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Goods and Services Tax - Goods and Services Tax is about to complete its first year in our Country. It is really a matter of proud that I belong to a State which has first passed /ratified the GST Constitutional Amendment Bill on 12.08.2016 in its State Legislative Assembly. Assam was the first in the Country to pass the GST Constitutional Amendment Bill. ...
Read MoreCompany Law - The Ministry of Corporate Affairs vide its notification dated the 13th of June, 2018 introduced the Companies (Significant Beneficial Owners) Rules, 2018. In this editorial author shall discuss the basics about ‘Beneficial Ownership’, and Significant Beneficial Ownership legal provisions about beneficial ownership, compliance requirem...
Read MoreGoods and Services Tax - The most favorite word for an assessee under dictionary of GST is REFUND, and the most favorite word for Chartered Accountant(s) under the same dictionary is AUDIT (of course after REFUND...!). Till date, whichever forms and formats are prescribed for Returns, it clearly emphasizes on self assessment processes...
Read MoreIncome Tax - The penal provisions contained in section 271(1)(c) provided for levy of penalty for concealment of income or for furnishing inaccurate particulars of income. The amount of penalty to be levied extends from 100% minimum to 300% maximum of the tax sought soughed to be evaded....
Read MoreFema / RBI - LRS was introduced on February 4, 2004, vide A.P. (DIR Series) Circular No. 64 dated February 4, 2004 read with GoI Notification G.S.R. No. 207(E) dated March 23, 2004, as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. ...
Read MoreIncome Tax - The fresh release made in the media today under ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies under the aegis of the Multi Agency Group (MAG) already constituted for facilitating coordinated and speedy investigation. ...
Read MoreGoods and Services Tax - GST Certification Course on Pen-Drive by TaxGuru and GST Professionals We feel proud in introducing the first in class ‘GST Certification Course on Pen Drive’ by TaxGuru & GST Professionals. Pen Drive Course involves more than 30 Hrs of detailed study as per your convenient time. Study along with our best-selling GST e-boo...
Read MoreGoods and Services Tax - A corporate taxpayer engaged in civil works for Central and State Departments as well as for private entities has defaulted in payment Of GST. On the same being point out, the Contractor deposited Rs.3.86 Crores towards their liability....
Read MoreGoods and Services Tax - By the end of 16th June, 2018, Rs.6,087 crore IGST refund has been sanctioned in the refund fortnight. The interesting facts during the second fortnight are (i) about 1,68,191 shipping bills have been processed (ii) IGST refund claims of about 9,293 exporters have been sanctioned including about 3500 new exporters, whose refunds had been ...
Read MoreCorporate Law - CCI approves the acquisition of Monsanto by Bayer AG under Section 31(7) of the Competition Act, 2002, subject to modifications/remedies to address the anti-competitive effects resulting from the said acquisition ...
Read MoreDy. CIT Vs Kuantum Papers Ltd. (ITAT Delhi) - As per para 7, 8 and 9 of the Accounting Standard 26 (AS 26) issued by the ICAI, the definition of intangible asset and trade mark specifically includes brand names.It was held by the Hon’ble Mumbai Tribunal that brand is an intangible asset eligible for depreciation under Section 32 of the Act....
Read MoreDCIT Vs SIL Investment Ltd. & Vice-Versa (ITAT Delhi) - In the present case As assessee had established nexus of interest expenses with its main activity of financing and there was not a single amount of interest bearing borrowings which could be related with investment which yielded tax-free dividend income, no disallowance under rule 8D(2)(ii) was call...
Read MoreThe Nainital Bank Ltd. Vs Asstt. (ITAT Delhi) - The Nainital Bank Ltd. Vs Asstt. (ITAT Delhi) When the assessee furnished all the facts and figures including the earning of the tax free income and the expenditure which was accepted by the learned AO, it is not open for the AO to say that the income escaped assessment because assessee did not re...
Read MoreThe New India Assurance Co. Ltd. Vs JCIT (ITAT Kolkata) - Explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B of the Act and hence the assessee would be entitled for immunity from levy of penalty u/s 272A(2)(k) of the Act. ...
Read MoreSoman Sun Citi Vs JT. CIT (ITAT Mumbai) - This appeal, filed by the assesseee, being ITA No. 2960/Mum/2016, is directed against the appellate order dated 16.02.2016 passed by learned Commissioner of Income Tax (Appeals)-3, Thane (hereinafter called the CIT(A)), for assessment year 2011-12, appellate proceedings had arisen before learned CIT...
Read MoreD.O. F.No. DGIT(V)/HQ/CVC/ASR-18 - (13/06/2018) - The disciplinary authorities in Group ‘B’ and Group ‘C’ cases may be advised to take immediate action in pending disciplinary proceedings. The field officers may be directed to make available records, documents and reports requested by Vigilance Directorate without any delay. It may be ensur...
Read MoreCircular No. 49/23/2018-GST - (21/06/2018) - Further, it is clarified that only such goods and/or conveyances should be detained/confiscated in respect of which there is a violation of the provisions of the GST Acts or the rules made thereunder....
Read MoreNotification No. 55/2018-Customs (N.T.) - (21/06/2018) - Customs Rate of Exchange of Foreign Currency Conversion wef 22.06.2018 notified vide Notification No. 55/2018-Customs (N.T.) dated the 21st June, 2018....
Read MoreNotification No. 49/2018-Customs - (20/06/2018) - G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do...
Read MoreNotification No. 48/2018–Customs - (20/06/2018) - Seeks to increase the tariff rate on goods in chapters 7, 8, 28, 38, 72 and 73 in the First Schedule to the Customs tariff Act, 1975 vide Notification No. 48/2018–Customs dated 20th June, 2018....
Read MoreIt is rightly said that failing to plan is planning to fail. This adage resonates further in case of family succession planning. If an individual fails to plan for his/ her su...
Read MoreThe Indian income tax laws provide certain tax benefits to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income ta...
Read MoreAs per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you c...
Read MoreCertain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or...
Read MoreIn this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2018-19 / F.Y. 2017-18 and subsequent Years. Deductions i...
Read MoreArticle discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to o...
Read MoreTo arrive to the balances as per books of accounts, we have prepared GST Credit Calculator Utility wherein you need to key in the outward supply, ITC and other figures as per ...
Read MoreInterest calculator for delay in payment of service tax is attached which can calculate interest in one shot for different period. Interest is levied on the assessee when he d...
Read MoreDownload the automated Income Tax Calculator for the Financial Year 2018-19 & Ass Year 2019-20 as per the new central budget 2018-19, with all amendment by the CBDT....
Read MoreIn this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2018-19 . The Income tax rates discussed in this pa...
Read MoreCountry wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out b...
Read MoreBlock of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...
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