"May, 2017" Archive

Action / Points to be Noted to Get Ready for GST

It is only month’s time from now when a major economic reform will be implemented throughout the Country. The entire Indirect Tax System will undergo a sea change and entire new Indirect Tax System known as the Goods and Service Tax, will be implemented. It is touted as One Nation One Tax, however it is dual system of GST, which is bein...

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Directors With Cash Less Transactions

OBLIGATIONS & DUTIES OF DIRECTORS-There are well established judicial precedents that the directors of companies have fiduciary obligations and also duties to act reasonably, in good faith and in the best interests of the companies where they hold such positions....

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Assessment Under Goods & Services Tax (GST)

The concept of Assessment’ is not new under GST, it is present in present tax structure also. As per section 2(11) assessment means determination of tax liability under this Act and includes self- assessment, re- assessment, provisional assessment, summary assessment and best judgement assessment...

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How your Restaurant will be impacted by GST!!!

How many times you visited a Restaurant and got amazed by the taxes there on and not amazed by the actual amount of bill. You might have found following taxes in the restaurant that would have daunted you most of the times (Not sure about you but they have definitely frustrated me). a. Value Added […]...

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SFT return filing due date extended to 30th June 2017

F NO.279/Misc./M-63/2017-ITJ (31/05/2017)

CBDT hereby extends date of furnishing of statement of financial transactions under Rule 114E(5) of Rules, r.w. section 285BA for Assessment Year 2017-18 front 31st May 2017 to 30th tune 2017 in case of persons throughout India who are liable to furnish the said statement....

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Section 263 Revision Order passed without issuing notice is void ab-initio

Sri Anthi Reddy Yamireddy Vs DCIT (ITAT Hyderabad)

Opportunity of being heard is little more than serving a notice on assessee. It is not an empty formality. Without giving a proper opportunity to assessee, revision proceedings u/s. 263 cannot be finalized as the provisions of Section 263 mandates that the CIT may pass such orders after giving an opportunity of being heard. Since [&hellip...

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Section 80IB Security guards to be counted in list of workers

ACIT, Vs Tripti Menthol Industries (ITAT Ahmedabad)

In ACIT v. Tripti Menthol Industries, the ITAT, Ahmedabad bench held that Security Guards employed by the assessee-unit must be considered as part of the workers engaged in the manufacturing process for the purpose of giving benefit under Section 80IB(2)(iv) of the Income Tax Act....

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Input services used for providing output service not disqualified on the basis that the same had only peripheral connection with output service

CCE, Vs M/s Convergys India Services Pvt. Ltd. (CESTAT Chandigarh)

These are 11 appeals filed by the Revenue against various impugned orders. As the issue involved in all these appeals are similar and the respondent is same, we take up all these appeals together for disposal. The respondents are registered with the Department for service tax purposes. They have filed refund claims under rule 5 of Cenvat ...

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Transfers and postings in the grade of ACIT / DCIT (Local changes)

Order No. 87 of 2017-Income Tax (31/05/2017)

The following postings/ transfers in the grade of Assistant/ Deputy Commissioner of Income Tax (Local Change) are, hereby, ordered with immediate effect and until further orders...

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ICAI set ups GST Sahayata Desks

To facilitate small businessmen, traders, shopkeepers and public at large ICAI GST Sahayata Desks have been made operational by the Institute of Chartered Accountants of India (ICAI), on pro bono basis at all major cities...

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14 Key Suggestions on GST Acts by ICAI

Section 171 of the CGST Act provides for the Anti-profiteering measures so as to ensure that benefit of credit available is ultimately passed on to the consumer. However, with change in law and to enable ease of understanding for all the assessees Anti-profiteering measures be kept in abeyance for 2 years....

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ICAI: Bifurcation of Paper 4- Taxation of Intermediate (IPC) Examination in 2 sections

It may be observed that currently Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book....

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Order No. 89 of 2017 – Transfers and postings in the grade of Addl.Joint Commissioner of Income Tax (Local changes) – reg.

Order No. 89 of 2017-Income Tax (31/05/2017)

The following postings/ transfers ( Local changes) in the grade of Additional/ Joint Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-...

