"September, 2017" Archive

Double Taxation Under GST

A company purchases mineral water bottle from an unregistered person, then company has already paid all taxes on MRP basis on the said water bottle and further it is liable to pay tax under RCM as per section 9(4) /5(4) of Reverse Charge for which even credit is not allowed U/s 17(5) of CGST Act, 2017....

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Final GST rate on Construction services as on 23.09.2017

Final GST Rates for Construction Services as on 23.09.2017 S.no. Services Rate Conditions (i) Construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certifica...

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No S. 12AA Registration cancellation for non-start of charitable or religious activity

CIT vs. Shreedhar Sewa Trust (Allahabad High Court)

Registration U/s. 12AA cannot be cancelled on the ground that trust has not yet commenced charitable or religious activity- CIT vs. Shreedhar Sewa Trust (Allahabad High Court)...

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Extension in Various Timelines and Exemption to Specified Services under GST

In recent updates, the Government has extended various timelines and has also given exemption to specified services, as mentioned below. Display of revised Maximum Retail Price (MRP): Manufacturers, packers or importers of specified pre-packaged goods were permitted to display their revised MRP on the packages on account of implementati...

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Request to Follow Karnataka model of VAT for GST Return Filing by a Citizen of India

Dear GST Team: Namaste This is with reference to deliberation of returns filing under GST for Sales / Sales Returns/ Purchases / Purchases returns. GST is vatable and the ultimate tax is paid by the consumer.  Hence, the revenue is recognized when sold to consumer except for value added at each time of transfer.  Hence, […]...

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Appropriate GST tax on GTA service under Reverse charge

AN ANALYSIS ON ISSUE OF APPLICABILITY OF IGST/CGST/SGST ON GOODS TRANSPORTATION SERVICES BY GOODS TRANSPORT AGENCY UNDER REVERSE CHARGE MECHANISM UNDER GST LAW Case : A goods transport agency (GTA) registered in Maharashtra state (hereinafter referred to as GTA-Maharashtra) accepts booking of goods from local person for delivery of such g...

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All about GST on Works Contract and Work Contact Tax Rate

Article explains What is works contract,? Works contract - Goods or services?, Block ITC on Procurement Of Works Contract services?, Maintenance of accounts by registered person executing works contract and GST Rates for Works Contract....

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Up to Date Information on TRAN 01 updated till 30-09-2017

CLARIFICATION REGARDING FILING OF TRANS 01-Keeping in consideration many Notifications/Rules/Orders have been given/published by Govt TILL 29/09/2017 After going through Notification No.36/2017 dt 29/09/2017 Govt has rectified or become more kind therefore shortcomings of Notification No.34 dt.15/09/2017  & Order No.2/2017 dt.18/09/2...

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GST: Permission to display revised MRP extended up to 31.12.2017

On account of implementation of GST w.e.f. 1st July, 2017, there may be instances where the retail sale price of a pre-packaged commodity is required to be changed. ...

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Guidelines for name approval of Company in India.

Issues: 1. How to decide a relevant Name? 2. How to get the decided name approved in one go? The above two questions have become a major task these days. To get rid of these issues, following steps must be kept in mind...

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All about Core Field Amendment in GST

What all can be amended? 1. Business Details, 2. Promoter/Partner Details, 3. Principal Place of Business, 4. Additional Place of Business...

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Goverment is on its Drive to Nip any Loopholes

In lieu of a letter furnished by the Central Board of Excise and Customs (CBEC), dated 11th September 2017, the indirect tax department kick-started its investigation spree....

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Whether Disqualification of Director can be removed by Restoration of Company Name

In this Flash editorial, the author begins by referring the provisions of section 252 read with provisiosn of Section 164(2) of Companies Act, 2013 relating to Revival of Companies Struck off from the record of the Registrar and Removal of Disqualification of Director....

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Income Tax Department takes various initiatives to bring about efficiency, transparency, and fairness in Tax Administration: FM

FM: Income Tax Department takes various initiatives to bring about efficiency, transparency, and fairness in Tax Administration; Government is committed to widen the tax base by encouraging and incentivising the new tax payers; Number of tax payers increased significantly from 4.72 crore in financial year 2012-13 to 6.26 crore during the ...

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FAQs on Money Changing Activities

uthorised Money Changers (AMCs) are entities, authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. An AMC is a Full Fledged Money Changer (FFMC) authorised by the Reserve Bank to deal in foreign exchange for specified purposes....

