"03 January 2020" Archive - Page 5

Shares with differential rights

As everybody knows that share capital is the capital contributed by the owners of the company. So the capital is of two types. 1 Equity share capital 2. Preferential share capital. Again in the equity share capital there is another class of shares i.e. Equity shares with differential rights. The differential rights are in respect [&hellip...

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Posted Under: Company Law |

Constitution of Computer Aided Selection of Cases for Scrutiny (CASS) Committee

F.No. DGIT(RA)/ADG-1/CASS/2019-20/691 (03/01/2020)

The CASS Committee has been re-constituted under Chairmanship of Director General of Income Tax (Risk Assessment) {DGIT (RA)} as under:...

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INC 20A Commencement of Business Certificate late fees explained

What is INC 20A? and who should file INC 20A? Companies registered after the commencement of the Companies (Amendment) Ordinance, 2018 in India and having a share capital is required to file for the commencement of business certificate before commencing any business or exercising any borrowing powers. Any company incorporated after 2nd N...

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Posted Under: Company Law |

Withholding Tax Refund of Assessee by AO ( Not a discretionary right)

Recent judgement of Delhi High court in the case of Maple Logistic (P) Ltd. Has again highlighted the matter of withholding the refund of assessee without following spirit of law. When a case of assessee is selected for scrutiny, refund is withheld. It is against the law and court has taken very adverse view on […]...

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Posted Under: Company Law |

Prevalidation of Bank Account| Mandatory for Income Tax Refund Credit

A reminder to all the Tax return preparers and the assessees filling your ITR of a very imp Income tax related update brought about for ITR Filing for FY 18-19 onwards. From March 1, 2019, the I-T department has started issuing income tax refunds only through e-mode. The new rule means that the earlier practice […]...

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Posted Under: Company Law |

Company Registered Office Shifting within State

Shifting Of Registered Office Of a Company from one place to another within State 1. Every company shall, within thirty days of its incorporation, have a registered office capable of receiving and acknowledging all communications and notices as may be addressed to it. The company’s Memorandum shall state the State in which the registere...

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Posted Under: Company Law |

GST on Renting of Motor Vehicle

Prior to 30-09-2019, any supplier including body corporates, providing ‘Renting of Motor Vehicle services’, where the cost of fuel forms part of the consideration received, were eligible to pay GST under either of the following options:...

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Posted Under: Company Law |

E-Modes of Payments | Section 269SU Read with rule 119AA

Inserted by Finance Act 2019: 269SU. Every person, carrying on business, if his total sales, turnover or gross receipts, in business exceeds fifty Crore rupees during the immediately preceding previous year shall provide facility for accepting payment through prescribed electronic modes, in addition to the facility for other electronic m...

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Posted Under: Company Law |

Clarification on GST on Rent a Cab & Annual Return due date extension

Clarification on GST on Rent a Cab and Extension of due date for Annual Return for 2017-18 Considering the technical difficulty being faced by the taxpayers, the GST Council had decided to extend the due date for furnishing Annual Report for the year 2017-18 to 31st January 2020. CBIC has issued Order No 10/2019 – […]...

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Posted Under: Company Law |

CBDT releases Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21

Notification No. 01/2020-Income Tax [G.S.R. 9(E)] (03/01/2020)

CBDT vide Notification No. 01/2020-Income Tax has released Format of Revised Form Sahaj (ITR-1) and Sugam (ITR-4) as applicable for Assessment Year 2020-2021 and also added a new proviso to Income Tax Rule 12 and provided who cannot file Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21. MINISTRY OF FINANCE (Department of Revenue) (CE...

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