"11 January 2020" Archive

Money Laundering – Practical Cases in India

What is Money Laundering? Money laundering simply means conversion of black money (DirtyMoney) into white money (Clean Money) where the black money may not become white legally but appear to have become so. The process of Money Laundering is also known as Jama Kharchi in India. Some of the prevalent practical methods are discussed here. [...

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Posted Under: Income Tax |

Section 269SU Mandatory to provide Digital Payment Facility to their customer

Applicability Every person carrying on business if his total turnover exceeds Rs 50 Crore in preceding financial year. (Applicable for all companies whether or not listed) Penal Provision  If the above provision not fulfilled w.e.f. 01.02.2020 penalty of 5,000/- per day would be levied after 01st Feb 2020. However if the business fulfill...

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Posted Under: Income Tax |

A Critical Analysis of “Shell Company”- Part 2

The term Shell companies generally refer to limited liability companies and other business entities with no significant assets or ongoing businesses activities. Shell companies typically have no physical presence other than mailing addresses, employs no one, and produces little to or no independent economic values....

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Posted Under: Income Tax |

Analysis of IBBI (Liquidation Process) (Amendment) Regulations, 2020

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 w.e.f. 06-01-2020 The present amendment has brought various new restrictions and time frames as under:  CORPORATE LIQUIDATION ACCOUNT Regulation 2 A clause (ca) under Regulation 2 has been inserted to make provision for “Corporate Liquidation A...

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Posted Under: Income Tax |

Key Statistics and Performance of Goods and Service Tax

Key Statistics and Performance of Goods and Service Tax for Calendar Year 2019 On 1st January, 2020, India’s GST Laws has completed its 30 months or 900 days of Implementation. While GST has been a breakthrough step by the present government paving way for various accolades world-wide in the form of Improvement in Ease of […]...

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Posted Under: Income Tax |

Get CA/CS/CMA Exam Answer Sheet copies for free or at nominal Fee

Now CA students get Answer Sheet copies at Free of Cost and CS, CMA students at nominal cost under RTI: Supreme Court Orders! RTI Act is the most revolutionary act for setting out the practical regime of the Right to Information, the 3 Key building pillars behind the act are Responsibility, Transparency and Accountability, which […...

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Posted Under: Income Tax |

TDS Compliance In Tax Audit Report

Where profits & gains of person from business are taxable on estimated basis u/s. 44AD, 44AE, 44BB or 44BBB & such person claims his income to be lower than profits & gains so estimated. 44AD: option to be assessed on presumptive basis, so long as the sales, turnover or gross receipts from an eligible business do not exceed Rs. 2 Crores....

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Posted Under: Income Tax |

Carry Forward and Set off of Losses in tabular form with FAQs

Set off of loss from one source against income from another source under the same head of income/inter- source set-off under the same head of income Any loss in respect of one source shall be set-off against income from other source under the same head of income. But, there are some exception to this....

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Everything You Want to Know About Pan Card for NRI’S

According to the new, rule of SEBI ,any NRI not having PAN card cannot do the share trading by depository or broker....

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Posted Under: Income Tax |

Exemption from capital gains on sale of equity shares

Earlier to Finance Act 2017, section 10(38) of Income Tax Act provided opportunity to tax-evaders. It provided the exemption of tax on the capital gains arising on sale of equity shares after one year of its acquisition, if transaction was chargeable to securities transaction tax (STT)....

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Posted Under: Income Tax |

Checklist to buy Health Insurance; Select Insurance Company & Tax Benefits

So, this is It? Checklist to Choose your Best Health Insurance Policy:- 1. Hospital Room Rent Eligibility, 2. Co Payment and Sub Limits for diseases (if any), 3. Waiting Period for Pre Existing Disease, 4. Waiting period for few specific diseases like Cataract, Hernia etc, 5. Cover Amount and Premium charged as compared to other players w...

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Posted Under: Income Tax |

Draft Guidelines on Standardization of General Clauses in Health Insurance Policy Contracts

The Objective of Guidelines on Standardization of General Clauses in Health Insurance Policy Contracts s is to standardize the common general clauses incorporated in indemnity based Health Insurance [excluding Personal Accident (hereinafter called as PA) and Domestic / Overseas Travel] products covering Hospitalization, Domiciliary hospit...

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Posted Under: Income Tax |

ICSI representation on recent change in CS Appointment limit

This has reference to Ministry's Notification dated 3rd January, 2020 amending the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 thereby altering the limits for mandatory appointment of Whole-Time Company Secretaries from rupees 5 (five) crore to rupees 10 (ten) crore....

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Posted Under: Income Tax |

Mere participation in section 147 proceedings not confers jurisdiction upon AO

Attar Singh Vs ITO (ITAT Delhi)

Mere participation in proceedings or acquiescence would not confer jurisdiction upon AO who otherwise was not the AO of assessee, therefore, notice issued under section 148 was quashed and since  reopening was quashed,  subsequent orders passed on account of such reopening were also quashed....

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18 recent changes related to FEMA and FDI Policy

Foreign Direct Investment (FDI) means any investment made by a person resident outside India on a repatriable basis in capital instruments of an Indian company or to the capital of an LLP. FDI means investment through capital instruments (equity shares, debentures, preference shares and share warrants) by a person resident outside India i...

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Posted Under: Income Tax |

No penalty for wrong claim due to inadvertent clerical error committed by CA

Harish Kumar, (Huf) Vs DCIT (ITAT Delhi)

Making of wrong claim due to inadvertent clerical error committed by Chartered Accountant could not be classified as furnishing of inaccurate particulars so as to levy penalty under section 271(1)(c) when assessee had voluntarily filed revised computation and AO had completed assessment on the basis of details furnished by assessee....

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Incentive received from Government for exploring new market -capital receipt or revenue receipt?

JCIT (OSD) Vs Eastman Exports Global Clothing (P) Ltd. (ITAT Chennai)

JCIT (OSD) Vs Eastman Exports Global Clothing (P) Ltd. (ITAT Chennai) We have considered the rival submissions on either side and also perused the relevant material available on record. The Market Linked Focus Product Scheme is a scheme promoted by the Director General of Foreign Trade wherein incentive @ 2% on the FOB value of […]...

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Revenue of ICAI through providing Certified Copies

I have made an application to the ICAI under the Right to Information Act, 2005 to know the amount received by the ICAI by providing certified copies to the students by charging Rs. 500 per subject....

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Posted Under: Income Tax |

Statistics of CA Final Elective Paper

Every one of us interested to know the statistics of CA Final elective paper which was introduced in the CA Final New syllabus from the year May 2018 and onwards. I made an application to the ICAI under the Right to Information Act, 2005 seeking the statistics of number of candidates appeared, passed and the […]...

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Posted Under: Income Tax |

How to resolve “Error in establishing connection with TRACES Websocket Esigner” on TRACES?

You might be facing issues with the Emsigner on TRACES, In this article I made an attempt to give 100% solution for this issue. The most common error while signing/validating with DSC on TRACES is “Error in establishing connection with TRACES WebSocket Esigner. Please ensure that WebSigner Setup is installed and service is running on [&...

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Posted Under: Income Tax |

SOP for Officers to take action against Non-Filler of GST Returns

Analysis over the Standard Operating Procedure given by the CBIC, to be followed by Proper Officer for Non- Filler of Returns. 1. Three days before the due date of filling the return, the taxpayer will receive the message from the department for filling the return on or before the due date. 2. If on the […]...

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Posted Under: Income Tax |

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