"November, 2017" Archive

Unauthorized expansion of scope of limited scrutiny- CBDT suspends officers

F.No. DGIT(Vig.)/HQ/SI/2017-18 (30/11/2017)

It was found that no reasons had been recorded for expanding the scope of limited scrutiny, no approval was taken from the PCIT for conversion of the limited scrutiny case to a complete scrutiny case and the order sheet was maintained very perfunctorily. This gave rise to a very strong suspicion of mala fide intentions. The Officer concer...

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ICSI Secretarial Standard on Dividend (SS-3)

SECRETARIAL STANDARD ON DIVIDEND- The following is text of the Secretarial Standard-3 (SS-3) on Dividend, issued by Council of Institute of Company Secretaries of India. Adherence to this Secretarial Standard is recommendatory....

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Posted Under: Income Tax |

Residential Status – Am I Resident or Non-Resident?

Non-understanding of correct residential status creates a high buzz for persons residing outside India or the persons visiting foreign for most of the year. They remain confuse whether taxes are to be paid in India and quantum of such taxes...

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Posted Under: Income Tax |

Various kind of Assessment under GST by proper officers

Assessment means determination of tax liability. Every law requires proper assessment of tax liability for each and every tax payer. But assessment of each and every tax payer is practically not possible so, there are many ways in which assessment can be done either by himself or by authority....

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Posted Under: Income Tax |

Speculative Transactions A Brief Note

Speculative transaction means a transaction in which a contract for the purchase or sales of any commodity including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips [section 43(5)]. Here important term is periodically or ultimately settled otherwise th...

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Posted Under: Income Tax |

Process of LLP Registration in INDIA

A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization. In an LLP one partner is not responsible or liable for another partner’s misconduct or negligence. In an LLP, all partners have limited liability for each individual’s protection within the partnership, simil...

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Posted Under: Income Tax |

Punjab VAT Annual Return due date extended to 8th December 2017

Extension of Due date of filing of Punjab VAT Annual return VAT-20 for year 2016-17 from 30th November 2017 to 08th December 2017 by Government of Punjab vide its Notice dated 30th November 2017....

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Posted Under: Income Tax |

11 FAQs on GST Replied by GOI on Twitter on 30th Nov 2017

Q.1 Advance was given when rate was 28%, and our vendor has paid tax on it. Subsequently rate has fallen to 18%. Will the invoice will be raised at 18% ? If yes, what to do of additional 10% paid as advance? Ans: Assuming supply happended after the change in tax rate, the time of supply […]...

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Posted Under: Income Tax |

ICAI President’s Message – December 2017

With the Governments commitment to fiscal consolidation and sustained growth, continuous initiatives and reformative steps in that direction, India’s macroeconomic story is gradually improving. ...

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Posted Under: Income Tax |

GST exemption on disbursement of Viability Gap Funding to Selected Airline Operators

Notification No. G.S.R. 1470(E). (30/11/2017)

In terms of the said Notification, Service Tax / GST exemption has been granted by Government of India, Ministry of Finance on VGF disbursed to Selected Airline Operators in respect of RCS Flights operated at above RCS Airports, for such period, as provided in the Notification, from the date indicated against each RCS Airport as above....

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