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ICAI President’s Message – June 2019

May 31, 2019 1401 Views 0 comment Print

hile UDIN will be made mandatory under 3rd and final phase for all attest and assurance functions from 1st July 2019, in the mid 2nd phase, the number of UDINs generated has crossed the one million mark.

Tribunal to decide appeal on merits irrespective of appearance of Assessee: HC

May 31, 2019 2952 Views 0 comment Print

Smt. Ritha Sabapathy Vs DCIT (Madras High Court) We reiterate that the fact finding Tribunals should not shirk their responsibility to decide the cases on merits because the view and reasons given by such Tribunals are important for the Constitutional Higher Courts to look into while deciding the substantial questions of law under Section 260-A […]

List of Ministers with Department allotted in Modi Government

May 31, 2019 18486 Views 0 comment Print

RASHTRAPATI BHAVAN PRESS COMMUNIQUE The President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the following members of the Union Council of Ministers:- Shri Narendra Modi Prime Minister and also in-charge of: Ministry of Personnel, Public Grievances and Pensions; Department of Atomic Energy; Department of Space; and All […]

Losses claimed cannot be disallowed merely for non-proper appearance in acknowledgment of return

May 31, 2019 2514 Views 1 comment Print

M/s Shree Krishna Vatika Construction Pvt. Ltd. Vs DCIT (ITAT Jaipur) From the record we also found that the assessee had attended the proceedings under the bonafide belief that the losses as claimed (which was same in both returns filed u/s 139(1) and 153A) were duly being assessed by the AO, and this intention of […]

Office Order No. 125 of 2019 – Additional Charge in CCIT grade

May 31, 2019 2811 Views 0 comment Print

The 31st May, 2019 OFFICE ORDER NO. 125 OF 2019 The following officers in the grade of CCsIT are, hereby, ordered to hold the charge(s) as indicated against their names, in addition to their substantive charge / additional charge(s), if any, being held by them, with immediate effect and until further orders: –

All about Sovereign Gold Bond Scheme 2019-20

May 30, 2019 3372 Views 1 comment Print

Reserve Bank of India RBI/2018-19/193 IDMD.CDD.No.3391/14.04.050/2018-19 May 30, 2019 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme 2019-20 – Series I/II/III/IV – Operational Guidelines This has […]

Section 194I: Rent for use of Land includes lease, sub-lease, tenancy payment

May 30, 2019 3066 Views 0 comment Print

CIT (TDS) Vs Jaypee Sports International Ltd. (Allahabad High Court) Word ‘rent’ means any payment by whatever name called under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land and came to the conclusion that lease money or annual rent is rent within the meaning of section 194-I […]

What are the different types of car insurance coverages?

May 30, 2019 1677 Views 0 comment Print

As Indians, we have a knack for using protection shields whenever we bring home something new, for example a brand new car. We believe in safeguarding our car by using kitchen ingredients like lemons and chillies to ward off the evil eye. But this protection does not work unless you take the actual steps to […]

18% GST payable on licensing services for right to use minerals including its exploration & evaluation

May 30, 2019 27813 Views 0 comment Print

What is the classification of Service provided in accordance with Notification No 11/2017-Central Tax (Rate) dated 28.06.2017, read with Annexure attached to it, by the State of Rajasthan to M/s Aravali Polyart Private Limited for which royalty is being paid ? Whether said Service can be classified under SAC 9973 specifically under 997337 as Licensing Services for the right to use minerals including its exploration and evaluation or as any other Service? On given Services, tax is payable by Service receiver under Reverse Charge Mechanism owing to Notification No. 13/2017-Central Tax (Rate) dated 28.06.2018?

RBI hosts Symposium on ‘Developing Vibrant Capital Markets in Emerging Market Economies’

May 30, 2019 630 Views 0 comment Print

The Reserve Bank of India (RBI) on May 29, 2019 held a Symposium on ‘Developing Vibrant Capital Markets in Emerging Market Economies’ at its Central Office in Mumbai.

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