"24 March 2020" Archive - Page 3

Declarations of Finance Ministry Today At 2.30 Pm

Finance minister declaration India today meeting at 2:30 p.m. 1. Vivad se Vishwas extended to 30th June 2. return filing for 18-19 financial year extended to 30th June interest on 3. TDS interest will be now from 18 % to 9% 4. Any date of IT was expiring at 31st March that has been extended […]...

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Posted Under: Income Tax |

Expense on feasibility study for improving day to day working is allowable as revenue expenditure

JCIT (OSD) Vs Adani Logistics Ltd. (ITAT Ahmedabad)

JCIT (OSD) Vs Adani Logistics Ltd. (ITAT Ahmedabad) During the course of assessment proceedings the AO observed that the appellant has incurred an amount of Rs. 6,00,00,000/- on account of legal and professional fees paid to one M/s. Emerging India Investment Advisors Pvt. Ltd. It was further found by the Ld. AO that such expenditure [&he...

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ICSI Request for relaxation in filing of ROC forms & compliances

While fully appreciating the measures undertaken by the Ministry of Corporate Affairs allowing the Companies to hold their Board Meetings through audio visual means even for the restricted items till 30th June 2020, taking cognizance of the gravity of the public health situation, we request your good-self to kindly consider the relaxation...

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Posted Under: Income Tax |

Exemption from IGST & compensation cess to EOUs on imports till 31.03.2021

Notification No. 16/2020-Customs [G.S.R. 213(E)] (24/03/2020)

Amendment to Notification No.52/2003-Customs dated 31.03.2003 for extending exemption from IGST and compensation cess to EOUs on imports till 31.03.2021.  Notification No. 16/2020-Customs Dated 24th March, 2020 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 16/...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 25.03.2020

Notification No. 30/2020 - Customs (N.T.) (24/03/2020)

Exchange Rates Notification No. 30/2020-Custom (NT) dated 24.03.2020 Notifying Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 25th March, 2020....

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Extension of Due Dates by Supreme Court | Article 142 | Constitution

Date: 23-03-2020 Special powers of the Supreme Court under art. 142 of the Constitution: Period of limitations (Due Dates) have been extended indefinitely w.e.f. 15-03-20 1) Article 142 in our Constitution empowers the Supreme Court to pass such “decree or order as may be necessary for doing complete justice between the parties̶...

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Posted Under: Income Tax |

Stamp Duty from Allottees on alleged ‘Conveyance/ Transfer’ of Superstructure of an Apartment/unit built by a Builder patently illegal

Stamp Duty from Allottees on alleged ‘Conveyance/ Transfer’ of Superstructure of an Apartment/unit built by a Builder patently illegal Much before the introduction of GST, a controversy arose as to whether the Builder/ Developer builds a building, intended for sale, on his own behalf or on behalf of the prospective purchasers....

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Posted Under: Income Tax |

ICSI Auditing Standard Mandatory from 1st April, 2020

Institute of Company Secretaries of India ICSI has issued Auditing Standard for audit by ‘Practicing Company Secretary” . These standards issued by ICSI. These standards were effective from 1st July, 2019. However, from 1st July,2019 it was recommendatory. These standards are mandatory w.e.f. 1st April, 2020. Important Note: ** These ...

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Posted Under: Income Tax |

Input tax credit (ITC) utilisation sequence – a simplified anylisis

Circulars after circulars, amendments, insertion of new Rules and overriding of Rule over Act for the sequence of ITC Utilization created a lot of confusion in the mind of suppliers and professionals. In this article, an attempt has been made to simplified the understanding of the Input Tax Credit ( ITC) utilization sequence. The sequence...

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Posted Under: Income Tax |

Difference between ‘Adjudicating Authorities’ & ‘Court’: NCLAT clarifies

Vijay Pal Garg & Ors. Vs Pooja Bahry (NCLAT)

Adjudicating Authorities cannot possess the power to direct the Central Government to conduct/order the investigation against any company. Taking a look at Section 210(3) of the Act, it is clear that the Central Government ought to conduct an investigation into the affairs of the Company by appointing an inspector and obtain his report th...

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