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Post Office Savings Certificates (Amendment) Rules, 2017

Notification No. G.S.R. 1234 (E) (29/09/2017)

In exercise of the powers conferred by section 12 of the Government Savings Certificate Act, 1959 ( 46 of 1959) , the Central Government hereby makes the following rules further to amend the Post Office Savings Certificates Rules, 1960, namely...

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CBEC instruction on Time limit prescribed for Review of Orders

F.No.390/Review/49/2017-JC (29/09/2017)

Extension of time for Review by Review Committees of Chief Commissioners or Commissioners of Customs, Central Excise and Service Tax under Section 129D (3) of the Customs Act, 1962 and Section 35E (3) of the Central Excise Act, 1944 and Section 86 (3) of the Finance Act, 1994regd....

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IGST: Exempting supply of services associated with transit cargo to Nepal and Bhutan

Notification No. 31/2017-Integrated Tax (Rate) [G.S.R. 1212(E)] (29/09/2017)

IGST Exemption on Supply of services associated with transit cargo to Nepal and Bhutan (landlocked countries) vide Notification No. 31/2017- Integrated Tax (Rate)...

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CGST Exemption on supply of services associated with transit cargo to Nepal / Bhutan

Notification No. 30/2017- Central Tax (Rate) (29/09/2017)

Supply of services associated with transit cargo to Nepal and Bhutan (landlocked countries). Notification No. 30/2017- Central Tax (Rate)...

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EIA Lab authorised to issue analytical report of testing of Penta Chlorophenol

Notification No. 31/2015-2020-DGFT (29/09/2017)

In addition to Vimta Labs, Hyderabad, Export Inspection Agency (EIA) Lab, Chennai has also been authorised to issue the analytical report of testing of Penta Chlorophenol (PCP)....

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Submission of affidavit to forgo actionable claim or enforceable right in respect of a brand name

GST Circular No. 02/2017 (29/09/2017)

Rate of tax on goods under GST have been notified vide notification no. F.12(56)FD/Tax/2017–Pt.-I-40 dated 29 June, 2017, as amended from time to time. Besides, exemption from tax on intra- State supplies of goods have been notified vide notification no. F.12(56)FD/Tax/2017–Pt.-I-41 dated 29 June, 2017, as amended from time to time. S...

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Quantity of sugar to be exported to EU under CXL Quota notified

Public Notice No. 28/2015-2020-DGFT (29/09/2017)

The quantity of sugar to be exported to EU under CXL Quota from 1.10.2017 to 30.09.2018 has been notified vide Public Notice No. 28/2015-2020 ...

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SEBI Circular on Foreign Portfolio Investment in Corporate Debt Securities

Circular No.: SEBI/HO/IMD/FPIC/CIR/P/2017/112 (29/09/2017)

SEBI, vide circular SEBI/HO/IMD/FPIC/CIR/P/2016/67 dated August 04, 2016 had redefined the INR 244,323 cr Corporate debt limit for FPIs as the Combined Corporate Debt Limit (CCDL) for all foreign investments in Rupee denominated bonds issued both onshore and overseas by Indian corporates....

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SEBI Changes reporting norms for Category III AIFs

Circular No.: SEBI/HO/IMD/DF1/CIR/P/2017/110 (29/09/2017)

It is decided to revise the reporting formats for Category III AIFs so as to capture the information pertaining to investment in commodity derivatives as per enclosed Annexure. Accordingly, circular no.CIR/IMD/DF/10/2013 dated July 29, 2013 issued for operational, prudential and reporting requirements for AIFs stands modified....

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Aadhaar mandatory for All Post office deposits; Existing depositors to updates by 31.12.2017

Notification No. G.S.R. 1242(E) (29/09/2017)

(a) 'Aadhaar number' means an identification number as defined in clause (a) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016); (aa) 'Account' means a Savings Account, a Recurring Deposit Account, a Time deposit Account, Monthly Income Scheme Account, Sukanya Sam...

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Aadhaar mandatory for NSC; Existing depositors to updates by 31.12.2017

Notification No. G.S.R. 1244(E) (29/09/2017)

Aadhaar number shall be the unique identifier for the purpose of establishing the identity of National Savings Certificate (NSC) holder. Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrollment for Aadhaar....

