"20 December 2019" Archive

Independent Directors-Dawn of a New Era vis-à-vis Opportunities for Professionals

Article highlights on  Applicability of New Rules of Independent Director, Important Due Dates related to Applicability of New Rules of Independent Director, Impact of New Provisions on Existing Independent Directors, Opportunities for Professionals like CS, CA etc., Independent Director Empanelment Process, Registration Process for Comp...

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Posted Under: Company Law |

Independent Director – New Era – FAQ’s

Independent directors have a crucial role to play for keeping good governance practices. In order to ensure the basic literacy of company law, securities law and accountancy among Independent directors and to boost Corporate Governance standards in India, the Govt. has decided to introduce online proficiency self-assessment test for Indep...

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Posted Under: Company Law |

Non Holding of AGM within due date- Reply to MCA E-Adjudication Notice

Non Holding of AGM within due date.. Ministry of Corporate Affairs has issued notice to approximately 3000 companies due to non compliance of provision of Section 96(1) for not holding of AGM within Due date. As per notice companies have to reply the notice within 15 days of receipt of notice. In case of non […]...

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Posted Under: Company Law |

Section 11(4A) needs to be satisfied to avail Section 11 exemption: HC

CIT Vs St. Thomas Cathedral Church (Kerala High Court)

In order to decide whether the assessee is entitled to the benefit of the exemption under Section 11, it is necessary for the Tribunal to determine whether it satisfy the requirement of Section 11 (4A)....

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AAR not allowed to answer question raised by Non-supplier

In re NRB Hydraulics Pvt. Ltd. (GST AAR Maharashtra)

The applicant have themselves submitted that the scrap is the property of the vendors. Hence question with respect to taxability of sale/supply of such scrap can be raised only by the concerned vendors and not by the applicant. Hence in view of the provisions of Section 95 of the GST Act, since the supply of scrap, will not be undertaken/...

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Time barred ARA order rectification application not maintainable

In re Shri J.J. College of Architecture Consultancy Cell (GST AAR Maharashtra)

Further, the applicant has filed rectification application on 10.10.2019 which is beyond the statutory limit of six months as prescribed under Section 102 of CGST Act/MGST Act, 2017. It is delayed and barred by limitation. Therefore, the said application is not found tenable under scope of rectification. Hence it is rejected....

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Profiteering needs to be computed at the level of each invoice: NAA

Sh. Suresh Kumar Gupta & ors. Vs Nirala Projects Pvt. Ltd. (National Anti-Profiteering Authority)

We observe that the said provision clearly links profiteering to be a function of each supply of goods or services or both and hence, profiteering needs to be computed at the level of each invoice and not at the entity level or any consolidated level....

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AAR cannot decide on Surrender of GST registration

In re Maneckji Cooper Education Trust (GST AAR Maharshtra)

In other words, Section 97(2), which encompasses the questions, for the ruling by this Authority does not deal with the issue of whether a GST registration should be surrendered. Hence, it is held that this authority does not have jurisdiction to pass any ruling on such matters....

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Limited scrutiny cannot be expanded without prior approval of appropriate authority

Late Smt. Gurbachan Kaur Vs DCIT (ITAT Jaipur)

If the A.O. has taken up the issue of determining fair market value of the property in question as on 01/4/1981 without converting the limited scrutiny to comprehensive scrutiny by taking the prior approval of the competent authority then the said order passed by the A.O. will be nullity as beyond his jurisdiction....

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Background material for study of Taxation Law Amendment Act, 2019

Author in this article makes available relevant material so as to enable the reader analyse the impact of the Taxation Laws (Amendment) Act, 2019 which sets to replace the Taxation Laws (Amendment) Ordinance, 2019....

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Posted Under: Company Law |

GST blocked Corporate Social Responsibility (CSR)…?

As GST was IT driven indirect tax system, it thrown many challenges for IT professionals and policy makers also. It has affected almost every business transaction may be supply of goods, services, purchases, sponsorship, donations, charity and even non-business transactions to the extent. One of such transactions is Corporate Social Respo...

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Posted Under: Company Law |

Major Tax Benefits for a salaried taxpayer

Salaried taxpayers form a major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Income tax deductions offer a gamut of opportunities for saving tax for the salaried class. With the help of these deductions and exemptions prescribed under Income Tax Act, 1961, one [&h...

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BCAS Representation on Processing of Income Tax Returns for AY 2019-20

Taxation Committee of the Bombay Chartered Accountant’s Society (BCAS) has submitted a Representation dated 19th December 2019 to the CBDT Chairman Shri Pramod Chandra Mody on processing the returns of Income for AY 2019-2020 under Section 143(1)(a) of the Income-tax Act, 1961. Relevant Text of the same is as follows:- Bombay Charte...

