Category : Law
CBDT Extends the due date for furnishing of report under section 286 (4) of the Income-tax Act, 1961 – Circular 9 of 2018 dated 26.12.2018
In order to remove the genuine hardship in furnishing of the report under sub-section (4) of section 286 of the Act read with sub-rule (4)...
The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be drawn while invoking the provision of section 50C of the Act. – Bombay High Court
Held : “The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be...
GST council decides to reduce tax rate from 28%to 18% Monitors & TVs , Power Banks, Digital camera and video Cameras – GST council
GST Council in its 31st Council meeting held today at New Delhi decided to reduce tax rates on various items such as: From 28% to...
In terms of section 194A(1), The time of deduction of tax u/s 194A(1) is undisputedly time at which interest is to be credited to account of payee or when it is paid in cash/cheque or draft therefore, deduction of tax at source on interest income before close of financial year concerned as provided under section 194A(4) would not obligate assessee bank from penalty for not deducting tax at source at time of credit of said income in payee’s account – HC Allahabad
Held : Deduction of tax at source on interest income before close of the financial year concerned as provided under Section 194 A (4) of...
Form CHG-4 is likely to be revised w.e.f 25th December, 2018- MCA
Form CHG-4 is likely to be revised on MCA21 Company Forms Download page w.e.f 25th December, 2018. Stakeholders are advised to check the latest version...
Forms A-XBRL, 23B and MSC-1 are likely to be revised w.e.f. 20.12.2018- MCA
Forms A-XBRL, 23B and MSC-1 are likely to be revised on MCA21 Company Forms Download page w.e.f 20th December, 2018. Stakeholders are advised to check...
Form CSR is likely to be revised on MCA21 w.e.f 14th December, 2018-MCA
Form CSR is likely to be revised on MCA21 Company Forms Download page w.e.f 14th December, 2018. Stakeholders are advised to check the latest version...
Form GNL is likely to be revised w.e.f. 07.12.2018 – MCA
Form GNL-1 is likely to be revised on MCA21 Company Forms Download page w.e.f 7th December, 2018. Stakeholders are advised to check the latest version...
Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) issued by the Auditing and Assurance Standards Board
The Auditing and Assurance Standards Board issued Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) . To download, kindly click the link:...
No seizure of goods on ground that they were not accompanied with part-B of e-way bill – HC Kerala
The High Court of Kerala in its judgement has held that where the assessee has defaulted in not uploading Part B to the eway bill...
Revised Implementation Guide to SA 230, “Audit Documentation” issued by the Auditing and Assurance Standards Board – ICAI
Auditing and Assurance Standards Board has issued Revised Implementation Guide to SA 230, “Audit Documentation” on 03.12.2018. Standard on Auditing (SA) 230, “Audit Documentation” is an...
MCA is likely to revise certain forms w.e.f. 6th December, 2018 – MCA
Forms INC-20, MSC-1, MGT-3, INC-5, FC-1, FC-2, FC-3, STK-2, 23D, MGT-14, 23ACA-XBRL, CG-1, Form 66 and DIR-5 are likely to be revised on MCA21 Company...
No capital gain to be computed on the transfer of assets on the ‘book value’ in the case of conversion of company into LLP – ITAT Mumbai
Held: In the recent judgement by ITAT Mumbai in the Case of M/s Celerity Power LLP wherein it was held that the on the conversion of the company...
HC issues directions to the Department of Revenue to penalise the defaulters for not issuing Form 16 to their employees – HC Bombay
The Bombay High Court in its judgement took serious concern over the defaulter employers who does not any concern for issuing Form 16 where the...
Reliance by the AO on statements of third parties without giving the assessee an opportunity of cross-examination is a gross failure of the principles of natural justice and renders the assessment order a nullity -ITAT Delhi
The additions made merely on the statement of the third party and without providing an opportunity of being heard and cross examine the basis of...
The period of holding of ESOP options clarified and to be considered as Long term irrespective of the date of vesting of the same – ITAT Bangalore
The ITAT Bangalore in the recent judgement clarifies the period of holding of the ESOP options in the case of Shri. N. R. Ravikrishnan Vs Assistant Commissioner...
The MCA has amended The Limited Liability Partnership Rules, 2009
The MCA has made certain amendments in the forms 1 and 2 and substituted the same with Reserve Unique Number- RUN LLP and Form for...
Certain Amendment Rules issued by Ministry of Corporate Affairs
The Ministry of Corporate Affairs has issued certain amendment rules which are as follows: a) The Companies (Registered Valuers and Valuation) Rules, 2017 b) The Companies...
All about “Damages”
DAMAGES Damages, in simple terms, refer to a form of compensation due to a breach, loss or injury. “Damages” are often confused with “damage”. However,...
MCA amended Companies (Prospectus and Allotment of Securities) Second Amendment Rules dated 07/08/2018
In exercise of the powers conferred by section 42, read with the sub- sections (1) and (2) of sections 469 of the Companies Act ,...