comes into force from 8th November 2019

The Documentation Identification Number (DIN) system of Central Board of Indirect Taxes (CBIC) will come into existence from tomorrow, i.e., on Friday, 8th November 2019....

Read More

ICAI clarifies on Effective Date of Validity of Peer Review Certificate

The Peer Review Certificate will henceforth be effective from the date of submission of final clean report irrespective of date of Peer Review Board meeting in which it is approved....

Read More

JKGST Act, 2017 to apply to UTs of Jammu & Kashmir and of Ladakh

Section 95 of the Jammu and Kashmir Reorganisation Act, 2019. 95. Territorial extent of laws. (1) All Central laws in Table -1 of the Fifth Schedule to this Act, on and from the appointed day, shall apply in the manner as provided therein, to the Union territory of Jammu and Kashmir and Union territory of […]...

Read More

Private Bank CEO Salary: RBI revises compensation guidelines

Effective governance of compensation – The Board of Directors to oversee compensation system’s design and operation, monitor the compensation system, and staff engaged in financial and risk control must be independent and compensated irrespective of the areas supervised by them. All in altruistic sense....

Read More

Summary of Income Tax Notifications/ Circular of October 2019

Article contains summary of  Important Income Tax Notifications, Circulars, other amendments and updates for the Month of October 2019 at one place. This Month update includes  CBDT  clarifications/updates on set off of brought forward loss due to additional depreciation & MAT credit if companies opt for 22% tax, CBDT exemption to ...

Read More

SEBI permits Creation of segregated portfolio in mutual fund schemes

Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/127 (07/11/2019)

SEBI decided to permit creation of segregated portfolio of unrated debt or money market instruments by mutual fund schemes of an issuer that does not have any outstanding rated debt or money market instruments...

Read More