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Archive: 10 January 2020

Posts in 10 January 2020

Section 194C – TDS on Contractors

January 10, 2020 1090098 Views 25 comments Print

The present article briefly covers the important provisions relating to TDS section 194C of the Income Tax Act along with the Frequently Asked Question.

Students Contribution for Building Development Fund is capital receipt

January 10, 2020 6696 Views 0 comment Print

Vidya Bharati Society for Education & Scientific Advancement Vs ACIT (ITAT Kolkata) Merely because the contributions from students were collected under the nomenclature of development fee cannot ipso facto lead to conclusion that it cannot be considered to be corpus contribution. It is true that in terms of section 12(1) read with section 11(1)(d) of […]

SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020

January 10, 2020 6033 Views 0 comment Print

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020. SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 10th January, 2020 SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2020 No. SEBI/ LAD-NRO/GN/2020/02. ─ In exercise of the powers conferred by section 11, sub-section (2) […]

Demurrages for delay in project execution- HC remanded matter back to ITAT

January 10, 2020 477 Views 0 comment Print

The Estate Vs ACIT (Karnataka High Court) In the given case the appellant is a partnership firm which is engaged in the business of real estate development, construction and sale of flats under the name and style of ‘The Estate’. The appellant filed its original return of income declaring its total income of Rs. 95,04,431/- […]

GSTR-1 Late Fees for Pending Returns-Confusion and Clarificaion

January 10, 2020 32847 Views 6 comments Print

There is a confusion on calculation of Late fees on GSTR-1 for the pending returns which are still not filed up to 10th of Jan. 2020 and question is asked about calculation of Late fees on GSTR-1 which will be filed after 10th Jan 2020. The Notification No. 4/2018–Central Tax Dated 23rd January 2018 is […]

Specialized Construction Services under GST

January 10, 2020 20934 Views 0 comment Print

Meaning of Specialized Construction Services:  Specialized Construction Services means services related to parts of buildings or civil engineering works rather than the complete construction Services under GST Scenario. These following services are classified as ‘Specialized Construction Services’ under GST Scenario. 1. Services involving repair, alterations, additions, replacements, renovation, maintenance or remodeling of the buildings , […]

Face Less Assessments -Digitization of Income Tax Assessments

January 10, 2020 9666 Views 2 comments Print

In the interest of revenue and to facilitate bonafide and hassle free assessment proceedings both on the part of assesse and department, CBDT has introduced E-Assessment scheme, 2019. let’s look at the backdrop and framework of the scheme as issued through notification no. 61/2019 and 62/2019.

Release goods on deposit of requisite amount & bank guarantee: HC

January 10, 2020 540 Views 0 comment Print

we are inclined to pass an interim order for the release of the goods and the vehicles. We direct the writ ­applicant to deposit an amount of Rs.50,40,972/­ towards the tax with the respondent no.2 and the balance amount of Rs.50,40,972/­ towards the penalty shall be in the form of a bank guarantee of any nationalized bank. On deposit of the requisite amount and the bank guarantee, the authority concerned shall release the goods and the vehicles forthwith.

Procedure for Private Placement of Non Convertible Debentures (NCDs)

January 10, 2020 36543 Views 0 comment Print

Procedure for Private Placement of Non Convertible Debentures (NCDs) under Companies Act, 2013 This procedure is to be followed in case the issue will be within the borrowing limit of the Company as prescribed under Section 180(1)(C) of the Companies Act, 2013. Sr. No. Particulars What to do Timeline Documents/ Forms 1. Point to be […]

TDS Rates | A.Y 2020-21 | Salary, Rent, Brokerage, Contract, Professional Fees

January 10, 2020 27321 Views 4 comments Print

In this article, we look at transactions that require TDS deduction and the TDS rates for AY 2020-21. In some transaction, the person making payment is required to deduct tax at source (TDS) while making payment.

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