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Archive: January, 2018

Posts in January, 2018

ICAI form Group to study how Govt Departments deal with non-performing employees

January 18, 2018 840 Views 0 comment Print

The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group to study how Government Departments deal with non-performing employees and to identify non-performers in ICAI, comprising of the following members

ICAI: Transition Scheme for CA students

January 18, 2018 3750 Views 0 comment Print

ICAI announces Transition Scheme for students of Common Proficiency Course, Intermediate (IPC) Course and Final (old) Course along with the Conversion Fees for Switching Over to Revised Scheme

Enhancement Limits for TDS U/s. 194J on professionals to Rs. 1 Lakh: ICAI

January 18, 2018 8943 Views 0 comment Print

It is suggested that the TDS limit for payment of professional or technical fees under section 194J may be increased from Rs. 30000 to Rs. 100000.

Understated Sale Value of Agricultural Land to avoid payment of Stamp Duty taxable

January 18, 2018 9540 Views 0 comment Print

 ACIT Vs. Sh. Mohinder Singh (ITAT Chandigarh) Nature of receipt of income over and above the registered sale consideration in the hands of seller The nature of receipt of the income over and above the registered sale consideration in the hands of seller would not fall under the head ‘Capital Gains’ but ‘income from other […]

Customs Rate of exchange of foreign currency wef 19.01.2018

January 18, 2018 5223 Views 0 comment Print

Notification No.06/2018-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto

Amendment in policy condition No. 3 of Chapter 72 of ITC (HS), 2017 — Schedule —I (Import Policy)

January 18, 2018 1467 Views 0 comment Print

Import of seconds/defectives of steel items as mentioned at Sl. No. 1 to 7 of Policy Condition No.2 of Chapter 72 of ITC (HS), 2017, Schedule-I (Import Policy), shall be allowed also through Nhava Sheva (JNPT) and at ICD-Tughlakabad, New Delhi, besides the existing Customs sea port at Mumbai, Chennai and Kolkata.

Temporary Import of Professional Equipment and Sports Goods under A.T.A. Carnet

January 18, 2018 1935 Views 0 comment Print

The said goods are imported under a Carnet guaranteed by the Federation of Indian Chamber of Commerce and Industry in India (hereinafter referred to as FICCI), as per provisions of the Customs Convention on the A.T.A. carnet for Temporary Admission of Goods (A.T.A. Convention) done at Brussels on 8th June 1961;

Notification No. 2/2018-Income Tax, Dated: 18.01.2018

January 18, 2018 3750 Views 0 comment Print

S.O. 282(E).—In exercise of the powers conferred by clause (39) of the section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance

Sec. 10(46) CBDT notifies ‘West Bengal Electricity Regulatory Commission, Kolkata’

January 18, 2018 816 Views 0 comment Print

Central Government hereby notifies for purposes Section 10(46) ‘West Bengal Electricity Regulatory Commission’, Kolkata, a commission constituted by the Government of West Bengal, in respect of the following specified income arising to that commission, namely:—

GST Applicability on Co operative Housing Society

January 18, 2018 7944 Views 4 comments Print

Applicability of GST on Cooperative Housing Society Applicability  – 1. As per section 2(84) of CGST act persons include “a co-operative society registered under any law relating to co-operative societies;”. 2. As per section 2(17) term business includes “provision by a club, association, society, or any such body (for a subscription or any other consideration) […]

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