Where the documentary evidences furnished by assessee clearly supported the claim of exemption under section 10(38) on account of sale of securities that assessee entered into genuine transaction of sale of shares through recognized exchange upon which STT had also been paid and there was no other evidence available on record against assessee so as to make the impugned addition under section 68, accordingly, addition was to be deleted.
Chartered Accountants with fulltime Certificate of Practice should register and generate their UDINs on the UDIN Portal by registering the certificates attested/certified by them. I am happy to inform that the number of UDINs generated touched the noteworthy 2-million mark.
Both Houses of Parliament have approved the Triple Talaq Bill. The new law seeks to criminalise those who in defiance of law still resort to this practice and drive their wife to destitution. I had an opportunity to listen to the debate in Both the Houses. Strong arguments were presented on both sides. There are some basic principles to be kept in mind while analysing this issue.
The Government has allowed the Task Force to submit its report by 16th of August, 2019, in light of the fact that the new Members of the Task Force requested for more time to provide further inputs.
Smt. Nirmala Sitharaman- Minister of Finance and Corporate Affairs moves the Companies (Amendment) Bill, 2019 for consideration in the Rajya Sabha. She replies to the debate on Companies (Amendment) Bill, 2019 in the Rajya Sabha. Gandhiji’s trusteeship principle is with which profit-making can not be devoid of social responsibility. The amendments we are bringing now […]
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CBIC notifies Electrically operated vehicles, including two and three wheeled electric vehicles and Electrically operated vehicles, including two and three wheeled electric vehicles vide Notification No. 12/2019-Central Tax (Rate) Dated 31st July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 12/2019-Central Tax (Rate) New Delhi, the 31st July, 2019 G.S.R. 539(E).– […]
As the actor Shilpa Shetty was a brand ambassador for IPL team Rajasthan Royals, she was bound to render certain services without any charge to subsidiary company JIPL owned by holding company of her husband and assessee did not receive any consideration for the services rendered to JICPL, in the absence of any ‘price’, the provision of services could not be considered as an ‘international transaction under sec. 92(1).
A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note about the attachment of Coffee day shares by the Income Tax department. The authenticity of the note is not known and the signature does not tally with Shri VGS’s signature as available in his annual reports
New Return filing System: In the proposed system of new GST Return filing, you would be required to file FORM GST RET-1/2/3, on the basis of option selected. The Annexure of Supplies in Form GST ANX-1 i.e. supply commonly called sales, made by you and the Annexure of Inward Supplies in Form GST ANX-2 i.e. purchases made by you, will be uploaded prior to filing of these returns. The taxpayer will also be required to take action on Form GST ANX-2, which will contain details of inward supplies auto-populated from the suppliers GST ANX-1, Form GSTR-5 and Form GSTR-6.
