"14 July 2017" Archive

Bank to provide Aadhaar enrolment and update facilities in Bank premises

Notification No. 13012/79/2017/Legal-UIDAI (14/07/2017)

i. Every Scheduled Commercial Bank shall set up Aadhaar enrolment and update facility inside its bank premises at a minimum of 1 out of their every 10 branches by 30th August, 2017. ii. The selection of branches for enrolment and update facility shall be such that it covers all the district headquarters where it is present, and that there...

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GST & Excise Commissioners to Review working of GST Sewa Kendras

DO.No. 18/CH(EC)/2017 (14/07/2017)

Commissioners of GST & Central Excise formations to undertake random visits to the Ranges/Divisions under their charge to review the working of the GST Sewa Kendras particularly since we have given wide publicity to the facilitation trade can expect from these Sewa Kendras. ...

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Myth buster: No Penalty u/s 234F, For Filing of Return after 31st July 2017 but before the end of Assessment Year

Take a deep breath , and understand that the Penalty as proposed in budget speech of Finance Act 2017 is applicable from the date 01st April 2018 , this means , returns for the Financial year 2017-18 will only be attracting this penalty if not filed within due date as stipulated by the law and not ITR of F.Y 2016-17...

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Posted Under: Corporate Law |

Simple Table explaining Composition Scheme under GST

Composition Scheme – GST Sr.No Questions Answer 1 Applicability A Registered Person whose Aggregate Turnover in preceding FY does not exceed i)75 Lakh (For other than Specified States) ii)50 Lakh  (For Specified States i.e. North eastern States) 2 Optional or Compulsory It is optional scheme 3 Tax Rate Traders : 1.00% [CGST+SGST] M...

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Posted Under: Corporate Law |

GST Registration- Person Liable to register with or without threshold limit

According to Section 22 of CGST Act 2017, Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees...

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Posted Under: Corporate Law |

Appellate Authorities can allow Additional Claims made by Assessee during Proceedings

CIT Vs M/s. Abhinitha Foundation Pvt Ltd. (Madras High Court)

High Court has held that even if, the claim made by the assessee company does not form part of the original return or even the revised return, it could still be considered, if, the relevant material was available on record, either by the appellate authorities, (which includes both the CIT (A) and the Tribunal) by themselves, or on remand,...

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Mobile app GST Rates Finder to be soon available on IOS platform

CBEC Mobile app GST Rates Finder which is available on android platform and soon will be available on ios platform as well. To install GST Rate Finder, user of Android mobile has to first open Google Play Store and in the search option has to type GST Rate Finder. There may be many more apps available with similar names. The user has to d...

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Posted Under: Corporate Law |

CBI arrests Principal CIT; Recovers Rs. 3.5 Crore in Cash

CBI Registers A Case Against Principal Commissioner Of Income Tax & Others And Recovers Cash Of Rs. 3.5 Crore (Approx) & 05 KG (Approx) God During Searches...

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Posted Under: Corporate Law |

Bogus share capital: If document shows genuineness of transaction it cannot be treated as bogus for non appearance of shareholder

CIT Vs M/s. Orchid Industries Pvt. Ltd. (Bombay High Court)

The balance sheet and profit and loss account of these persons discloses that these persons had sufficient funds in their accounts for investing in the shares of the Assessee. In view of these voluminous documentary evidence, only because those persons had not appeared before the Assessing Officer would not negate the case of the Assessee...

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Service Tax cannot be Levied on Chit Fund Business: SC

Union of India & Ors. Vs M/s Margadarshi Chit Funds(P) Ltd Etc. (Supreme Court of India)

In these appeals, the appellant is Union of India, which has assailed the common judgment and order dated July 14, 2008, passed by High Court of Judicature at Andhra Pradesh, in a batch of writ petitions. Those writ petitions were filed by some chit fund companies (hereinafter referred to as the ‘assessees’) assailing the validity [&h...

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