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IBBI notifies IBBI (Information Utilities) (Amendment) Regulations, 2017

No. IBBI/2017-18/GN/REG016 (29/09/2017)

IBBI had notified the IBBI (Information Utilities) Regulations, 2017 on 31st March, 2017. These regulations provided that ordinarily a person should not hold more than 10% of paid up equity share capital or voting power of an information utility, while allowing certain specified persons to hold up to 25%. These further provided that a ...

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Aadhaar mandatory for PPF; Existing depositors to updates by 31.12.2017

Notification No. G.S.R. 1243(E) (29/09/2017)

Aadhaar number shall be the unique identifier for the purpose of establishing the identity of Public Provident Fund account holder. Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrollment for Aadhaar....

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Aadhaar mandatory for Kisan Vikas Patra; Existing depositors to updates by 31.12.2017

Notification No.G.S.R. 1241(E) (29/09/2017)

Aadhaar number shall be the unique identifier for the purpose of establishing the identity of Kisan Vikas Patra account holder. Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrolment for Aadhaar:...

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DVAT- Last date of filing of online return in Form 9 extended to 31.12.2017

Circular No. 16 of 2017- 18 (29/09/2017)

I, H. Rajesh Prasad, Commissioner, Value Added Tax, do hereby extend the last date of filing of online return in Form 9 for the year 2016-17, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 upto 31/12/2017....

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Notification No. 93/2017-Customs (N.T.) Dated: 29th September, 2017

Notification No. 93/2017-Customs (N.T.) [S.O. 3205 (E)] (29/09/2017)

Notification No. 93/2017- CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 93/2017-CUSTOMS (N.T.) New Delhi, 29th Septembe...

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MGST-Extension of time limit for intimation of details of stock in FORM GST CMP-03 upto 31.10.2017

Order No. 04/2017-MGST (29/09/2017)

Order No. 04/2017-MGST- period for intimation of details of stock held on the date preceding the date from which the option to pay tax under section 10 of the Act is exercised in FORM GST CMP-03 is extended till 31st October 2017....

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Notification on GST Registration Cancellation of Migrated dealer

Notification No. 36/2017–Central Tax [G.S.R. 1214(E)] (29/09/2017)

Rule 24 of CGST Rule 2017 is amended to provide Cancellation of those dealers who migrated from earlier Tax Regime to GST Regime till 31st October 2017. Form REG-29 also amended to provide for Cancellation of Migrated dealers. Hope Now Cancellation option of fully Migrated dealers who are not liable to be registered under GST will be ava...

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Exempting supply of services associated with transit cargo to Nepal & Bhutan

Notification No. 30/2017- Union Territory Tax (Rate) [G.S.R. 1213 (E)] (29/09/2017)

Supply of services associated with transit cargo to Nepal and Bhutan (landlocked countries). amendments in notification No.12/2017- Union Territory Tax (Rate), dated 28th June, 2017...

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Composition GST: Extension of time limit for intimation of details of stock held

Order No. 04/2017-GST (29/09/2017)

Extension of time limit for intimation of details of stock held on the date preceding the date from which the option for composition levy is exercised in FORM GST CMP-03...

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Conduct of Assessment Proceedings electronically in time-barring scrutiny cases

Instruction No. 8/2017 (29/09/2017)

Assessment proceedings in following time-barring scrutiny cases, pending as on 1st October,2017 where hearing have not been completed, would be carried out through the ‘e-Proceeding‘ facility on ITBA-...

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Only One Day to Go for Opting in or Opting Out under Composition Scheme

The concept of Composition scheme under GST regime is same as under current tax structure. Unlike under present tax structure, the provisions governing the Composition Scheme is altogether different. This scheme is basically designed for small dealers, for which maintaining records, making payments and filing returns is a cumbersome proce...

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RCM service Tax Input June’17 – How to transfer in GST

All Service Tax Registered Person are facing one common Problem, HOW TO TAKE ITC CREDIT of REVERSE CHARGE (RCM) paid after 30th june'17, So on 28th Sept'17 a Circular was issued solving this problem, Those who paid after 30th June can also take ITC in their ST-3 Return, but now Problem will be for those Who already filed ST-3, So again it...

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Proposed Rule 39A to Increase unnecessary compliance burden: CAA Ahmedabad

In our considered opinion, it appears that the proposal for introduction of a new Rule 39A in the Income-tax Rules, 1962 is not found to be fair. The implementation of the new rule will further increase the already existing heavy compliance burden on tax payers. Even the Form effectively requires periodic computation of income and expects...

