"09 February 2018" Archive

Direct Tax Collections show Growth of 19.3% up to January, 2018

The net Direct Tax collections represent 69.2% of the Revised Estimates of Direct Taxes for F.Y. 2017-18 (Rs.10.05 lakh crore).Gross collections (before adjusting for refunds) have increased by 13.3% to Rs.8.21 lakh crore during April 2017 to January 2018....

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Posted Under: Income Tax |

Nature of Supply of Intermediary Services when either of Supplier or Recipient is located outside India

Now the question arises, whether supply constitute intrastate supply resulting into applicability of CGST plus SGST or constitute interstate resulting into applicability of IGST. Before answering the question in detail, let us decide the following: -...

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Posted Under: Income Tax |

Post Incorporation Compliance of Private Limited Company

*The company shall h0ld its first board meeting within 30 days of its incorporation 1. APPOINTMENT OF STATUTORY AUDITOR Pursuant to section 139(6) (1) the first auditor of the company, (who is Chartered Accountant), other than a Government company, shall be appointed by the Board of Directors within thirty days (30 days) from the date [&h...

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Posted Under: Income Tax |

Franchise fee paid by KKR to BCCI-IPL is revenue expenditure

M/s Knight Riders Sports Private Limited Vs. ACIT (ITAT Mumbai)

Payment of Franchise Fee by Kolkata Knight Riders to the Board of Control for Cricket in India (BCCI) would constitute revenue expenditure for the purpose of allowing Income tax deduction, said Mumbai ITAT. ...

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E-way bill not required in Nagaland till 31.05.2018 for Intra-State movement of goods

Notification- 2/2018 09/02/2018

No e-way bill under rule 138 shall be required to be generated on intra-state movement of goods within the State of Nagaland till the 31st day of May, 2018....

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Applicability of various section of Companies (Amendment) Act 2017 wef 09.02.2018

S.O. 630(E) 09/02/2018

Central Government hereby appoints the 09 February, 2018 as the date on which the following provisions of the Companies (Amendment) Act 2017 shall come into force, namely :-...

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Companies (Registered Valuers and Valuation) Amendment Rules, 2018

G.S.R.155(E) 09/02/2018

Central Government hereby amends Companies (Registered Valuers and Valuation) Rules, 2017. These rules may be called Companies (Registered Valuers and Valuation) Amendment Rules, 2018....

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Rule 8D not applicable if AO not recorded dis-satisfaction with correctness of claim of assessee

Pr. CIT Vs. Reliance Capital Asset Management Ltd. (Bombay High Court)

Pr. CIT Vs. Reliance Capital Asset Management Ltd. (Bombay High Court) The assessing officer did not specifically record that he is not satisfied with the correctness of the claim of the assessee in respect of the expenditure in relation to the income which does not form part of the total income under the Act. However, […]...

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Modification to Circular No. 37T of 2017 dated 24th August 2017

Trade Cir. No. 5T of 2018 09/02/2018

VAT registration of the dealers not selling the goods mentioned above are deemed to be cancelled from 30 June 2017, it has become necessary to allow the dealers to remain registered under the MVAT/ CST Act if they sell the above mentioned goods...

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Levy of Penal Interest – Delayed Reporting

RBI/2017-18/130 DCM (CC) No. 2885/03.35.01/2017-18 09/02/2018

Presently, penal interest is levied for all cases where the bank has enjoyed ineligible credit in its current account with the RBI on account of wrong / delayed / non-reporting of transactions i.e. the currency chest had reported a net deposit. ...

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