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Posted Under: Company Law |

Rent of Director residence allowable if also used for official work

Acuity Holdings Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Acuity Holdings Pvt. Ltd. Vs DCIT (ITAT Mumbai) Undisputedly, the subject premise in respect of which the assessee has claimed the rental expenses has been taken on lease by the assessee. Though, in the leave and license agreement, it is mentioned that it has been taken on lease for the use of residence of directors/employees, […]...

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NSEL Transaction: Reopening of assessment not permissible for Mere verification or for fishing inquiry

Mridulla Badarmal Jain Vs ACIT (Gujarat High Court)

 Re-assessment even if in case where return was not scrutinized before the income chargeable to tax had escaped before acceptance originally could not be made unless AO has reason to believe that the income chargeable to tax had escaped, therefore, for mere verification or for fishing inquiry, reopening of assessment was not permissible....

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FM holds Pre-Budget Consultation with Representatives of Infra Sector & experts of energy sector and climate change

Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, held her seventh  Pre-Budget Consultations with different stakeholders from Infrastructure Sector and experts of energy sector and climate change in connection with the forthcoming General Budget 2020-21 here today....

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Posted Under: Company Law |

Section 206AA not override provisions of section 90(2)

DCIT Vs BEML Ltd. (ITAT Bangalore)

Section 206AA does not override provisions of section 90(2) and in case of payment made to non-resident, assessee correctly applied rate of tax prescribed under concerned DTAAs and not as per section 206AA because provisions of the DTAAs were more beneficial and DTAA acquired primacy in such case....

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Difference in English & Hindi Versions of “Exempt Supply” under GST

Exempt supply means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax Act, and includes non-taxable supply;...

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Posted Under: Company Law |

Enterprising to Empowerment

When we start the journey with our aims is bigger and ambitions are higher, the road to success is never so easy. Some time we get stuck by obstacles, sometime gets tired by inner self.  But we all know who succeed, the one who overcome all the obstacles, doesn’t accept the failure, try and try […]...

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Posted Under: Company Law |

Change in Investment Guidelines for NPS Schemes

PFRDA/2019/22/REG-PF/3 (20/11/2019)

Change in Investment Guidelines for NPS Schemes — permitting Pension Funds to invest in Overnight Funds and all such short duration funds as may be permitted by SEBI from time to time...

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Statement recorded during inquiry/investigation- voluntary statement?

M/s G-Tech Industries Vs Union of India and another (Punjab and Haryana High Court)

High Court held that statement recorded during inquiry/investigation may have been recorded under compulsion and the same cannot be said to be voluntary statement....

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No Penalty Merely for denial of expenditure claimed as revenue

Nortel Networks India Pvt. Ltd. Vs DCIT (ITAT Delhi)

Nortel Networks India Pvt. Ltd. Vs DCIT (ITAT Delhi) In the instant case, the assessee has offered Explanation as why the transaction of loss of security was claimed as business loss. This Explanation has not found to be false by the Assessing Officer. Further, the assessee substantiated the Explanation by way of filing relevant documents...

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New official email id for correspondences related to Office of Commissioner (Investigation-Customs)

Circular No. 01/2020-Customs Duty (20/01/2020)

Undersigned is directed to inform that this office has received a new email id inv-custom@gov.in. Henceforth all incident report and seizure reports should be forwarded to this office only on inv-customs@gov.in....

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Independent Directors in Corporate Board- A reality check

Erstwhile Companies Act 1956 had no specific definition of ‘Independent Director’. However by passing of time, Companies Act 2013 made a special recognization to Independent Director and has reposed faith as well as confidence for the better corporate governance. Status of Independent Directors in a Company – Non-executi...

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Posted Under: Company Law |

E-Way Bill generation by Transporters | E-Way Bill Complete Analysis | Part 3

In Part 1 of the Article author discussed Generation of e way bill & its salient features and in  Part 2 Author discussed Contents of E- Way Bill and Guide To Generate E Way Bill ( EWB -01) Online . In this i.e.Part 3 Author discusses E Way generation by Transporters and in Fourth and […]...

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Concessional tax rates for Domestic Companies for FY 2019-20

The new Section 115BAA and 115BAB has been inserted in the Income tax Act vide Taxation Laws (Amendment) Ordinance, 2019 to give the benefit of a lower corporate tax rate for all the domestic companies. They have the option to pay tax at a rate of 22% and 15% respectively from the FY 2019-20 onward. Also […]...

