In many Indian corporate frauds, it is found that independent directors either were just mute spectators or failed to detect an early signs of fraud. In some companies, it was found that watchmen, drivers, maids and other assorted individuals lent their name, identity and consent to become an independent director without aware of their roles […]
Article explains GST on sale of second hand Car, Conditions to be satisfied for levy of GST on sale of second hand Car, Frequently Asked Questions related to GST on sale of used car and Illustration of GST on sale of used car.
The companies Act, 2013 has a special provision for Loans to director covered under section 185 which seems to be a small section but there is more to the story. First of all, this section applies to Public as well as private companies regardless of their paid up capital. There are major amendment under The […]
This piece discuss the restrictions on tax credit under Section 17 (5) (d) of the Central Goods and Services Tax Act, 2017 in the light of vague word ‘for’. Section 17 (5) (d) ibid in essence denies input tax credit (ITC) on goods or services received for construction of an immovable property on his own account. A ‘for’ always indicates some nexus, the present piece examines whether this nexus is ‘direct’ or ‘indirect’ or otherwise.
During the month of November 2019, two important judgments were pronounced by judicial authorities, pronouncing the principles behind condoning the delay in filing appeals before the courts by applying section 5 of the Limitation Act, 1963. In case of Senior Bhosale Estate (HUF) Appellant(s) Versus Assistant Commissioner of Income Tax Respondent (s), The Hon’ble Supreme […]
Does it make sense to take legal opinion when buying a property funded by home loan? Why it makes sense for you to obtain legal opinion while buying a house even if it is done by the legal team of the bank while grating home loan on the same. When a person buys a property […]
Blocking/ Unblocking of EWB generation facility The taxpayers who have not filed GSTR 3B return for two consecutive tax periods, will now be blocked for EWB generation facility on EWB Portal. Thus taxpayers who have not filed their GSTR-3B return for the months of September, 2019 and for October, 2019, will be blocked for EWB […]
A. DIRECT TAXES UPDATES i) Income Tax circulars/ notifications/ rules/ clarifications/News- November- 2019 ♠ CBDT notifies Form 16D (certificate of deduction of tax at source) and 26QD (challan-cum-statement) in relation to section 194 M (deduction of tax at source for contractual or professional payment by Individual or HUF) (Notification No. 98/2019 dated 18th November 2019) […]
In a recent case of M/s. Fresh and Honest Cafe LTD. V. The Deputy Commissioner [Ct] and Anr. (Karnataka High Court) , a ruling was stated by Justice S. Sujatha (Karnataka High Court) that stats that any mistake said to have been committed by a learned CA in filing VAT Form 240 will not be seen as an intentional mistake and further not levy section 69(1) as court rule by Karnataka high court.
What is the debate going on for filing of GSTR-9 and GSTR-9C GST returns? As per latest tweet the new template for filing returns would be made available on 10th December 2019. So, the question is whether to file GSTR-9 and GSTR-9C before 10th December 2019 or not.