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Transitional issues related to service tax payment after 30th June 2017

Circular 207/5/2017- Service Tax (28/09/2017)

It has been clarified that in cases where service was received before 1-7-2017 and payment for the value of the service was also made before 1-7-2017, but the service tax was paid by 5th/6thJuly 2017, details of credit should be indicated in Part I of Form ST-3 by filing a revised return. ...

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996 Vacancies with BSNL for M.COM/CA/ICWA/CS

Applicant must possess the educational qualification M.COM / CA / ICWA / CS from a recognized institution/ University (as on 1st Jan 2017 as per Recruitment Rule of BSNL). The Candidates having qualification M.COM/CA/ICWA/CS from a recognized institution/University shall only be able to appear in the online examination...

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ICAI Submits 122 suggestions on GST Implementation Issues

ICAI considers it a privilege to submit its suggestions on GST Implementation Issues. We have segregated122 suggestions in 3 parts: Law Related Issues, Procedural Issues and GSTN related Issues...

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CBI arrests DC of Customs in alleged bribery case

The Central Bureau of Investigation has today arrested an absconding Deputy Commissioner of Customs, Mundra in an on-going investigation of a case relating to alleged bribery of Rs. 20 lakh....

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How to add new Primary Authorized Signatory With New Email/Phone on GST Website

HOW A TAXPAYER CAN ADD A NEW PRIMARY AUTHORIZED SIGNATORY WITH NEW EMAIL/PHONE ON GST WEBSITE Advisory for Taxpayers wanting to edit email/phone of Primary Authorized signatory not added on Promoters/Partner Tab. Step-1. Login with your user id and password, Step-2. Click on the Services > Registration > Amendment of Registration No...

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AO can not make addition for Bogus Purchase U/s. 69C if all purchase / sales transactions are part of regular books

M/s. Fancy Wear Vs. Income Tax Officer (ITAT Mumbai)

If the AO has not rejected the books of accounts and has only doubted the genuineness of the suppliers but not the genuineness of the purchases and if the payments are made by account payee cheques, s. 69C is not attracted. S. 69C cannot be applied where all purchase and sales transactions are part of regular books of accounts. The basic ...

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Section 54/ 54F benefit cannot be denied for mere non registration of sale deed

Dr. Jasvir Singh Rana Vs Income Tax Officer (ITAT Delhi)

On the facts and circumstances of the case the Assessing Officer has erred in computing long term capital gain at Rs. 99,57,265/-. 2. That the Commissioner (Appeals) is wrong in not granting exemption under section 54 and 54F of the Income Tax Act on the amount invested for the purchase of residential plot and deposits made under capital ...

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SC on Taxability of Interim Enhanced compensation & interest received

CIT Vs Chet Ram (HUF) (Supreme Court of India)

In the present appeals, the only question that arises for consideration is as to whether the respondents-assessees who have received some amount of enhanced compensation as also interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter are liable to be assessed for income tax i...

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Section 132A: SC on Disclosure of ‘reason to believe’ or ‘reason to suspect’

M/s N. K. Jewellers Vs CIT (Supreme Court of India)

The present appeal arises out of the order dated 23rd February, 2007 in ITA No.236/2007 passed by the Delhi High Court whereby the High Court has held that no substantial question of law arose for its consideration and it was merely a matter decided on the evidence on record....

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Delhi HC issues guidelines in matters of reopening of assessments

Sabh Infrastructure Ltd. Vs. Asst. Commissioner Of Income Tax (Delhi High Court)

The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act (Act) by the Assistant Commissioner of Income Tax (hereinafter Assessing Officer AO) and the order dated 1st February, 2016 passed by the AO disposing of the objections filed by the Petitioner to the said notice....

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E-Way bill under GST Regime

Everyone is aware how hastily this tax regime GST was implemented without any prior preparation.One of the threat observed these days due to GST is E-Way bill. The very next question clicking your mind will be what is E-Way bill so the answer to your curiosity is it is the bill to be kept by […]...

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ICICI Bank launches ‘Cashback’ home loans

Mumbai: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a new home loan, which offers borrowers the benefit of 1% cashback on every EMI, for the entire tenure of the loan. A unique offering in the industry, it is available for home loans with a minimum tenure of 15 […]...

