"21 August 2017" Archive

31 FAQs on Government Services under GST Regime

Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; (ii) services in relation to an aircraft or ...

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Co-op credit society providing credit facility to non-members not eligible for deduction U/s. 80P

The Citizens Cooperative Society Ltd Vs ACIT (Supreme Court of India)

It is noticed by the Assessing Officer, after discussing in detail the activities of the appellant, is that the activities of the appellant are in violations of the provisions of the MACSA under which it is formed. It is pointed out by the Assessing Officer that the assessee is catering to two distinct categories of […]...

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Penalty u/s 271AAA cannot be levied on undisclosed Income for which AO did not put a specific query to assessee

Principal CIT (Central) Vs M/S Emirates Technologies Pvt. Ltd. (Delhi High Court)

1. The Revenue is in appeal against the order dated 28th October, 2016 passed by the Income Tax Appellate Tribunal in ITA NO. 476/Del./2014 for Assessment Year (‘AY’) 2010-2011. 2. The question sought to be urged by the Revenue is whether the ITAT erred in law in confirming the order of the Commissioner of Income […]...

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GST Payment when it will get reflected and what if not reflected

What should a taxpayer do if his GST payments through challan are not reflected in the cash ledger? The taxpayer should raise a grievance on the GST Portal 24 hours after the successful payment communication is made by the Bank to the Taxpayer using the GST PMT-06 form. When will GST payments made through challans […]...

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India in Fast Motion

During the initial years after country’s independence, the Government of the day had three major challenges to meet - managing the massive refugee crises and the consequent re-settlement of lakhs of people; integration of more than 560 princely states into one strong nation...

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India carves a unique place in space

More than 53 summers ago, India had successfully put its first signature on space by launching the US-made ‘Nike-Apache’ two-stage sounding rocket (the first rocket) from Kerala’s obscure fishing hamlet Thumba....

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Govt puts restriction on Import of Urad/ Moong dal

Notification No. 22/2015-2020-DGFT (21/08/2017)

Import of Urad/ Moong shall be subject to an annual (fiscal year) quota of 3 lakh MT as per procedure to be notified. This restriction will not apply to Government's import commitments under any bilateral/regional Agreement/MOU....

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MGST: Extension of date for filing of return in FORM GSTR-3B

Notification No. JC(HQ)-1/GST/2017/Noti/18/ADM-8 (21/08/2017)

No. JC(HQ)-1/GST/2017/Noti/18/ADM-8.—In exercise of the powers conferred by sub-rule (5) of the rule 61 of the Maharashtra Goods and Services Tax Rules, 2017 (hereinafter in this notification referred to as the said rules) and notification No. JC(HQ)-1/GST/2017/Noti/18/ADM- 8, dated the 8th August 2017...

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PML (Maintenance of Records) Third Amendment Rules, 2017

Notification No. 3/2017 (21/08/2017)

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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EPFO: Forwarding of details required for assessment and timely declaration of Productivity Linked Bonus for the year 2016-17

No: WSU/25(1)/2016-17/PLB/10440 (21/08/2017)

The work relating to the assessment of Productivity Linked Bonus for the year 2016-17 has been taken up. The Productive Linked Bonus (PLB) for the employees of EPFO is assessed on the basis of the productivity achieved and manpower used in respect of each Regional Office separately....

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CBEC Notification extending the date for filing of GSTR 3B

Notification No. 24/2017–Central Tax (21/08/2017)

In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 and notification No. 21/2017-Central Tax dated 08th August, 2017...

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Section 68: Peak Credit Benefit to accommodation entry provider

CIT Vs D. K. Garg (Delhi High Court)

 The legal position in respect of an accommodation entry provider seeking the benefit of ‘peak credit’ appears to have been totally overlooked by the ITAT in the present case. Indeed, if the Assessee as a self-confessed accommodation entry provider wanted to avail the benefit of the ‘peak credit’, he had to make a...

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Treatment of bad debts for computation of book profit u/s 115JA/JB

CIT Vs Vodafone Essar Gujarat Ltd (Gujarat High Court)

Brief facts leading to the reference are as under. The respondent assessee is a company registered under the Companies Act. For the assessment year 2003­2004, the assessee had filed return of income declaring nil income. The Assessing Officer framed the order of assessment on 27.03.2006...

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Treat home buyers at par with banks in realty projects: ASSOCHAM

Give a carve-out to home buyers, treat them at par with banks in realty projects: ASSOCHAM New Delhi, August 19, 2017: ASSOCHAM today impressed upon the government, National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India to treat home buyers in real estate projects at par, if not above banks in […]...

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New Horizons on India’s Foreign Trade in Goods & Services

Even as the weak global trade growth in the last few years largely reflects persistent weakness in the global economy as observed by the World Trade Organization (WTO) in April 2017, India’s foreign trade performance, both on the merchandise goods and in the services fronts, has been singularly showing up positive trends....

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EPFO notifies Revised Composite Claim Form for Death cases (PF, EPS, EDLI)

No: Manual/Amendment/2011/Pt/9536 (21/08/2017)

Composite Claim Form for Death cases has been reviewed and accordingly a revised Composite Claim Form for death cases, approved by CPFC, is attached herewith. This claim form shall come into force from the date of issue of this circular....

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