"November, 2017" Archive - Page 4

File Table 6A & GSTR 3B to get Refund of IGST & unutilized Input Tax Credit

Exporters advised to file Table 6A and GSTR 3B for processing of IGST Refund and for Refund of the unutilized Input Tax Credit; Errors by exporters while filing their returns are the sole reason for delay in grant of refunds or rejection thereof; The Government of India has taken various measures to alleviate difficulty and is fully commi...

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GST – Two Major Common public Questions, My Answers and Suggestion

Recently I have come across lot of queries regarding GST from some Common people and professionals from other fields whom I met recently. I have also answered them to some extent to what I really known about the particular concept....

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AO justified in making addition for unexplained amount deposited in bank

George Alexander Vs The Assistant Commissioner of Income-tax (ITAT Cochin)

George Alexander Vs ACIT (ITAT Cochin)  The Assessing Officer in para 6 of the assessment order had catalogued the unexplained deposits in various bank accounts. While working out the unexplained deposits in the bank accounts of the assessee, the Assessing Officer had given due credit to the income declared by the assessee in the return...

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No Sales Tax Payable on Medical Equipment’s Imported by Hospital for ‘Own Use’

M/s. Eye Foundation Ltd. Vs. The Joint Commissioner (Commercial Taxes) (Madras High Court)

In a recent ruling, the Madras High Court held that the hospital is not liable to pay Sales Tax under Tamil Nadu Value Added Tax Act in respect of import of medical equipments for its personal consumption....

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Allowability of Depreciation on Gym Equipment Installed at House of Managing Director

ACIT Vs. Claridges Hotels Pvt. Ltd. (ITAT Delhi)

ACIT Vs. Claridges Hotels Pvt. Ltd. (ITAT Delhi) Company can claim Depreciation in respect of Equipment Installed at Residential Premises of its Managing Director, the same should be added as perquisite in the hands of the said Director but cannot be disallowed in the hands of the assessee company...

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SEBI modifies guidelines covering broad areas for enhanced supervision

Circular No. SEBI/HO/MIRSD/MIRSD2/CIR/P/2017/123 29/11/2017

Clause 7.1.2 stands modified as follows: End of day securities balances ISIN wise (as on last trading day of the month) and End of day securities balances (as on last trading day of the month) consolidated ISIN wise (i.e., total number of ISINs and total number of securities across all ISINs)...

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Co-operative Societies cannot use the word“Bank” in their names: RBI

Press Release No. 2017-2018/1467 29/11/2017

It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word Bank in their names. This is a violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the B.R.Act, 1949)....

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The Fiction of Loan Waiver to Capitalists: FM Clarifies

Over the last few days, a rumor is being propagated regarding waiver of loans of capitalists by banks. Time has come for the nation to be apprised of facts in this regard....

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Conversion from Limited Company to Private Limited Company

There are many companies looking for such conversion. The main reasons are the relaxations available to a private company. However there are some legal bindings related to the conversion of a public limited into a private limited. ...

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Manual filing & processing of refund claims in respect of Zero-rated supplies in Maharashtra

Trade Cir No. 49 T of 2017 28/11/2017

Due to the non-availability of the refund module on the common portal, it has been decided, on the recommendations of the Council, that the applications/documents/forms pertaining to refund claims on account of zero-rated supplies of goods or services or both without payment of integrated tax shall be filed and processed manually till fur...

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