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Defining jurisdiction of customs officers for the purpose of appeals

Notification No. 92/2017-Customs (N.T.) [G.S.R. 1210 (E)] (28/09/2017)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962) and in supersession of notification of the Government of India in the Ministry of Finance (Department of Revenue) No.79/2014-Customs (N.T.), dated the 16th September, 2014...

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Mere disclosure of a transaction during original assessment proceedings does not protect assessee from re-assessment

New Delhi Television Ltd. Vs Dy. CIT (Delhi High Court)

The present writ petitions have been filed by NDTV Ltd. (hereinafter, NDTV) against the notice proposing reassessment proceedings initiated by the Commissioner of Income Tax (hereinafter, espondent or CIT or Revenue) under section 147/148 of the Income Tax Act, 1961 (hereinafter, Act) and the order of provisional attachment of Petitioner...

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Investment by FPI in Government Securities Medium Term Framework

RBI/2017-18/68 A.P.(DIR Series) Circular No. 7 (28/09/2017)

The limits for investment by FPIs for the quarter October-December 2017 is increased by INR 80 billion in Central Government Securities and INR 62 billion in State Development Loans. The revised limits are allocated as per the modified framework prescribed in the RBI/2017-18/12 A.P.(Dir Series) Circular No.1 dated July 3, 2017, and given ...

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Validation of Bank A/cs for speedy & smooth disbursal of IGST Export refund

Public Notice No. 123/2017-JNCH (28/09/2017)

In order to avail the IGST refund, it is mandatory that the exporters have validated their bank accounts by Public Financial Management System (PFMS). If bank accounts of the exporters are closed and/or not validated by PFMS, then the IGST refund, even if sanctioned, may not get credited to the accounts of the exporters....

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Post GST interim Rate of ROSL on Export of Garments & Made-ups

Notification No. 14/26/2016-IT (28/10/2017)

The exporter may claim RoSL rates for export of garments, garments under AA-AIR and made-ups textiles articles which are being hereby notified as Schedules-I, II and III respectively of this Notification provided he shall have to give an undertaking that he has not claimed or shall not claim credit/rebate/refund/reimbursement of these spe...

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Lodging of tax arrear claims of cases filed under IBC 2016 before NCLTs

F. No. DIT(RI/DIFR/2017-18/ (28/09/2017)

In this connection the region wise jurisdiction of companies, against whom insolvency proceedings have been initiated under The Insolvency Bankruptcy Code 2016 (IBC 2016 in short) as available under the icon Public Announcement in the website of Insolvency and Bankruptcy Board Of India (IBBI in short), has been identified from the PAN Dir...

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Able2Extract Pro 11: Securely Convert PDF to Word, Excel and More

Many companies and individuals today compile various business and financial reports in PDFs because they are easy to read and share across all platforms and devices. This goes also for annual financial statements, various forms, and invoices that they send to their accountants. The main issue for accountants and tax professionals is that ...

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Integration of Name Reservation with SPICE form- MCA invites comment

Policy-11/1/2017-CL-V-MCA-Part(1) (25/09/2017)

The Consultation Paper for integration of Name Reservation with SPICE eform under Companies Act, 2013 has been placed on the Ministry's website www.mca.gov.in for suggestions/ comments....

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Addition justified for Failure to prove genuineness of gifts received

Rajinder Mohan Lal Vs Pr. CIT (Punjab & Haryana High Court)

The assessee in order to draw benefit of the exemption under Proviso to section 56(2)(vi) of the Act was required to prove that the said gifts were received from any relative described there under or had been received on the occasion of marriage of the individual i.e., assessee....

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CBDT sets target of 1.25 Crore new I-T return filers for 2017-18

F.No. 312/46/2017-OT (27/09/2017)

It has now been decided by the Board that an all-India target of adding 1.25 crore new income-tax return filers may be set for FY 2016-17 to concentrate efforts of the Department to this critical key result area....

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Open Letter to CBDT on Proposed Rule 39A and Form 28AA

The assessees are already overburdened with too many procedures to be followed. In case there is any shortage of tax they are paying interest U/s. 234B and 234C of the act. The Provision is similar to the earlier period where the assessees were supposed to file Form 29. This system was replaced ...as such removed by the then Finance MINIS...

