"04 January 2018" Archive

Kerala HC allows Deduction u/s 80-IA to Kannan Devan Plantations

Kanan Devan Hills Plantations Company Pvt. Ltd. Vs ACIT (Kerala High Court)

Revenue, has contended that the assessee’s business is not a new industrial undertaking. According to him, the assessee has also miserably failed to establish that it has spent more than 50% of the plant’s book value on any renovation or modernisation....

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CBI Arrests an ITO While accepting bribe Of Rs. One Lakh

Central Bureau of Investigation has today arrested an Income Tax Officer, Ward-34 (1) (4), Mumbai for demanding and accepting a bribe of Rs. One lakh from the complainant....

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Posted Under: Income Tax |

CODS 2018- Reactivation of DIN is in Process: MCA

Stakeholders of Condonation of Delay Scheme (notified vide General Circular No.16/2017 dated 29th December 2017) may kindly note that the process for ‘reactivating’ the DINs in system in respect of disqualified  Directors is in progress and they may check the status of the relevant DINs by 12th January 2018. However, they are request...

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Posted Under: Income Tax |

Empanelment with Punjab National Bank for Revenue Audit

Punjab National Bank invites applications from practising 'Partnership firms of Chartered Accountants in India' who fulfill eligibility criteria and are willing to have their Firms empanelled as Revenue Auditors in the Bank for conducting revenue audit of branches....

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TNGST Act, 1959: Routers, Hubs & Switches are Computer Peripherals attracting 4% Sales Tax

M/s. Dax Networks Ltd. Vs The Commissioner of Commercial Taxes (Madras High Court)

Heard Mr.P. Rajkumar, the learned counsel appearing for the petitioner and Mr.K.Venkatesh, the learned Government Advocate for the respondents....

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GOI launches 7.75% Savings (Taxable) Bonds, 2018 -Main Features

Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling. The main features of the Bonds are: ...

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Posted Under: Income Tax |

Madras HC decision in Cairn India of exercise of Jurisdiction U/s. 263 by DIT

M/s. Cairn India Ltd. Vs. Director of Income Tax (Madras High Court)

A division bench of Madras High Court recently invalidated an assessment order against M/s. Cairn India Ltd. The primary object of the Assessee is to carry on exploration and production of oil and gas in India. For this purpose, it had acquired participating interest in various oil and gas blocks....

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All about CA articleship

INTRODUCTION The Chartered Accountancy course in India entails three years of articleship which is to be pursued after clearing Group 1 of Intermediate and completing both ICITSS-ITT and ICITSS-OC. However, there are certain information that is not normally available. So, the not so common rules and information that I have found through m...

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Posted Under: Income Tax |

Impact of Companies Amendment Act, 2017 on Private Limited Companies

In this Flash editorial, the author begins by referring the Impact of Companies Amendment Act, 2017 on Private Limited Companies. The major amendments in the Amendment Act, 2017 include clarity on definitions for identifying Associate Companies, Holding & Subsidiary Companies, Related Parties etc;, simplification of the private placement ...

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Posted Under: Income Tax |

Loan to Director – Companies Amendment Act, 2017

The Companies (Amendment) Bill, 2017 has proposed significant Amendments to Companies Act, 2013 which includes amendment to Section 185 and 186 of Companies Act, 2013 related to Loans to directors, etc. In this Article I have tried to analyse the proposed amendments to Section 185 and 186 of Companies Act, 2013. ...

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Posted Under: Income Tax |

Depreciation Rate applicable to wind mill would apply to civil foundation and electric turbine generator for wind mill

CIT Vs. Mehru Electricals & Mechanical Engineers (P) Ltd. (Rajasthan High Court)

As civil work and electric generator are taken to be a part of windmill, rate as is applicable for the depreciation for windmill would apply to the civil foundation and electric turbine generator also....

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RBI’s Financial Stability Report, December 2017- An intellectual discussion on current Indian banking, economy and others

Discussion on RBI’s Financial Stability Report, December 2017 covers the distinct recovery made by the world economy effected by its increasing consumption, investment and geographical spread, the other matters such as risks emerging out of volatility in commodity price...

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Posted Under: Income Tax |

Assessment and Audit under Goods & Services Tax (GST)

Assessment means determining tax liability under the CGST Act, 2017 and includes the following types of assessment Self Assessment, Provisional Assessment, Reassessment on Scrutiny, Best judgement Assessment-non filers of return, Assessment of unregistered persons, Summary assessment on evidence...

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Posted Under: Income Tax |

Private Placement of Shares- Key Changes– Companies Amendment Bill, 2017

To issue further shares there are following ways: (i) Right Issue of Shares (ii) Private Placement of Shares (iii) Preferential Allotment of Shares. In this editorial author shall talk about the provisions of Private Placement of Shares after Amendment in Companies Act, 2013 vide Companies (Amendment) Act, 2017....

