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Archive: 23 January 2018

Posts in 23 January 2018

Section 245Q – Need for Rationalisation of filing fees for AAR

January 23, 2018 2172 Views 0 comment Print

Vide the Finance Act, 2017, section 245Q has been amended so as to enlarge/expand the scope of Authority for Advance Rulings to cover cases relating to central excise, custom duty and service tax and thus have single AAR

Input Credit of GST on Purchase of Motor Vehicle

January 23, 2018 53535 Views 17 comments Print

This articles discuss about availability of input credit for purchase, repair etc. of Motor Vehicle for the registered persons not engaged in GTA or passengers transport service

Fix specific time limit for initiating & completing TDS proceedings U/s. 201: ICAI

January 23, 2018 2205 Views 0 comment Print

Presently, there is no time limit specified by the Act for initiating & completion of TDS proceedings under section 201 of the Act in respect of payments made to nonresidents. Thus, the TDS returns are scrutinized by the assessing officers for past years without any limit

Delhi HC set-aside order Revoking Customs Broker License for mis-declaration in consignment

January 23, 2018 867 Views 0 comment Print

M/s KVS Cargo Vs. Commissioner of Customs (Gen) (CESTAT Delhi) During the course of investigation, statements of both S/Shri Dinesh and Vinod Kumar have been recorded more than once. Both the persons have admitted the fact that Shri Vinod Kumar is the owner of the imported goods but Shri Dinesh was shown as proprietor of […]

ICAI suggestion to reduce Mismatch in TDS / TCS data

January 23, 2018 993 Views 0 comment Print

The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to file statements of TDS/TCS in time.

ICAI suggest Interest on delayed payment of interest on daily basis

January 23, 2018 1221 Views 0 comment Print

As per the provisions of section 201(1A), interest is charged on monthly basis. Even for delay in payment or deduction of tax at source by one day, interest is charged for the whole month.

Sections 1 & 4 of Companies (Amendment) Act, 2017 applicable wef 26.01.2018: MCA

January 23, 2018 4359 Views 0 comment Print

Central Government hereby appoints the 26th January, 2018 as the date on which the provisions of Section 1 and section 4 of the Companies (Amendment) Act, 2017 shall come into force.

Section 92B- Deemed international transaction- Termination of Option rights under agreement

January 23, 2018 47556 Views 0 comment Print

Vodafone India Services Pvt Ltd Vs. DCIT (ITAT Ahmedabad)  97. The question that we really need to address ourselves to is whether the above arrangement constitutes an ‘international transaction’. However, before we do so, it is only appropriate that we take a look at the relevant definitions under the Income Tax Act, 1961. Section 92 […]

Payment to non-residents: ICAI suggest consideration of section 54 to 54F while issuing Lower or Nil tax deduction certificate

January 23, 2018 771 Views 0 comment Print

Section 195(1) of the Income-tax Act, 1961 provides for the applicability of TDS provisions on any person responsible for paying to a non-resident subject to exceptions as provided in the section.

Sec.115O Inter Corporate DDT / Grossing up DDT Rate / Abolish DDT: ICAI

January 23, 2018 11001 Views 0 comment Print

The Finance Act, 2008 amended the provisions of section 115-O to eliminate the hardship of double taxation arising on account of cascading effect of DDT in case of intercorporate dividend. This is a step in right direction. However, the same mitigates the hardship partially.

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