"30 January 2020" Archive

Sale of Immovable Property by a Non-Resident – TDS at a glance

Income Tax needs to be deducted at source by the purchaser on payment against purchase of an immovable property from a non-resident following the guideline as below: 1. Who is a non-resident under Income Tax Act? Ans. The residential Status is determined for every financial year, i.e., the period from 1st April to 31st March […]...

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Posted Under: Income Tax |

GST: Bank A/c of another Taxable Person cannot be provisionally attached merely for summons issued to him

Gehna Trading LLP Vs Union of India (Bombay High Court)

Power to provisionally attach bank accounts is a drastic power. Only upon contingencies provided therein that the power under section 83 can be exercised. It is therefore not possible to accept the submission of the Respondents that even though specified proceedings have been launched against one taxable person, bank account of another t...

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BSE can exercise its Right of Lien over Security Deposits of member

Stock Exchange Bombay Vs Varughese P. Danial (Bombay High Court)

Stock Exchange Bombay Vs Varughese P. Danial (Bombay High Court) So far as the prohibitory orders were issued by the Income Tax Department in respect of security deposit of the defaulting card holder is concerned, any amount in excess after meeting it’s liabilities should be handed over to the Income Tax Department. This is so [&hel...

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No Service Tax on recovering back of Cheque dishonor charges

TVS Finances and Services Ltd. Vs Commissioner of Central Excise (CESTAT Chennai)

The appellant is providing financial services and gives loans. For recovery of loans, the appellant collects post-dated cheques. There are instances when post-dated cheques after being presented to bank get dishonoured. The bank collects charges for dishonouring of the cheques. Such charges are recovered by the appellant from their client...

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GSTR-9C filing within one month- GSTN reply and Advisory

Article answers following queries 1. New version of GSTR9C was made available on the Portal in December 2019. How can we file within one month? 2. Government extended date for filing of GSTR-1 up to 17/01/2020 but portal allows the ITC shown in GSTR-2A up to 30/04/2019. 3. Where is the provision to upload PDF […]...

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Posted Under: Income Tax |

Board Resolution to file e-Form DPT-3, Onetime and Annual

Authorisation to file e-Form DPT-3 One Time The Chairman informed the Board that the Ministry of Corporate Affairs (MCA) vide notification dated 22th January, 2019 in exercise of the power conferred by clause (31) of section 2 and section 73 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 […]...

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Posted Under: Income Tax |

IEPF Compliance Checklist for a Financial Year

IEPF Compliance Checklist for a Financial Year Updated as per Section 125 of Companies Act, 2013 and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. S. No.  Particulars of compliance Timelines 1 Form IEPF-3 Within 30 days of the end of the Financial Year 2 The Company shall inform th...

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Posted Under: Income Tax |

Landlord not precluded from making application for determination of fair rent during currency of contractual tenancy: SC

N. Motilal & Ors. Vs Faisal Bin Ali & Anr. (Supreme Court)

N. Motilal & Ors. Vs. Faisal Bin Ali (Supreme Court) The moot question to be answered in this appeal is as to whether during currency of contractual tenancy i.e. during the currency of agreed rent between the landlord and the tenant whether landlord is precluded from making an application for determination of fair rent. Section [&hell...

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Unit in Free Trade Warehousing zone exempt from service tax on export

M/s Broekman Logistics India) Pvt Ltd. Vs Commissioner of GST & CE  (CESTAT Chennai)

M/s Broekman Logistics India) Pvt Ltd. Vs Commissioner of GST & CE  (CESTAT Chennai) Appellant is authorized to carry out the operations by setting up a unit in the FTWZ zone. They have been rendering Storage and Warehousing services predominantly to foreign customers. On the charges collected for services rendered to Indian customer...

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Step by step simple process to raise Authorized Share Capital

1. Increase in share capital shall be authorised by articles of association (AoA) of the company. In case AoA does not authorise to increase the share capital the AoA shall be amended as per section 14 of Company Act 2013 by passing special resolution. 2. The company shall need to alter the memorandum of association […]...

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Posted Under: Income Tax |

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