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DIN mandatory for all Income Tax Notices etc wef 01.10.2019

August 14, 2019 30024 Views 0 comment Print

No communication shall be issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification, approval etc. to the assessee or any other person, on or after the 1st day of October, 2019 unless a computer-generated Document Identification Number (DIN) has been allotted and is duly quoted in the body of such communication.

IBBI issues Forms IP 1 & CIRP 1 to CIRP 6 to be filed by IP, IRP & RP

August 14, 2019 42156 Views 0 comment Print

Filing of Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professionals under the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder.

IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

August 14, 2019 18126 Views 0 comment Print

These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019.

Request to Extend time limit for claim of ITC for FY 2017-2018

August 13, 2019 19773 Views 4 comments Print

The GST Council has extended the date of filing the GSTR-9 upto 31st Aug, 2019 from 31st July, 2019 but on account of difficulties being faced by taxpayers in furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C, the due date for furnishing these returns/reconciliation statements to be extended for further six months i.e. till 28.02.2020 as this request has been also made by the Uttar Pradesh Tax Bar Association vide letter dt. 09.08.2019 duly signed by President and General Secretary.

ITAT upheld addition of 100% of Bogus Purchases

August 13, 2019 26613 Views 0 comment Print

Pratibha Pipes & Structurals Ltd Vs DCIT (ITAT Mumbai) In this case, on perusal of facts available on record, we find that the AO has not made addition only on the basis of report of sales-tax department. In fact, the AO has conducted all possible enquiries during the course of assessment proceedings, as per which, […]

Income Tax Searches in Tamil Nadu net more than Rs 700 crore

August 10, 2019 987 Views 0 comment Print

The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also in Kerala, Andhra Pradesh and Goa. The premises included residences of the promoters, key employees and some of the suppliers of materials.

Budget 2018 – Proposed Changes in Customs Law

August 9, 2019 3315 Views 0 comment Print

Changes in Budget ♠ Changes in Customs tariff ( Rates) -Make in India theme -Reduction in duty on raw materials -Increase in duty on finished goods ♠ Significant Changes in Legislative Changes in Customs Act, 1962 ♠ Changes in Customs tariff Act, 1975 Budgetary Changes Customs Duty Rates Customs Tariff: Notification No. 6/2018-Customs to No. […]

Angel Tax relaxation to Startups even if addition was made before 19.02.2019

August 9, 2019 7632 Views 0 comment Print

Notification no. G.S.R. 127 (E) dated 19.02.2019 will be applicable to those Startup Companies also where addition u/s 56(2)(viib) has been made in an assessment order under the IT Act before 19thFebruary, 2019 provided the assessee has subsequently submitted the declaration in Form-2 that it fulfils the conditions mentioned in Para-4 of the above-referred notification.

Amendment to Master Direction (MD) on KYC

August 9, 2019 984 Views 0 comment Print

A proviso has been added to condition (b) of Section 23 of the Master Direction to the effect that, where the individual is a prisoner in a jail, the signature or thumb print shall be affixed in presence of the officer in-charge of the jail and the said officer shall certify the same under his signature and the account shall remain operational on annual submission of certificate of proof of address issued by the officer in-charge of the jail.

Motor Vehicles (Amendment) Act, 2019

August 9, 2019 17022 Views 0 comment Print

(1) This Act may be called the Motor Vehicles (Amendment) Act, 2019. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

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