"December, 2019" Archive - Page 20

Contradiction in Intention and Implementation After Amendments in section 11 of income tax act, 1961

This article brings out the contradiction over the intention and implementation of amendment in section 11 so as to bring the disallowances u/s 40A(3) and section 40(a)(ia) in computation of income of the Trusts or other institutions claiming exemption u/s 11...

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Posted Under: Income Tax |

GST- Current Scenario

Recently IMF has cautioned India on economic slowdown stating that India is in the midst of a significant economic slowdown calling for urgent steps to check the slowdown and continuing with fiscal consolidation. The policy reforms suggested are ongoing cleaning up of bank’s balance sheets, strengthening of bank’s governance, regulato...

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Posted Under: Income Tax |

Transfer of Equity Shares of Private Company

Share Transfer Procedure in Private Limited Company The ownership of a private limited company is determined by the shareholding of the Company. To induct new investors or transfer ownership of the Company, the share of the private limited company would have to be transferred. Share Transfer Restrictions in Articles of Association (AOA): ...

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Posted Under: Income Tax |

DGFT: Why we indulge in stupidity & rejoice

It is the prime responsibility of the policy makers to exercise due diligence in carrying out prime responsibility & in doing so application of mind should be visible. As per the mandate of the Parliament, the DGFT exists to facilitate exports by way of Export Promotion Policy. I have been involved with exports since 1983 […]...

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Posted Under: Income Tax |

Revised HSN code for import quota of additional Urad (2.5 lakh MT)

Trade Notice No. 44/2019-2020-DGFT 26/12/2019

 Millers/ traders shall mention HSN code 07133110 while applying for the import quota of additional Urad (2.5 lakh MT) instead of HSN Code 0713 3190 for the fiscal year 2019­-2020. Also Read- Corrigendum to Trade Notice No. 44/2019-20 dated 26.12.2019 Government of India Ministry of Commerce and Industry Department of Commerce Directora...

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SOP for Non filers of GST Returns U/s 39/44/45 of CGST ACT

Standard Operating Procedure for non-filers of returns- Circular No. 129/48/2019 – GST Dated: 24/12/2019 Non-furnishing of return under section 39 or section 44 or section 45 of the Central Goods and Services Tax Act, 2017 Notice to return defaulter u/s 46 for not filing returns U/S 39/44/45/- GSTR-3A Procedure: System generated mes...

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Posted Under: Income Tax |

Tax effect in case of premature closure of PPF Account

Tax Relief on contributions to Public Provident Fund (PPF) Account in case of premature closure of the Account:- A point was raised by the State Bank of India Main Branch Bombay as to whether a partial withdrawal in excess of the prescribed limits or premature closure agreed to by the competent authority would have any effect on the relie...

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Posted Under: Income Tax |

Rules to apply for registration of charitable or religious trusts

As we all are aware that the existing Form No. 10A has been substituted vide CBDT Notification No.10/2018 dated 19/02/2018. Also, rule 17A has been substituted by the Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. This article will contain the details regarding Form 10A, documents require for registration, e-filing of Form 1...

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Posted Under: Income Tax |

E-Invoicing in GST – Recent Notifications

The Central Government vide CGST Notification No. 68/2019,69/2019,70/2019, 72/2019, has amended the Central Goods and Services Tax Rules, 2017, thereby introducing the Central Goods and Services Tax (Eighth Amendment) Rules, 2019. These rules have been brought to implement the provisions of Electronic Invoicing. ‘E-invoicing’ or ‘el...

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Posted Under: Income Tax |

Advance tax – Precaution is better than Cure!

Arjuna, If the income tax liability of any taxpayer is more than Rs 10000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called as Advance Tax....

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Posted Under: Income Tax |

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