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Transfers and postings in the grade of Pr. CCIT, Pr. DGIT, CCIT & DGIT

Order No. 88 of 2017-Income Tax (31/05/2017)

The following postings/ transfers in the grade of Principal Chief Commissioner of Income Tax/ Pr. Director General of Income Tax/ Chief Commissioner of Income Tax/ Director General of Income Tax are, hereby, ordered with immediate effect and until further orders...

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SEBI discussion paper on Draft Code of Conduct for Index Providers

To solicit the comments/ views from market participants on the issue of code of conduct for index providers to enhance greater level of transparency, increased disclosure requirements and to provide broad framework for Index Providers while managing/ maintaining Indices....

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Notification No. 51/2017-Customs (N.T.) Dated 31st May, 2017

Notification No. 51/2017-Customs (N.T.) (31/05/2017)

Notification No. 51/2017-Customs (N.T.) Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed...

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Facility for Online Generation of Rotation Number by Shipping Lines/ Agents – reg.

Circular No. 20/2017-Customs (31/05/2017)

The present system for allotment of 'Rotation Number' for vessels has been reviewed. Under the present process for the allotment of 'Rotation Number' for a vessel that calls on a port, the concerned Shipping Line or Shipping Agent (SL/SA) must file an application with the designated section in the Custom House, along with the desired part...

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Implementation of Hon’ble SC’s judgement titled SDGFT V/s Kanak Exports

Circular No. 19/2017-Customs (31/05/2017)

Attention is invited to the Target Plus Scheme (TPS) (Para 3.7.1 of FTP 2004-2009) which was announced by DGFT on 31.08.2004 with the objective to. accelerate growth in exports by rewarding Star Export House who have achieved minimum export turnover in free foreign exchange of Rs. 10 crores in previous licensing year. ...

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Notification No. 22/2017-Customs Dated: 31st May, 2017

Notification No. 22/2017-Customs (31/05/2017)

The following categories of exports made from 1st April, 2005 to 19th February, 2006 shall not be counted for calculation of export performance or for computation of entitlement under the scheme -(i) export of imported goods covered under para 2.35 of the Foreign Trade Policy or exports made through transshipment;...

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EPFO to allow benefits to members of EPS’ 95 as per SC Order

Allowing members of the EPS’ 95 the benefit of the actual salary in the Pension Fund exceeding wage limit of either Rs. 5000/- or Rs. 6500/- per month from the effective date respectively as per the Hon’ble Supreme Court’s order in Civil Appeal NO(S) 10013-10014 of2016 arising out of SLP No. 33032-33033 of 2015 ...

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Disposal of Departmental Inquiries pending beyond 6 months -reg.

D.O.F.No. V.500/226/2017 (31/05/2017)

I would like to bring to your notice that as many as 296 cases of disciplinary proceedings are pending in the Zones across India where the Inquiry Officers have not submitted the Inquiry Reports. ...

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GST: “One Nation Tri Taxation”

The Constitution has empowered concurrently the Centre and the states to levy GST on the supply of goods and/or services within the state. Thus, it will result in one central law on GST (CGST) and about 29 state laws on GST (SGST) as each state will have one SGST....

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Penalty cannot be imposed for delay in TDS return filing for non availability of PAN

Argus Golden Trades India Ltd. Vs. JCIT (ITAT Jaipur)

This is an appeal filed by the assessee against the order of Ld. CIT(A) - III, Jaipur dated 19.02.2016 for A.Y. 2011- 12 wherein the assessee has challenged the levy penalty of Rs. 1,02,400/- u/s 272A(2)(K) of the Act....

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Analysis of IBC (Removal of Difficulties) Order 2017

The Government on 24th May 2017 released the Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017 making additions in the Eighth Schedule of the Code, which originally amends the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICA), in order to clarify the matter in view of the repeal of the Sick Industri...

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No bar Under OECD to provide document relied to Appellant; Mere showing of document not sufficient

Poonam Jain Vs Union of India & Ors. (Delhi High Court)

High Court held that to say that the person being prosecuted or proceeded against can only be 'shown' such documents, but not provided copies thereof is untenable even on a plain reading of Article 26 (2) of the OECD Model Convention....

