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Archive: 14 January 2020

Posts in 14 January 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6435 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

HC Quashes AAR/AAAR order deeming ‘medical supplies’ as ‘composite supply’

January 14, 2020 3378 Views 1 comment Print

HC: Quashed AAR/ AAAR order deeming ‘medical supplies’ as ‘composite supply’ and remanded matter for fresh consideration The Hon’ble HC, Karnataka in the matter of Abbott Healthcare Private Limited v. The Commissioner of State Tax Kerala & Ors. [W.P(C). No. 17012 OF 2019(B) dated January 7, 2020] quashed AAR and AAAR order holding that the […]

E-Invoice system under GST

January 14, 2020 74511 Views 5 comments Print

The Invoicing system in GST is defined for major overhaul in the coming financial year. This includes E-invoicing, Quick-Response Code and facility of digital payments to recipients. It is important for organizations to understand the same as all the above would not only require customization in their accounting/ ERP software but also require modification in […]

Bogus Purchases: Only GP can be added as undisclosed income

January 14, 2020 10185 Views 1 comment Print

Parnami Pump & Projects Pvt. Ltd. Vs DCIT (ITAT Delhi) Bogus Purchases Cannot Be Wholly Disallowed Without Disallowing Sales Only Gross Profit (GP) Rate Should Be Added as Undisclosed Income We find that the Assessing Officer had issued summons u/s.131 to the proprietor of the said entity from whom assessee has made purchases, but that […]

Pre-Budget: Mounting Fiscal Pressures

January 14, 2020 567 Views 0 comment Print

Mr. Abheek Barua, Chief Economist, HDFC Bank Ltd. HDFC Banks Treasury has recently come up with a Report on Union Budget 2020-21.  In this report  take a look on how the fiscal math is likely to unfold this year and what can be expected from the 2020-21 budget. ♠ In our opinion the 2020-21 budget […]

FORM INC20A : Truly a Business Commencement

January 14, 2020 22800 Views 0 comment Print

Under the erstwhile Companies Act, 1956, a Private Limited Company could start its business immediately upon receipt of a Certificate of Incorporation from the concerned Registrar of Companies. However Public Companies were required to obtain a Business Commencement Certificate before commencement of business pursuant to Section 149 of the erstwhile Companies Act, 1956.  The said […]

Discripancy in Sabka Vishwas Scheme

January 14, 2020 3234 Views 0 comment Print

Many of the Assessees are worried whether they can avail the SVLDRS scheme under LITIGATION OR ARREARS, if the order is received on or before 30.06.2019 and the statutory time limit for filing appeal was available upto two or three months. i.e. after 01.07.2019. In the recent CBIC FAQ dt. 24.12.2019 in Question No.6, the […]

Limited Liability Partnership Incorporation

January 14, 2020 8382 Views 1 comment Print

Limited Liability Partnership Incorporation as Per Chapter III of Limited Liability Partnership, Act 2008 And LLP Second Amendment Rules, 2018. LIMITED LIABILITY PARTNERSHIP A Limited Liability Partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. It shall have perpetual succession (partners may […]

Section 115BAB – An Analysis

January 14, 2020 71637 Views 13 comments Print

Author discusses Which Company eligible for claiming lower Income tax rate, Meaning of Manufacture or Production for section 115BAB, Anti Abuse Provisions under Section 15BAB, Related Party Transactions & Transfer Pricing with reference to Section 15BAB and Taxability at higher Income Tax rates.

Section 147: Mere ‘Yes’ on approval not amounts to due application of mind

January 14, 2020 2013 Views 0 comment Print

Approval given by approving authority for reopening of assessment u/s 147 of the Income Tax Act, 1961 was without due application of mind and in mechanical manner – reassessment should be quashed.

Corporate Compliance Calendar For The Quarter Ended 31.12.2019

January 14, 2020 1710 Views 0 comment Print

Article explains Compliance For The Quarter Ended 31.12.2019 under Companies Act and Rules made there under, Under SEBI Law related to Intimation about the closing of trading window to SEs & Insiders, Compliance Report on Corporate Governance, Statement of Grievance Redressal of Investor Complaint, Statement of Shareholding Pattern, Reconciliation of Share Capital Audit, Prior Intimation […]

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