Latest Blogs from SBS and Company LLP

    In this edition, we bring to you certain important articles on various aspects.

    We have summarised the proposals of paper released by CBDT on Rule 10 of Income Tax Rules which deals with attribution of profit to PE. This is a welcome paper by CBDT which would lead to tax certainty. We request all of you to kindly read the summary and share your comments to CBDT at the earliest.

    The next article is on ‘Derivates under FEMA’. In this article, we bring to you the basic concepts of derivates and the FEMA regulations applicable to such derivatives. My team also wrote a piece on the global data protection regulations.

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    Key Topis:

    AUDIT

    • AUDIT CONSIDERATIONS FOR BANK GUARANTEE

    INDIRECT TAX

    • COMPOSITION SCHEME ON SERVICES

    DIRECT TAX

    • SECTION 79 OF INCOME TAX ACT, 1961

    UPDATES

    COMPANIES ACT, 2013

    • RULES, CIRCULARS, NOTIFICATIONS AND ORDERS ISSUED DURING THE MONTH OF APRIL, 2019

    In this edition, we bring to you certain important articles on various aspects. 

    The article on ‘Changes to Real Estate Sector – GST Perspective’ deals with the recent notifications issued in the context bringing changes to taxation aspects in real estate sector dealing with residential apartments. The rate of tax of 5% which is applicable for new projects which commences on or after 01.04.19 is coming without credit. Even though the new rate appears to be lower than old rate of 12%, the customer would be paying more tax because the credit which was erstwhile allowed and now not being allowed would sit in the cost of project on which customer would be asked to pay 5%. However, under the erstwhile scheme certain builders were collecting 12% and also not passing the benefit of input tax credit which has put the customer in highly disadvantageous position. Now that the builder is not allowed to avail credit, the question of passing of such benefit would not arise and accordingly the customer is benefitted to such an extent. 

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    Key Topics:

    AUDIT

    • OVERVIEW ON BANK GUARANTEE

    DIRECT TAX

    • ICDS VI - EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES

    UPDATES

    COMPANIES ACT, 2013

    • RULES, CIRCULARS, NOTIFICATIONS AND ORDERS ISSUED DURING THE MONTH OF MARCH, 2019

    Background:
    1. The Central Government has issued various notifications dated 30th March 19 to bring out the changes to the tax rates applicable for real estate sector. In this note, we have made an attempt to understand the impact of such notifications and the way forward for the promoters. Without any further delay, let us proceed to understand the notifications.

    Snapshot of Changes:
    2. Essentially, the notification dealing with rate of tax has categorised, the projects as under:

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