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New Composition Scheme for Builder and Developer

Trade Circular. No. 18T of 2017 (31/05/2017)

A Developer who opted for the said Composition Scheme was required to pay 1% composition amount in lieu of the tax, on the agreement (i.e. registered) value or the value determined for the purpose of payment of Stamp Duty, whichever is higher...

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ICAI Committed to Smooth Implementation of GST: President

In a short span of time, more than 12 States have passed the SGST Law from their respective assemblies and this shows the commitment for timely implementation of GST by the State Governments after passing of CGST, IGST Act by the Parliament of India....

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GST would be implemented from July 1, 2017: Revenue Secretary

Dr. Hasmukh Adhia, Revenue Secretary reiterates that the Goods and Services Tax (GST) would be implemented from July 1, 2017; States that GST would help in creating lot of jobs for young generation....

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Jolt to Service Export Under GST

As India progresses towards introduction of GST w.e.f 1 July 2017, with the GST Council releasing the rates on goods and services, taxpayers are gearing up and finalising the GST impact analysis on various facets of their business. One of the key areas which merit consideration is the taxability of services provided to an overseas service...

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GST: Padharo Mhare Desh

We, the Marwaris of India, traditionally either traders or (chartered) accountants, are inherently of ‘adjustive’ nature. We adjust well with native people wherever we settle and we are also good in making book adjustments! It is another matter that due our book adjustment skills, demonetization was a cat among us Marwari pigeons! Now...

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Avoid financial crisis, be aware of your credit score

Have you heard or read about the concept of credit report? Are you aware of your credit score? No? Then, you are making one of the most common and biggest financial mistakes. Not being aware of your credit score means you have no idea if banks will lend you money and if they do, at what rates. And in case of a financial emergency when you...

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GST Impact on SME Sector & Composition Scheme in GST ACT, 2017

Presently the SME manufacture has not liable to pay excise up to a turnover of RS 150 Lacks but in GST scenario he has to pay GST where his turnover has exceed the RS 20 lacks. The SME manufacture has face huge completion with the big player of the related market which has already has a reputed share of market demand, and a product who ha...

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Section 8 Microfinance companies: Overview, Requirements & Registration

Microfinance is a source of financial services for entrepreneurs and small businesses, it is a type of Non-Banking Financial Company (NBFC) which is in a business of micro credit finance to individuals and small business. It is also known as Micro Finance Institution (MFI)....

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Transfers & posting of Deputy ACIT in O/o Pr. CCIT (Int. Tax) Delhi-reg.

F.No.Pr.CCIT (Intl Tax.)/60/1/2017-18/560 (30/05/2017)

Transfers & posting of Deputy Assistant Commissioner of Income Tax in the O/o Pr.CCIT (Int. Tax) Delhi-reg. F.No.Pr.CCIT (Intl Tax.)/60/1/2017-18/560 Dated: 30.05.2017...

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Form 15G/15H to be furnished to Deductor- Once a Year or more?

Notification No. 6/2017-Income Tax (30/05/2017)

Representations have been received for clarification on the issue as to whether a depositor should submit only one declaration in respect of the income each year before each person responsible for making the payment (Deductor) or Form 15G/15H has to be submitted each and every time the payment is due to be received from the deductor....

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TDS on Payment to Radio Jockies – Section 192 Vs. Section 194J

ITO Vs Entertainment Network (I) Ltd. (ITAT Mumbai)

Since advertising agency only acting as an intermediary between assessee radio broadcasting station and the advertiser, raised bills to the advertiser on net amount charged by the assessee, charging separate commission from the advertiser, deduction from the gross amount was in the nature of discount only and not commission, therefore, li...

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Declaration of valid GSTIN in Customs documents mandatory w.e.f. 01-07-2017

Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. ...

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Failure to specify exact charge in section 274 notice makes it invalid

Jehangir HC Jehangir Vs ACIT (ITAT Mumbai)

Notice issued under Section 274 must reveal application of mind by the Assessing Officer and the assessee must be aware of the exact charge on which he had to file his explanation. It was further observed that vagueness and ambiguity in the notice deprives the assessee of reasonable opportunity to contest the same. ...