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Posted Under: Company Law |

GST E-Invoicing

‘E-invoicing’ is a measure vide which the invoices will be validated electronically through GSTN for further use on the common GST portal. It is a measure to bridge the gap in data reconciliation to reduce mismatch errors. However, it should be noted that this process is only an authentication measure and not an invoice generation [&h...

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Posted Under: Company Law |

38th GST Council Meeting decisions- Highlights and Analysis

38th GST Council Meeting on 18th December 2019 decisions- Highlights and Analysis GST Rate Changes and Analysis |  38th GST Council Meeting 1. To exempt long term lease contracts of industrial/ financial infrastructure plots by an entity having 20% or more ownership of Central or State Government- Releases Working Capital pressure for en...

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Posted Under: Company Law |

Outcome of 38th GST Council Meeting held on 18th December 2019

The GST Council in its 38th meeting held on 18th December 2019 at New Delhi discussed and approved: (i) certain amendments in the GST Law and procedures; and (ii) Changes related to GST Rates Below mentioned is the gist of announcements made by the GST Council categorised into below sections: 1. GST Revenue Trends – […]...

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Posted Under: Company Law |

GST provisions you would like to know about Small Tax Payers

Article explains What are Micro, Small & Medium Enterprises , Is GST mandatory for Registered MSME, Section 22 of CGST Act Person liable for Registration How MSMEs comply with GST, Benefits of GST to MSME , Major Steps by GST Council to give relief to MSME, What is Composition Levy (Sec.10) , Eligibility category for […]...

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Posted Under: Company Law |

Karvy Stock Broking Limited Faces SEBI’s wrath

Karvy Stock Broking limited according to the SEBI, transferred client's pledged shares in its account and transferred a stupendous amount of Rs 1,096 crore to its own group company, Karvy Realty Pvt. Ltd, within the time span of April 1, 2016, and October 19, 2019....

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Posted Under: Company Law |

FM holds Pre-Budget Consultation with Trade Unions & Labour Organisations

Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her 5th Pre-Budget Consultation with the representatives of various Trade Unions and Labour Organisations here today in connection with the forthcoming General Budget 2020-21....

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Posted Under: Company Law |

FM holds 6th Pre-Budget Consultation with prominent Industrialists

Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her 6th Pre-Budget Consultation with leading Industrialists here today in connection with the forthcoming General Budget 2020-21....

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Posted Under: Company Law |

Cyrus mistry won case against tata sons in NCLAT

Cyrus Investments Pvt. Ltd. Vs Tata Sons Ltd. & Ors. (NCLAT)

The proceedings of the sixth meeting of the Board of Directors of ‘Tata Sons Limited’ held on Monday, 24th October, 2016 so far as it relates to removal and other actions taken against Mr. Cyrus Pallonji Mistry (11th Respondent) is declared illegal and is set aside....

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Posted Under: Company Law | |

From Traditional Audit to Modern Audit Technique A Need of Change!!

In this age and time, Management System and auditors face greater challenges in their task.   They need to respond effectively to the demands of a rapidly changing and complex business environment, while helping organizations continue comply with growing regulatory mandates and conform to other requirements....

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Posted Under: Company Law |

HC denies Bail to person accused of issuing Fake GST Invoices

Mohammed Yunus @ Mohammed Yunus Khan@ Mohemmed Yunus@ Yunus Khan Vs State of Rajasthan (Rajasthan High Court)

It is further contended that petitioner is involved in using data of individuals for creating fake firms to claim Input Tax Credit. It is contended that statement of accountant and brother of petitioner has been recorded, they have also stated that present petitioner was involved in creating fake firm under GST. Considering the content...

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Explanation 2 to section 263 of Income Tax Act is prospective in nature

Brahma Center Development Pvt. Ltd. Vs Principal CIT (ITAT Delhi)

Brahma Center Development Pvt. Ltd. Vs PCIT (ITAT Delhi) The Mumbai Bench of Tribunal while noticing the decision of jurisdictional High Court in the case of CIT vs. Sunbeam Auto Ltd, 332 ITR 167 and the case of Nagesh knitwear Pvt. Ltd., 355 ITR 135 observed that the Explanation-2 to section 263 inserted by Finance […]...

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Extension of ad-hoc appointment of 113 Officers in ACIT grade

Office Order No. 262 of 2019 (20/12/2019)

Office Order No. 262 of 2019 – Extension of ad-hoc appointment to the grade of Assistant Commissioners of Income Tax (ACIT) – reg F.No. A-32013/1/2018 – Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** North Block, New Delhi. The 20th December 2019. Office Order No...

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