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Casual Taxable Person in GST

Casual taxable person: Means a person who occasionally undertakes transactions involving supply of goods or services in course or furtherance of business, whether as an agent, principal or otherwise, in a State, UT where he has no fixed place of business. The casual taxable person is a new concept introduced in GST. Casual taxable person ...

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First Information Utility set up under IBC

The Insolvency and Bankruptcy Board of India (IBBI) has granted the final approval to National e-Governance Services Ltd. (NeSL), allowing it to become the first information utility (IU) under the Insolvency and Bankruptcy Code, 2016 (the Code). Earlier in June, 2017, IBBI had granted an in-principle approval to NeSL to establish the IU....

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Credit eligible for posting in TRAN – 1

The time limit for filing GSTR TRAN -1 has been extended upto 31.10.2017. Through this article an attempt is made to explain the types of credits/ stocks for credits that are eligible for posting in TRAN -1 and it is pertinent to note that all the instant tax credits (not stock credit) should be supported by the valid duty paying docume...

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Core Field Amendments on the GST Portal enabled

Taxpayers can now make Core Field Amendments on the GST Portal as per the tweet by @gstindia. Although the facility was suppose to get live by 17th July 2017 on GST Portal but due to various technical issues on GST portal its get delayed and finally the same been made available to taxpayers today. Following […]...

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17 FAQs on Pradhan Mantri Sahaj Bijli Har Ghar Yojana “Saubhagya”

Pradhan Mantri Sahaj Bijli Har Ghar Yojana –Saubhagya a new scheme was launched by the Prime Minister Shri Narendra Modi to ensure electrification of all willing households in the country in rural as well as urban areas on 25th September, 2017. The following Frequently Asked Questions (FAQs) give a detailed view of objectives, features,...

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PMGKY 2016- Clarification on correction in Payment Challan

F.No.225/231/2017-ITA-II (27/09/2017)

Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY') pointing out instances where incorrect challans were used for making payment of liability under the Scheme or some of the particulars in the challans were filled wrongly. ...

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Ind AS and corresponding impact of MAT computations – tracking the evolution

Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accoun...

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How to create an Integrated Investment Portfolio?

It needs a perfect recipe for a dish to taste good and the best cut will give the suit the right fit. It is no different for investments, the correct mix of investment options goes on to create the coveted portfolio which optimizes returns and minimizes risk....

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Renewing Term Insurance from an Agent vs. Renewing it Online

Term plans are one of the best types of insurance, owing to the low premium cost and high-value cover. Such plans offer financial security to your loved ones in the case of your sudden demise. If your current term plan is reaching its maturity, you may renew it either from an insurance agent or through […]...

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Timelines for making applicable/available new Form DPT-3

General Circular No. 11/2017 (27/09/2017)

Clarification regarding the timelines for making applicable/available new Form DPT-3 issued vide the Companies (Acceptance of Deposits) Second Amendment Rules, 2017. ...

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Interest on bank deposits made for Business compulsions is taxable as business Income

Dy. CIT Vs West Gujarat Expressway Ltd. (ITAT Mumbai)

The said interest income had been earned by the assessee out of business compulsions of deposits in the ‘Debit Service Reserve Account’, hence the said interest income is linked to the business activities of the assessee. The issue is covered with the decisions of the Tribunal in the own case of the assessee for earlier assessment yea...

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Section 40A(3): Cash Payment- Person means individual truck driver

ITO Vs. Dhanshree Ispat (ITAT Pune)

Where assessee had sufficiently explained the circumstances under which the payments were made to the truck drivers in cash, for transport of items and no doubt was raised over genuineness of the payments and the payees were identifiable; no dis allowance under section. 40A(3) was warranted....

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Section 153C proceedings can be initiated against a person only if seized materials belong to him

CIT Vs Renu Constructions Pvt. Ltd (Delhi High Court)

The purpose of initiating proceedings under Section 153C of the Act, the seized documents had to be shown to belong to the other person and not merely pertaining to such other person. The change brought about in this regard in Section 153 C of the Act by way of amendment has been given prospective effect from 1st June 2015. ...

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Analysis of Amendment to Customs Valuation Rules

Circular No. 39/2017-Customs (27/09/2017)

The valuation of imported and export goods is governed by the provisions of Section 14 of the Customs Act, 1962 and the rules made thereunder. The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (CVR) contain the detailed provisions for arriving at the transaction value of the imported goods, on which the customs ...

