"11 December 2019" Archive

4 Major Tax Exemptions to Startups

4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act....

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Posted Under: Income Tax |

Cabinet approves IBC (Second Amendment) Bill, 2019

Union Cabinet approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016, through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019.  ...

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Posted Under: Income Tax |

ICAI Advisory on Procedure & formats for limited review / audit report

Advisory on Exhibit B3 of SEBI’s Circular dated 29th March 2019 regarding Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity...

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Posted Under: Income Tax |

Govt clarifies on change in the constitution of GOM on IGST

With reference to some news being circulated in a section of social and other media about the change in the constitution of GOM on IGST, it is hereby clarified that subsequent to Union Finance Minister's meeting on 4th Dec 2019 with the Finance Ministers of Punjab, Madhya Pradesh, Rajasthan and Deputy Chief Ministers of Delhi and Puducher...

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Posted Under: Income Tax |

Entry Of Rule 36(4) of CGST Rules Added New Journal Entry

New Rule 36(4) of CGST has been inserted vide Notification no 49/2019 Central Tax dated 9-10-2019 which reads as under: ‘Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed [&helli...

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Posted Under: Income Tax |

Tata’s Six Charitable Trusts’ Registration: Cancellation or Voluntary Surrender?

The recent cancellation of the Tata’s Six Charitable Trusts’ Registration by the Office of the PCIT Mumbai on October 31, 2019 is one such disruption, which has definitely caused tremors and vibrations in the tax circles, and has caught the attention and limelight in all the national dailies and print media....

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Posted Under: Income Tax |

Data Bank & Online Proficiency Test of Independent Director

Independent Director in relation to a company, means director mentioned under Section 149(6) of Companies act, 2013. Since past many years, it has been seen that, when any of listed or unlisted entities are on the verge of danger or are getting effected due to some or other reasons and the directors of that respective […]...

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Posted Under: Income Tax |

What to do with Unpaid/Unclaimed Dividend lying with the Company

Declaration of Dividend is one crucial thing in any Company as it is their way of keeping their Shareholders happy. This also is an indicator to some extent about a Company’s performance. Section 123 of the Companies Act, 2013 deals with the process of Declaration of Dividend. However, it is not the declaration, but the […]...

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Posted Under: Income Tax |

Digital Evidences & Handling during Assessment Proceedings

The article proposes useful procedures and steps in ensuring that any critical data collected and digital evidence discovered, which is useful in fulfilling the objectives of Income Tax Department, should be admissible in any Court of law in India and its authenticity and integrity should be unquestionable....

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Posted Under: Income Tax |

GST on Notice Pay Recoveries

In GST law, there are still few issues like compensatory damages, employee notice period recovery which needs clarity for taxation. In many private organisations, employees would be legally bound to serve for specified period which could vary from 15 days to 3 months or more depending on designation or role of a particular employee during...

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Posted Under: Income Tax | ,