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Distribution of GST Provisional Id and Access Token of Phase 5 dealers

Trade Circular No. 17T of 2017 (30/05/2017)

Provisional Ids and Access Token of Phase 5 dealers, are now made available by GSTN. Dealer can obtain their Provisional Ids from department's portal www.mahavat.gov.in, using their login credentials....

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Contribution to PF under EPF Act allowable despite non recognition from I.T. dept u/s 2(38)

M/s Voxiva India Pvt. Ltd. Vs The I.T.O. (ITAT Delhi)

In a significant ruling, the ITAT Delhi held that approval by the Commissioner of Income Tax is not a mandatory requirement to allow deduction of contribution towards EPF under section 38(1)(iv) of the Income Tax Act when the assessee has framed the scheme under the Employees provident Fund Act, 1952....

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Income from letting of Commercial property with various amenities is business Income

DCIT Vs Nautilus Trading & Leasing Ltd. (ITAT Mumbai)

Challenging the order dated 3-5-2013 of the Commissioner (Appeals)-7, Mumbai, the assessing officer (AO) has filed the present appeal. Assessee-company, deriving income from house property, filed its return of income on 18-10-2007, declaring loss of Rs. 1.5 crores. The assessing officer completed the assessment, under section 143(3) of th...

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Disclosure for Issuance & Listing of Green Debt Securities

Circular No. CIR/IMD/DF/51/2017 (30/05/2017)

SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (“SEBI ILDS Regulations") , govern public issue of debt securities and listing of debt securities issued through public issue or on private placement basis, on a recognized stock exchange....

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Legalizing betting & gambling- Law Commission invite suggestions

The Supreme Court, in Board of Control for Cricket in India v. Cricket Association of Bihar & Ors., (2016) 8 SCC 535, mandated the Law Commission of India to study the possibility of legalizing betting in India, inter-alia, observed thus...

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Penalty Order not become Invalid for mere wrong quoting of section

Galaxy Nirmaan Pvt. Ltd., Vs ACIT, (ITAT Delhi)

The Delhi ITAT, in a recent ruling, held that imposing penalty by quoting wrong section would not itself make the entire proceedings invalid if the assessee had not raised any objection during pre-assessment stage and has co-operated with the proceedings....

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Submission of SFT relating to issue of Bonds for ₹ 5 lakh or more- Reg.

RBI/2016-17/313 IDMD.CDD.No.3058/13.01.299/2016-17 (30/05/2017)

It is observed that a few Agency banks were submitting Annual Information Returns (AIR, now changed to SFT) in respect of Savings Bonds to Income Tax Authorities as well as to RBI....

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Understanding Basics of GST

GST is a Single tax rate for a product or service in any part of the country (except J&K). The following 17 different indirect taxes will be subsumed under GST...

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Bogus share capital: Discharge of Onus & Law on not giving cross-examination

Arceli Realty Limited Vs ITO (ITAT Mumbai)

if relevant details of address or PAN Identity are furnished to the Department along with the copies of shareholder register, share application form, share transfer register etc, it would constitute acceptable proof or acceptable explanation by assessee....

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Procedure for Acceptance of SFTs from Sub-Registrar Office & Post Offices

Notification No. 7/2017-Income Tax (30/05/2017)

Procedure for Acceptance of Statement of Financial Transactions from Sub-Registrar Office and Post Offices (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 ...

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GST: Payments of Taxes- Part III

The electronic cash ledger under sub-section (1) of section 49 shall be maintained in FORM GST PMT-05 for each person, liable to pay tax, interest, penalty, late fee or any other amount, on the Common Portal for crediting the amount deposited and debiting the payment there from towards tax, interest, penalty, fee or any other amount....

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Assessment and Examination of consignments/ BOE

Public Notice No. 68/2017-JNCH (30/05/2017)

It has been observed that in case of consignments/ bills of entry of importers accorded DPD facility and which have not been facilitated by RMS and marked by system for ‘Assessment and Examination’, the Assessing Group orders for a certain percentage of those goods for examination. ...

