Clubs cannot be treated as distinct from their members and there is no sale transaction between a club and its members. Hence, there can be no sales tax or service tax on supplies by club to its members

Vide decision of Supreme Court of India in State of West Bengal  vs. Calcutta club Limited. Facts of the case: The Assistant Commissioner of Commercial Taxes issued a notice to the respondent Club assessee apprising it that it had failed to make payment of sales tax on sale of food and drinks to the permanent members during the quarter [...]

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Determination of location of State bench of tribunal is in domain of central government; role of state government is confined to determine place of area benches

-           Vide Decision of High court of Allahabad in Torque Pharmaceuticals (P.) Ltd. Vs Union of India. Facts of the [...]

Rectification of mistakes/errors in GSTR-3B manually

-           Vide Decision of High court of Andhra Pradesh in Panduranga Stone Crushers Vs. Union of India. Facts of the [...]

Consolidated circular for assessment of start-ups

Income Tax vide circular no.22/2019 dated 30thAugust, 2019 consolidates all circulars regarding Assessment of startups. Assessment of [...]

Exception to monetary limits for filing appeals specified in any circular issued under section 268A of the Income tax Act, 1961-reg (Specially on the basis of merit incases involved in organized Tax Evasion)

Income Tax vide Circular no. 23/2019 dated 6th September,2019 gives exception to monetary limits for filing of departmental appeals before Income Tax Appellate [...]

real Time Gross Settlement (RTGS) System – Increase in operating hours

RBI vide notification no. RBI/2019-20/46 dated August 21, 2019 decides to increase in operating hours of RTGS system. At present, the RTGS system is available for customer [...]

Cash withdrawl at Point of Sale (PoS) Devices

RBI vide notification no. RBI/2019-20/50 dated August 29, 2019 reiterates the details regarding Cash withdrawl at PoSdeivces as the thing notified has not [...]

Parking of funds in Short Term Deposits of Scheduled Commercial Banks by Mutual Funds – Pending Deployment.

SEBI vide Circular no. SEBI/HO/IMD/ DF4/CIR/P/2019/093 dated August 16th, 2019 it is clarified that Trustees/Asset  Management Companies  (AMCs)shall  [...]

Section 103 of Finance (No. 2) Act, 2019 coming into Force

GST Wide Notification No.39/2019 dated 31st August, 2019 appoints 1st September, 2019 as the date from which Section 103 of Finance Act (NO.2), 2019 will come into force. [...]

Waiving of to file FORM ITC-04 for Financial years 2017-18 & 2018-19

GST wide Notification no. 38/2019 dated 31st August, 2019 Waives to file FORM ITC-04 for period  from July,2017 to march,2019. Inputs, Semi finished goods or capital [...]

Appeal on Income Tax Appellate Tribunal (ITAT) on remanding back to Commissioner (Exemptions) regarding rejection of Application under section 80G (5)

Vide Decision of High Court of Allahabad in People Cause Foundation v. Income Tax Appellate Tribunal. Facts of the Case: The Appellant is a company registered under [...]

Belated Claim of Refund during the course of Assessment Proceedings which resulted into delay in granting of refund could not be a reason attributable to the assessee and couldn’t dismiss the payment of interest for the amount of refund delayed

Vide decision of High Court of Bombay in Commissioner of Income Tax V. Melstar Information Technologies Limited. Facts of the Case: The Assessee (Melstar) had not [...]

Extension of Due Date for filing of TDS statement in Form 24Q

CBDT Vide Order under Section 119 of Income Tax Act, 1961, CBDT Extended due date for filing of TDS statement in Form 24Q for FY 2018-19 from 31st May, 2019 to 30th June, [...]

Extension of Due date for filing TDS Returns in the State of Odisha

CBDT vide Order under section 119 of Income-Tax Act,1961, CBDT extended, Due date for depositing Tax Deducted at Source (TDS) for the month of April,2019 from 7th May,2019 [...]

Waiver of Charges on National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) Systems

RBI vide Notification No. RBI/2018-2019/2018 dated June 11, 2019, RBI has decided that with effect from 1st July, 2019 processing charges and Time Varying charges levied [...]

Appointment of Chief Risk Officer (CRO) for NBFCs

RBI vide Notification No. RBI/2018-19/184 dated 16th May, 2019 has decided that NBFCs with Asset Size of more than Rs.50 Billion shall appoint a CRO with clearly specified [...]