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Posted Under: Income Tax |

Key Take Away– Companies Amendment Act, 2017

A. Incorporation of Company: At the time of incorporation of the company, declaration by each subscriber will be required to be attached instead of an affidavit, as currently provided. B. Register Office: The company shall within 30 days of its incorporation have registered office instead of current requirement to have registered office o...

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Posted Under: Income Tax |

Relaxation under Companies Amendment Act, 2017 to make it Business Friendly

Highlights of some Major Relaxation under Companies Act, 2017 to make it- Business Friendly- Apart from KMP and any officer of the Company, an employee can also be authorised to authenticate documents on behalf of the Company....

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Posted Under: Income Tax |

Penal Provisions under Companies Amendment Act, 2017

Lesser Penalties for One Person Company or Small Companies: Under Companies Act, 2013 there are no provision in respect of lesser penalty on any kind of Company. Penalties are same on all type of Companies irrespective of their Capital, turnover etc. ...

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Posted Under: Income Tax |

Issues relating to Territorial Jurisdiction cannot be decided on the Administrative Side of CESTAT: Delhi HC [Read Order]

Ebiz.Com Pvt. Ltd & Ors. Vs. Central Excise, Customs And Service Tax Appellate Tribunal (Delhi High Court)

It is obvious that the appeals should be listed on the judicial side, even if, there is an issue or debate with regard to the territorial jurisdiction of the Tribunal. Such matters cannot be decided on the Administrative side, by the Registry of the CESTAT, even when it is of the opinion that the appellants have not approached the right ...

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Bench marking of MF Scheme’s performance to Total Return Index

SEBI/HO/IMD/DF3/CIR/P/2018/04 (04/01/2018)

With an objective to enable the investors to compare the performance of a Mutual Fund scheme vis-à-vis an appropriate benchmark, it has been decided that:...

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GST on accommodation services, betting, gambling, horse racing, cinema etc.

Circular No. 27/01/2018-GST (04/01/2017)

Clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services etc. – Reg. ...

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Master Direction – Foreign Investment in India

RBI/FED/2017-18/60 FED Master Direction No. 11/2017-18 (04/01/2017)

Foreign Investment in India is regulated in terms of clause (b) sub-section 3 of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Transfer or Issue of a Security by a Person resident Outside India) Regulations, 2017 ...

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RBI permits overseas branches/subsidiaries of Indian banks to refinance ECBs

RBI/2017-18/116 A.P. (DIR Series) Circular No.15 (04/01/2017)

RBI permits the overseas branches/subsidiaries of Indian banks to refinance ECBs of highly rated (AAA) corporates as well as Navratna and Maharatna PSUs, provided the outstanding maturity of the original borrowing is not reduced and all-in-cost of fresh ECB is lower than the existing ECB. Partial refinance of existing ECBs will also be pe...

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Customs Rate of exchange of conversion of foreign currency wef 05.01.2018

Notification No. 01/2018-Customs (N.T.) (04/01/2018)

Notification No. 1/2018 - Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.118/2017-CUSTOMS (N.T.), dated 21st December, 2017...

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XBRL Returns – Harmonization of Banking Statistics

RBI/2017-18/117 DBR.No.BP.BC.99/08.13.100/2017-18 (04/01/2018)

The Reserve Bank of India had constituted an inter-departmental Task-force in December 2014, to provide “harmonised” definitions of major balance sheet/ profit and loss/ off-balance sheet items covered in the banking/ regulatory returns received across RBI departments....

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Condonation Of Delay Scheme, 2018- Is It Really A Relief to Disqualified Directors?

Analysis of Condonation of Delay Scheme, 2018 (CODS-2018) – Is it really a relief to all the disqualified Directors? Post the Announcement of the Condonation of Delay Scheme -2018 (CODS-2018), we have been hearing of the News in vogue viz., Disqualified directors get 3 months to put house in order– https://economictimes.indiat...

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Posted Under: Income Tax |

Treatment of Reverse charge under GST

Hello everyone coming with another article in this New Year on Reverse Charge under GST, Reverse charge under GST is a mechanism where recipient of goods and/ or services is liable to pay GST instead of supplier. What is Reverse Charge under GST? Under Normal Scenario, tax is paid by a supplier who makes supply […]...

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Posted Under: Income Tax |

India-Brazil DTAA amended WEF 6th day of August, 2017

S.O. 93(E). (04/01/2018)

Central Government hereby notifies that all the provisions of amending Protocol entered into between India and Brazil shall have effect in the Union of India with effect from the 6th day of August, 2017....

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