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New India Must Aspire for Technology Leadership Globally

Milestones are usually an occasion to look back and reflect on the past. They are often viewed as opportunities to take stock of the path taken and to evaluate the journey that had been. The third-year milestone of the Narendra Modi led NDA government however marks a different kind of milestone with the government looking to the road ahe...

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A key link to India’s Development is lying hidden in plain sight- The Indian Women

I realized the extent to which India is transforming only when I started getting out of the big cities and visited India’s small towns and villages. The experience was beyond anything I could have imagined and the learning was priceless! It redefined how I saw technology and innovation and made me realize the power of true grit and res...

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SEBI introduces Online System for Portfolio Managers and Venture Capital Funds

Press Release No.: 29/2017 (30/05/2017)

In furtherance of SEBI’s endeavor to bring all the intermediary related processes (registration, reporting and other requests) to the online platform, it is hereby informed that an online system is introduced for Portfolio Managers....

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India and Russia, hand-in-hand for a bright future

India and Russia have recently completed 70 years of diplomatic relations. On April 13 2017, which marked the historic occasion, a grand launch function for year- long celebrations to salute this friendship was held in New Delhi. More than 100 events, which will span diverse areas of bilateral collaboration, will be held both in India and...

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Which ITR Applicable to Whom for A.Y. 2018-19 / F.Y. 2017-18

Table explains applicability of ITR 1 SAHAJ, ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6 and ITR 7 for Financial Year 2017- 18 or Assessment Year 2018- 19. Article explains whom a Particular ITR is applicable and whom it is not applicable in a Simple and Tabular Format-...

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E – Commerce under GST

E- Commerce (electronic commerce or EC) is an online interface business model linking the buyer and seller of goods and services, or the transmitting of funds or data, over an electronic network, internet or online social networks....

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The Power of Hard Work, Dedication & Positivity

As I was passing by some difficult phases of the life and at that times a wise decision is must needed thing otherwise distraction is a sure shot thing to emerge in minds, so I thought to find out the answer and share it with all of you....

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GST: Inter-State and Intra-State Supply-Determination and Implications

This is the right time to discuss the framework of GST as its likely to be a reality with effect from 01 July 2017. GST law is dual tax mechanism where the State and Centre both will be charge the tax....

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Empowering persons with Disabilities

The change in the name of the Department of Disability Affairs to the Department of Empowerment of Persons with Disabilities soon after the NDA assumed power was to send the message that ‘empowerment’ would be the key to the policies and programmes for the disabled and that a separate department meant this sector would receive focused...

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GST: Charge Zero Tax on Green fuels to promote environment friendly fuels

A suggestion was made that Green fuels like Natural Gas, CNG, Bio-Diesel and Ethanol Blended Petrol should be zero rated to promote environment friendly fuels. ...

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TDS and filing of ITR in case both the parents are dead of minor

Notification No. 5/2017-Income Tax (DGIT) (29/05/2017)

It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/Banks are clubbing the interest income accrued to the minor in the hand of grandparents and issuing IDS certificates to the grandparents, which is not in accordance with the law as the Income-tax Act envisages clubbing of ...

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TDS in case of entities whose income is exempted under Section 10

Circular No. 18/2017-Income Tax (29/05/2017)

Examination of the eligibility of entities for exemption from TDS on the principle of unconditional exemption and no requirement to file return revealed that Circulars No. 4/2002 and 7/2015 are required to be updated to make the following changes:...

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Revision U/s 263 justified if AO not carried out enquiry as specifically directed by ITAT

Bhupinder Singh Vs ITO (ITAT Delhi)

Where AO had only considered the discrepancy regarding gross receipts but did not carry out any inquiry in regard to the nexus between business receipts and cash deposits which was the specific direction of the Tribunal, Commissioner was justified in making revision order since the order was prejudicial to the interest of revenue....

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Types of Invoices under Goods & Services Tax (GST)

Krishna, in GST, every tax payer will have to prepare different types of invoices. So, tell the details of invoices in GST, how to make invoices and when to make invoices?...

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Composition Scheme under Goods & Services Tax (GST)

GST contains a Composition Scheme as an option for a registered taxable person having specified turnover limit to pay tax at a lower rate with minimal compliance burden. Let us discuss the features of GST Composition scheme in upcoming paras....

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Bogus purchases: HC remitted matter back and asked to follow Gujarat HC judgments

Commissioner of Income Tax-Central Vs M/s Carpet Mahal (Rajasthan High Court)

Considering the law declared by the Supreme Court in the case of Vijay Proteins Ltd. Vs. Commissioner of Income Tax, Special Leave to Appeal (C) No.8956/2015 decided on 06.04.2015 whereby the Supreme Court has dismissed the SLP and confirmed the order dated 09.12.2014 passed by the Gujarat High Court and other decisions of the High Court ...

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CIC not to direct RBI To disclose defaulters & NPAs List till SC Verdict

A full-Bench of the Central Information Commission recently refused to direct the RBI to disclose list of defaulters and non-performing assets, in view of a similar issue being under consideration before the Supreme Court in the case of Center for Public Interest Litigation v. Housing and Urban Development Corporation Ltd. & Ors., WP(s) (...

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GST is efficient tax system, which checks tax evasion: FM

The Union Finance Minister, Shri Arun Jaitley: Goods and Services Tax (GST) is an efficient tax system which not only checks tax evasion but also helps evolving India to become very strong society ...

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CSCs To Function As GST Suvidha Providers

CSCs will help merchants’ registration, filing returns and support them in fulfilling various requirements under GST. They will mobilize, conduct training and create advocacy of GST implementation across the country. ...

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ICSI Advisory For Members To Refrain From Unethical Practices

Certain instances have been brought to notice where a member of the Institute is seen to assisting a company against the spirit of the related law. In such instances, a Company Secretary - though required to be on a whole time basis so as to be in a position to ensure compliance with various laws by the company concerned, ...

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Exemption from drawal of samples to grant drawback to AEO certificate holders

Circular No. 18/2017-Customs (29/05/2017)

It has been decided to extend the exemption from the requirements of drawal of samples for the purpose of grant of drawback to Authorized Economic Operator (AEO) holding Tier-I certificate, except in case of any specific information or intelligence....

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SEBI Consultation Paper on streamlining process of monitoring of Offshore Derivative Instruments (ODIs)/Participatory Notes (PNs)

Circular No.A-15011/03/2015-Ad.I (29/05/2017)

SEBI has been taking steps for streamlining and tightening the conditions for issuance and reporting of ODIs by FPIs registered with SEBI. A list of the measures taken by SEBI in this regard during recent past is given as follows:-...

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Company Secretaries can explore International Opportunities: ICSI

Circular No. 18/2017-Cus (29/05/2017)

A clear understanding has been arrived at with the ICSA-UK to the effect that an ICSA-UK member may transfer his membership inter se its various divisions. Accordingly, an ICSI member who has, and those who may after pursuing ICSA Course whereunder one is required to clear the following three papers, all other papers having been exempted ...

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Clarification regarding due date of transfer of shares to IEPF Authority

General Circular No. 06/2017 (29/05/2017)

The modalities for transfer/ transmittal of shares from companies accounts to the demat account of the IEPF Authority are being finalized with the depositories. IEPF Authority is considering to open special Demat account and till opening of demat accounts, the due date for transfer of shares stands extended. In view of this, a revised due...

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Arrest Provisions under GST (In Hindi & English)

One cannot stop the change but resistance of change is a natural phenomena and it is natural state of Mind in which there are some substance of fear attached to the change. Some sensational topics will also add their own share of fear and anxiety in the minds of persons who are the part of change....

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GST: Get reply of your queries on Twitter

Dr. Hasmukh Adhia, Revenue Secretary, Ministry of Finance, Government of India is very active on twitter and was replying queries of stakeholders on GST from last few days but seeing the volume of queries he has decided to open a separate twitter account to reply queries related to GST....

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GST: Payments of Taxes- Part II

The electronic credit ledger shall be maintained in FORM GST PMT-02 for each registered person eligible for input tax credit under the Act on the Common Portal and every claim of input tax credit under the Act shall be credited to the said Ledger....

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Checklist for Tax Invoice in GST

Invoice Speak about the Transaction between Buyer and seller. In GST, Sec 31 of CGST ACT informs about Invoice for Goods and Service. Invoice Rules tells about the Time for raising the Invoice, Manner of Raising the Invoice and other conditions to be mentioned in the Invoice. Article covers the following- Tax Invoice Export Invoice [&hell...

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All about Interest, Late Fee, Penalties, Detention, Confiscation and Prosecution under GST

Though everyone is eager to know about do’s and don’ts under the proposed GST regime, however the other aspect which is not much discussed on many platforms but otherwise is equally important and very crucial part of every law is its penal provisions and their applicability for the proper regulations of the law. In the way the chargi...

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Valuation Rules under Central Goods and Service Tax Act- Part-2

Rule-6: Determination of Value in respect of certain supplies: This rule starts with a non obstant clause i.e. notwithstanding any thing contained in other rules, value shall at the option of the supplier in respect of certain supplies as specified hereinafter be determined as per this rule:...

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Maharashtra GST related laws (Amendments, Validation and Savings) Act, 2017

MAHARASHTRA ACT No. XLII OF 2017 (29/05/2017)

This Act may be called the Maharashtra Goods and Services Tax related laws (Amendments, Validation and Savings) Act, 2017. AMENDMENTS TO THE MUMBAI MUNICIPAL CORPORATION ACT....

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Online Filing of EPF Returns under New Software

No. Exem/10(20)2016/Vol. III (29/05/2017)

All the exempted Trusts are hereby advised to submit the pending online returns from October, 2016 till date. It is clarified that the return for the wage month March, 2017 is to be filed latest by 15th of May, 2017...

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CBDT notifies ‘Ariyakudi Sri Srinivasa Perumal Temple, Chennai’ for sec. 80G deduction

Notification No. 41/2017-Income Tax [S.O. 1714(E)] (29/05/2017)

Central Governmentnotifies Ariyakudi Sri Srinivasa Perumal Temple, Kottivakkam, Chennai,to be place of historic importance and a place of public worship of renown throughout the state of Tamil Nadu for the purposes section 80G....

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Tobacco usage– Biggest culprit undermining all development efforts

Tobacco usage– a major hurdle undermining developmental gains worldwide, is the foremost preventable cause of premature morbidity/ mortality. Tobacco products contain nearly 5000-7000 toxic substances, the most dangerous being nicotine, carbon monoxide and tar. Cigarette, bidi, cigar, hookah, sheesha, tobacco chewing, clove cigarettes,...

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Govt. revises retirement age for Presiding officers of SAT

Notification No. S.O. 1702(E) (29/05/2017)

No person is qualified to be appointed as the Presiding Officer- (a) of the Securities Appellate Tribunal established under the Securities Exchange Board of India Act, 1992 (15 of 1992), unless he is, or has been, a judge of Supreme Court or Chief Justice of High Court or a Judge of High Court for at least seven years;...

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DVAT: Input tax credit on capital goods purchase used in process of sale of goods from storage

Order No. F. 407/CDVAT/2017/503 (29/05/2017)

Whether the applicant dealer is entitled to input tax credit on the purchase of capital goods used in the process of sale of goods from its storage facility at Bijwasan (Delhi)-provisions of section....

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Change of Opinion on A Particular Matter, Whether Reopening of Assessment Possible?

Director of Income Tax (International Taxation) Vs Rolls Royce Industrial Power India Ltd (Delhi High Court)

There has been constant reopening of assessments by Assessing Authorities on mere change of opinion while law is well settled on the point that an assessment cannot reopened by recourse to section 147/ 148 of the Income tax Act, 1961 on mere change of opinion of the Assessing Officer(AO)....

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Documents Required For Availing Input Tax Credit (ITC) Under GST

The concept of Input Tax Credit is not new under GST, it is same as defined under present taxation system. But, the provisions under GST are altogether different. Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs....