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GST on Supply of satellite launch services inside & Outside India

Circular No. 2/1/2017-IGST (27/09/2017)

Supply of satellite launch services supplied by ANTRIX Corporation Limited to international customers would be outside India in terms of section 13(9) of IGST Act, 2017 and such supply which meets the requirements of section 2(6) of IGST Act, thus constitutes export of service and shall be zero rated in ...

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Simplified procedure for stuffing & sealing of export goods in containers

Public Notice No. 120/2017-JNCH (27/09/2017)

Attention of the Exporters, Custom Brokers and all concerned are invited to the Board Circular No. 26/2017- Customs dated 1st July, 2017, 36/2017- Customs dated 28 August, 2017 and 37/2017- Customs dated 20th September, 2017 on the above mentioned subject prescribing norms for grant of Self Sealing Permission to the exporters intending fo...

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SC Judgment on Illegal import of fireworks/crackers

Instruction No. 13/2017- Customs (27/09/2017)

Directorate of Revenue Intelligence has been, from time to time, issuing alerts regarding sensitization of officers and taking suitable measures to ensure prevention of illegal import of fireworks/ crackers of foreign origin....

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Generation of scrutiny notices u/s 143(2) for PAN selected in CASS 2017

F.No.DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2017 (27/09/2017)

Kindly refer to letter F. No. DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2016 dated 03.07 2017 and F. No. DGIT(S)/ADG(S)-2/CASS 2017-18/143/2016 dated 18.09.2017 requiring Assessing officers to generate scrutiny notices u/s 143(2) (or PANs selected in cycle 1 and cycle 2 of CASS- 2017. ...

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Review of norms for participation in derivatives by Mutual Funds

SEBI/HO/IMD/DF2/CIR/P/2017/109 (27/09/2017)

To reduce interest rate risk in a debt portfolio, mutual funds may hedge the portfolio or part of the portfolio (including one or more securities) on weighted average modified duration basis by using Interest Rate Futures (IRFs)....

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MGST: Reverse charge on services provided by Individual Advocate

No. MGST- 1017/C.R. 171 /Taxation-1. (27/09/2017)

No. MGST- 1017/C.R. 171 /Taxation-1.Services supplied by an individual advocate including a senior advocate by way of representational services before any court, tribunal or authority, directly or indirectly, ...

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Presidential Award of Appreciation Certificates to be announced on Republic Day, 2018- Reg.

F.No. 394/97/2017-Cus (AS) (27/09/2017)

F.No. 394/97/2017-Cus (AS) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Anti-Smuggling Unit) ***** 512, Hudco Vishala Building, Bhikaji Cama Place, R.K. Puram, New Delhi. dated 27.09.2017 To All Principal Chief/Chief Commissioners of Customs/ Customs (Preventive), All Principal Chief...

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Buy-Back of Shares By Private & Unlisted Public Companies

Buy-Back of shares generally meant to a situation in which a company purchases its own shares from the existing shareholders usually at a price which is higher than the market price of such share. It is a strategy of re-structuring of capital of the company by which excess paid up share capital can be extinguished....

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GST on Custom House Agents

This article discusses in detail about the GST taxability on Custom house Agents. Customs House Agent means a person licensed, temporarily or otherwise, under the regulations made under sub-section (2) of section 146 of the Customs Act,1962 (52 of 1962);...

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Normal Vs Composition Scheme under GST

While conceptualizing concept of GST, a 3600 view of business and economy was considered specially the nature of business and requirements of almost five crore Micro, Small and Medium Enterprises (MSMEs) and small traders who account for 25% of employment, 40% of industrial output and 45% of exports of the country. To boosting the cost ...

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Revenue cannot tax Both On Money and expenditure out of it as same amounts to double addition

The Commissioner of Income Tax Vs. M/s. Golani Brothers (Bombay High Court)

If the unaccounted expenditure incurred is from the on money received by the assessee, then, the question of making any addition u/s 69C does not arise because the source of the expenditure is duly explained. It is only the 'on money' which can be considered for the purpose of taxation. ...

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TDS not deductible on commission paid outside India for promotion of export sales outside India

Divya Creation Vs ACIT (ITAT Delhi)

Facts of the case, in brief, are that the assessee is a partnership firm engaged in the business of manufacturing and export of plain and studded Gold and Silver jewellery. It filed its return of income on 29.09.2010 declaring taxable income of Rs.2,83,03,490/-. During the course of assessment proceedings, the Assessing Officer observed t...

