"14 February 2018" Archive

ICDS Income Tax: Understanding The Change

ICDS Income Tax is not meant for maintenance of books of accounts or preparation of financial statements. Persons are required to maintain books and prepare financial statements as per accounting policies applicable to them. Companies are required to maintain books of account and prepare financial statements as per requirements of Compani...

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Posted Under: Income Tax |

How to Cultivate Right Mindset to be a Successful Investor?

Sigmund Freud made a name for himself by interpreting dreams through the use of his knowledge of psychoanalysis. He succeeded in deciphering the various quirks inside the human brain which influenced their behavior. ...

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Posted Under: Income Tax |

E-assessment proceedings under Income Tax – Call of digital era

CBDT directed that that except for search related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the `E-Proceeding’ functionality. However, in cases where the concerned assessee objects to conduct of assessment proceedings electronically through the ‘E-Proceeding’ facility, such c...

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Posted Under: Income Tax |

Going For a Date with Assessing Authority for Stay of Demand!!!!

The month of February is usually associated with love, aspirations and valentine dates. For assessees and their tax consultants also, it do culminates into dates with assessing authorities, (i leave it up to you to think them to be valentine dates or not), as it is that part of the year, when the regular assessments get concluded and the ...

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Posted Under: Income Tax |

No Cenvat credit admissible on outward transportation services from factory to buyer’s premises

Commissioner of Central Excise & Service Tax Vs. Ultra Tech Cement Limited (Supreme Court)

Whether Goods Transport Agency (GTA) services availed for transportation of goods from place of removal to buyer’s premises will be considered as input service within ambit of Rule 2(l) of Cenvat Credit Rules, 2004?...

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Court Verdict on GST Implementation & hardships faced by tax payers

The petitioner approached the high court with the grievance that despite being granted the provisional GST registration, it was not able to access its online profile on the GST network and that it is not even able to generate e-way bills which had paralyzed its business activities. It was also not able to file the tax returns or pay tax o...

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Posted Under: Income Tax |

Compendium of Judicial Pronouncements (Relevant under GST Regime)

New Book on GST Namely Compendium of Judicial Pronouncements (Relevant under GST Regime) Authored by Dr. