"24 May 2017" Archive

Revised law for Issue of summon and notice under PMLA

Notification No. G.S.R.515 (E) (24/05/2017)

(1) Every summon or notice shall be issued in Form 3 or Form 4 or Form 5 or Form 6, as the case may be, and signed by the Registrar or Administrative Officer....

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Time of supply of services – A drafting anomaly

The Goods and Service tax is going to the single biggest reform in Indirect Taxes of Independent India. It is going to radically change the way business is done in the country and is going to have a far reaching impact on our economy. The parliament has already cleared the Central Goods and Service Tax Bill among three others on 6th April...

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Posted Under: Finance |

Analysis of Term ‘Consideration’ defined in GST

The tribunal held that there has been a supply of right, obligation and services under the contract between QUANTAS and the passengers, for which the unused fares were consideration as defined, and that the assessment were not shown to be excessive....

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Posted Under: Finance |

All about Registration of Charge under Companies Act, 2013

Charge is The right of Bank/Financial Institutions who lend funds to a company to receive money from the company's assets if the debt is not paid on time. As per section 2(16) of the Companies Act, 2013 define charges as to mean an interest or lien created on the property or assets of a company or any of its undertakings or both as securi...

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Posted Under: Finance |

GST will trouble accounting and financial reporting?

Currently, accounting treatment of various indirect taxes varies based on their nature and point of levy. Under IND AS, excise duty is included in revenue, since it is a production-based tax. Sales tax and VAT is not included in revenue, since it is levied at the time of sales....

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Posted Under: Finance |

Major achievements of Govt Social Security and Credit Schemes

Through its Major Schemes, Department of Financial Services is ensuring financial inclusion, providing social security to the people as well as providing credit to various sections of the society. The major achievements of various schemes under the Department are highlighted below...

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Posted Under: Finance |

Addendum to GST Rate Schedule For Goods

The list of goods for which the GST rates are yet to be decided by the GST Council, the following entries may be added: (i) Cereals and flour put up in unit container and bearing a registered brand (ii) Puja samagri including havan samagri will be under Nil category. However, the exact formulation for the same is yet to be finalised....

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Posted Under: Finance |

Input Tax Credit under GST- Part I

जी.एस.टी.के दौरान इनपुट क्रेडिट एक बहुत मुख्य भाग है और जी.एस.टी. की एक जो सबसे अच्छी बात है वह यह है कि अब आपको लगभग उन सभी सेवाओं और म...

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Posted Under: Finance |

Sensex crosses 30,000! What’s next in store?

In the final week of April, the S&P BSE Sensex crossed the 30,000 mark - a symbolic breakthrough - to close at an all-time high of 30,133 points. Some of the best performing sectors have been consumer durables, banks, and oil and gas....

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Posted Under: Finance |

Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017

S.O. 1683(E) (24/05/2017)

In the Insolvency and Bankruptcy Code, 2016, in the Eighth Schedule, relating to amendment to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, in section 4, in clause (b), after the second proviso, the following provisos shall be inserted, namely:—...

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Medical Illness is reasonable cause for non-appearing on date

Sangeeta Sawhney Vs. ACIT (ITAT Delhi)

Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, we are of the opinion that no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B....

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Multiple Assessment Orders under DVAT Act or CST Act

Circular No. 06 of 2017-18 (24/05/2017)

The competent authority has desired that wherever such cases are brought to the knowledge of concerned Assessing Authority and if the concerned dealer approaches the Assessing Authority with details of such orders which are multiple Assessment Orders of the category mentioned above, then necessary remedies/measures as prescribed under Sec...

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CBEC notifes Valmikinagar in West Champaran, Bihar as a Land Customs Station

Notification No. 50/2017-Customs (NT) (24/05/2017)

Amendment to notification 63/94-Customs (N.T), dated 21.11.1994 so as to notify Valmikinagar in West Champaran District, Bihar as a Land Customs Station....

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Territorial Jurisdiction of Regional DGFT Office at Hyderabad amended

Public Notice No. 8/2015-2020-DGFT (24/05/2017)

The Territorial Jurisdiction of the Regional Office of DGFT at Hyderabad in Appendix- 1A of Foreign Trade Policy, 2015-20 is amended....

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Coverage of Beedi establishments & workers under EPF & MP Act, 1952

No. C-I/3(6)2017/Special drive Beedi Workers/4098 (24/05/2017)

It is advised to identify the uncovered Beedi establishments as well as unenrolled employees, and ensure social security benefits to all the eligible and left out employees under the schemes of EPF & MP Act, 1952....

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Addition justified for Voluntarily admitted tax liability retracted after 2 years

PR. CIT (C)-2 Vs Avinash Kumar Setai (Delhi High Court)

The Court is not satisfied that the retraction made by the Assessee two years after the declaration was bonafide. There was no satisfactory explanation for not including the said amount in the return of income filed by the Assessee on 26th September, 2009....

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Bogus share capital: AO cannot ignore document submitted by assessee

Prabhatam Investment Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the present case, the assessee has been able to prove identity of the investors, their creditworthiness and genuineness of the transaction in the matter. Therefore, the authorities below should not have made or confirmed the addition of Rs. 5.75 crores in the hands of the assessee. ...

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Reassessment in absence of fresh material indicating income escapement is invalid

A.C.I.T., Circle-2(1) Vs M/s. BNK E Solution Pvt.Ltd. (ITAT Kolkata)

In absence of fresh material indicating escaped income, the AO cannot assume jurisdiction to reopen already concluded assessment. It was further held that since there was no whisper in reasons recorded, of any tangible material which came to possession of AO subsequent to issue of intimation, therefore, it was an arbitrary exercise of po...

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Every loss of revenue due to AO order cannot be treated as prejudicial to revenue interest

M/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata)

In a major relief to the Ernst & Young Pvt Ltd (EY), the Kolkata bench of the ITAT confirmed the original assessment order passed by the Assessing Officer allowing deduction under sections 10A and 10AA of the Income Tax Act to the Company without set off of loss of taxable unit....

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Section 50C not applicable if sale transaction is not registered with stamp value authorities

Sh. Jastinder Singh Vedi Punjabi Bagh Vs DCIT (ITAT Delhi)

Full value of consideration mentioned in section 48 of the Act may be replaced by the value assessed or adopted by the stamp value authorities or fair market value only if section 50C of the Act applies in this case and which depends on the fact whether the sale transaction was registered by the stamp […]...

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Purchases cannot be treated as bogus merely based on info from sales-tax dept. or non-reply of 133(6) notices or non-production of suppliers

M/s. Geolife Organics Vs ACIT –23(2) (ITAT Mumbai)

Merely relying upon the information from the Sales Tax Department or the fact that parties were not produced the Assessing Officer could not have treated the purchases as bogus and made addition. ...

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Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part II

In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)...

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Posted Under: Finance |

GST on interest, late fee or penalty for delayed payment

As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value....

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Posted Under: Finance | ,

Supply in GST with case Studies

such activities or transactions undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities, as may be notified by the Government on the recommendations of the Council, Shall be treated neither as a supply of goods nor a supply of services....

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Posted Under: Finance | ,

Geared up for Billing under GST

Invoicing is a crucial aspect of tax compliance for every business. Input tax credit can be availed on the basis of Invoice, Tax Invoice, Debit note, ISD Invoice, ISD credit note or other documents as prescribed. One of the important conditions of ITC rule is “Input tax credit shall be availed by a registered person only if all the appl...

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Posted Under: Finance | ,

Meaning of Term ‘Business’ and Taxation of NGOs under GST

The Supreme court in west Bengal state warehousing corporation Vs. Indrapuri studio Pvt. Ltd. has examined the meaning of inclusive and exhaustive definition as appearing in various statues. The word “include” when used, enlarge the meaning of expression defined so as to comprehend not only such things as they signify according to the...

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Posted Under: Finance |

Modinomics as spring board of greater, stronger new India

In three years the Narendra Modi government has secured India’s position as the spring board of world economic growth. India is growing at 7.9 per cent when the world is growing at 3.1 per cent. The stock market is booming. India is for the first time surplus in power and coal production. ...

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Posted Under: Finance |

High-Value Transactions Under Scanner

To keep a watch on high-value transactions by taxpayers, the I-T department has developed a statement of financial transactions called Annual Information Return (AIR). ...

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Posted Under: Finance |

Is equity capital deemed as preference capital ?

Companies which are raising funds from angel investors or through venture capital funds are in dilemma which instrument is required to be issued against the investment. The decision is taken by the investors in general to which instrument they should get against their investment. ...

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Posted Under: Finance |

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