"02 January 2018" Archive

FAQs on GST Advance Ruling Application Submission

Q.1 Who needs to file an application (FORM ARA 01 ) for seeking Advance Ruling? Ans: In GST regime, the application for seeking Advance Ruling can be filed by a registered person as well as an unregistered person who is desirous of obtaining registration under the Act. Both Registered and Unregistered persons should create a […]...

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How to generate new registration for advance ruling at GST Portal

The New Registration for Advance Ruling page is displayed. Select whether you are a Resident or a Non Resident. Enter the details on this page that include PAN of business, legal name as per PAN details of authorized signatory and address of the authorized signatory....

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Reopening on ground that returned income is lower in comparison to income offered by others is invalid

Rajender Goud Chepur Vs. ITO (Andhra Pradesh And Telangana High Court)

Assessing officers completely erred in reopening assessments on the basis of either a suspicion that there is suppression of income or on the basis that persons in the same line of business are returning a higher income. Without even mentioning the comparables, no initiation of proceedings under section 147 can be made....

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Registered Valuers : New Opportunity for CAs / CMAs / CS

Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers [section 247 of the Companies Act, 2013 and the Companies (Registered Valuers and Valuation) Rules, 2017 (the Rules), both to come into effect from 18 October, 2017....

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Insolvency and Bankruptcy Code- The legal tangle continues

The Insolvency and Bankruptcy Code, 2016 (the Code) has caused a paradigm shift in the manner in which cases of sick companies have been handled in India. The Code, which repeals the erstwhile Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) ...

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Input Tax Credit under GST: Practical Issues

GST system now became the part of our day to day finance function since last 5 months, there are various issues faced by the Government, dealers and all stake holders under this system....

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Recent Changes in Income Tax for FY 2017-18

Article discusses recent Changes in Individual Income Tax Slab Rates, Rebate U/S 87A, Surcharge on Total Income, Fees for Delayed Filing and Compulsory Quoting Of PAN...

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Uniform list of services to be followed in SEZs for IGST Exemption

F.No. D.12/19/2013-SEZ (02/01/2018)

The BoA was appraised that consequent to implementation of GST Act, some State Government are not extending the benefits of IGST exemption for default services, Since, SEZs are exempt from IGST and the above matter was placed before 80th BoA meeting held on 17th November, 2017. The BoA, after deliberations, approved the reiteration of the...

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Highlights on Secretarial Standards on Dividend

In this piece of writing, we will cover the topic Secretarial Standards on Dividend [SS-3] issued by issued by the Council of the Institute of Company Secretaries of India. Before we proceed to details discussion of context of [SS-3], please note the highlights of these standards so issued as stated below:...

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Interest U/s. 234B / 234C cannot be levied for period prior to date of survey on Income declared during Survey

Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai)

Emem Freight Forwarders Vs Dy. CIT (ITAT Mumbai)  Section 210 of the Act requires the assessee to pay advance tax at his own or in pursuance of the order of the assessing officer on or before each of the due dates specified under section 211 of the Act. In the instant case, the assessment year […]...

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