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GST Revenue Figures – As on 25th September, 2017

GST was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283 crore. ...

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Critical aspects related to digital monitoring of GST

D.O. NO. 3/Member (IT)/2017 (26/09/2017)

As you are aware, the deployment of IT infrastructure to enable the digital monitoring of GST by the Department is in its final stages. On completion of deployment, the documents filed by the taxpayers at the GSTIN portal would be available to all the formations, upto the range level Inspector, for suitable verification....

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Section 35D-Amortization of market research expense as preliminary expenses

ITO Vs Beehive Systems Pvt. Ltd. (ITAT Delhi)

The appellant, Income Tax Officer, Ward 2(4), New Delhi (hereinafter referred to as the Revenue) by filing the present appeal sought to set aside the impugned order dated 30-6-2014, passed by the Commissioner (Appeals)-V, New Delhi under section 143(3) of the Income Tax Act, 1961 (for short ‘the Act’) qua the assessment year 2010-11 o...

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Revision U/s. 263 justified for Erroneous & prejudicial Assessment without proper inquiry

CIT Vs. Bhawal Synthetics (India) (Rajasthan High Court)

Where AO allowed set off of interest earned on fixed deposits against interest payable on borrowings then such allowance was erroneous and prejudicial to revenue, therefore, CIT rightly invoked revisionary jurisdiction....

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Onus to justify balance claim of expense on Assessee when he admits part of the same is excessive

CIT Vs. Link Engineer (P.) Ltd. (Delhi High Court)

Where material was found in course of search at third party assessee that assessee had claimed bogus expenditure of 1 crore, towards which assessee had surrendered Rs. 50 lakhs and for balance 50 lakhs, it failed to provide any evidence, then it was made clear that onus of showing that balance expenditure was justified, lay upon assessee....

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Section 61: In case of revocable trust, its income needs to be taxed in hands of beneficiaries

Tamil Nadu Urban Development Fund Vs. ITO (ITAT Chennai)

These appeals are filed by the assessee against an order dated 30-3-2016 of the Commissioner (Appeals)-2, Chennai, in I.T.A. No. 31/CIT(A)-2/2013-14 for the assessment year 2008-09 and the order dated 30-3-2016 of the Commissioner (Appeals)-2, Chennai, in I.T.A. No. 174/CIT(A)-2/2013-14 for the assessment year 2009-10....

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Participation of FPIs in Commodity Derivatives in IFSC

SEBI/HO/CDMRD/DMP/CIR/P/2017/106 (26/09/2017)

SEBI (International Financial Services Centers) Guidelines, 2015 were issued on March 27, 2015. Subsequently, vide circular CIR/MRD/DSA/41/2016 dated March 17, 2016, SEBI has specified that Commodity Derivatives shall be eligible as securities for trading and the stock exchanges operating in IFSC may permit dealing in commodity derivative...

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Prevention of Unauthorized Trading by Stock Brokers

CIR/HO/MIRSD/MIRSD2/CIR/P/2017/108- SEBI (26/09/2017)

SEBI in the past has taken several steps to tackle the menace of Unauthorized Trades viz Periodic Running Account Settlement, Post transactions SMS/email by exchanges/Depositories, Ticker on broker/DP websites etc. It was observed that in spite of measures taken, a considerable proportion of investor complaints is of the nature of Unautho...

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Customs Valuation (Determination of Value of Imported Goods) Amendment Rules, 2017

Notification No. 91/2017- Customs (N.T.) (26/09/2017)

In exercise of the powers conferred by section 156 read with section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following rules to amend the Customs Valuation (Determination of Value of Imported Goods) Rules 2007, namely...

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CBDT notifies Federation internationale de Football Association U/s 10(39)

Notification No. 85/2017-Income Tax [S.O. 3129(E)] (26/09/2017)

S.O. 3129(E).-In exercise of the powers conferred by clause (39) of the section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as the international sporting event, persons and specified income for the purpose of the said clause namely...

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All about TCS (tax collected at source) under GST

Though TCS (Tax Collected at Source) & TDS (Tax deducted at Source) sounds quite similar, but they are different from each other. In my previous write-up, TDS was discussed and in this write-up, TCS will be discussed in detail:...

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