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What you need to know about Accounting Fraud and Fraud Triangle

Accounting fraud is intentional manipulation of financial statements to create a window dressing of a company's financial health. It involves an employee, account or the organization itself and is misleading to investors and shareholders. A company canfalsify its financial statements by overstating its revenue or assets, not recording exp...

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Analysis of Goods & Service Tax (GST) on Real Estate Industry

Under GST regime Services by way of pure labour contracts of construction, erection, commissioning, or installation of original works pertaining to a single residential unit otherwise than as a part of a residential complex is exempt. So people who are constructing 2nd holiday homes at Lonavala, Deolali etc will be exempt....

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Addition based on mere Sales Tax Dept observations not sustainable

Asstt. Commissioner of Income Tax 25(2) Vs Tarla R Shah (ITAT Mumbai)

On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in deleting the addition of Rs 14,36,653 which was made by invoking the provisions of section 69C of the I. T. Act by treating the purchase are genuine without appreciating the fact that the notices u/s 133(6) issued to the parties were returned unnerved as...

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Husbands Income Not Sole Criterion to award Maintenance amount

Deepak Malhotra & Ors Vs Deepti Malhotra & Ors (Delhi High Court)

The Delhi High Court, in the case of Deepak Malhotra vs Deepti Malhotra and Ors, has held that the proportion of the husband’s income to be awarded as maintenance pendente lite to the wife is dependent on the surrounding circumstances and cannot be determined by a strict mathematical formula....

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In absence of incriminating material found during search concluded assessments cannot be reopened U/s. 153A

Pr. Commissioner of Income Tax Vs. Meetu Gutgutia (Delhi High Court)

A perusal of the common order of the ITAT shows that it first dealt with one common ground raised by the Assessee in all its appeals which concerned the jurisdictional issue of the validity of the invocation of Section 153A of the Act by the Revenue. It was contended that for the AYs 2000- 01 […]...

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Way Bills and its Rules under GST

Government, recently released Rules on electronic Way Bill under Goods and Services Tax (GST). A waybill is a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods. Typically it will show the names of the consignor and consignee, the point of origin of the consignment, its [&hellip...

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Section 153C proceedings not valid if initiated on the basis of document not belonging to Assessee

Pr. Commissioner of Income Tax Vs Vinita Chaurasia (Delhi High Court)

There is, therefore, nothing to contradict the categorical finding of the ITAT that the document which formed the main basis for initiation of the proceedings under Section 153C of the Act does not belong to the Assessee. One of the principal conditions for attracting Section 153C of the Act is, therefore, not fulfilled in the present cas...

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Trust for sole benefit of an individual can claim section 54F deduction

Balgopal Trust Vs. ACIT (ITAT Mumbai)

Issue before us is as to whether the assessee trust, which is for the sole benefit of an individual, will be entitled to deduction u/s. 54F or not, when its status is that of A.O.P. As per Section 54F the benefits of this section is available to individual or Hindu undivided family (HUF). Hon’ble jurisdictional […]...

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Addition for undervaluation not justified without alleging that assessee received more consideration than what is stated in the sale deed

The Pr. Commissioner of Income Tax- 2, Vs M/s Quark Media House India Pvt. Ltd. (Punjab & Haryana High Court)

The presumption against the value being understated (not undervalued) is greater where parties are connected or related. However, if the AO does not allege that the assessee received more consideration than is stated in the sale deed, he cannot made an addition to the stated consideration....

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Full value of consideration used in section 48 does not have reference to market value

Assistant Commissioner of Income Tax Vs Akash Association (ITAT Ahmedabad)

Reference to DVO for determination of market value for the purpose of computation of capital gains under section 48 would be wholly redundant since main thrust of section 48 is the full value of consideration received or accruing as a result of transfer of capital asset and not the fair market value thereof....

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Reopening based on reappraisal of existing material is invalid

Director of Income Tax (International Taxation) Vs Rolls Royce Industrial Power India Ltd (Delhi High Court)

The AO examined the nature of the transactions involving the Assessee and the payments received therefor. The reopening was not based on any fresh material. By revisiting the same materials the successor AO now concluded that the payments received by the Assessee pursuant to the O&M Agreements should be treated as FTS. ...

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December 2020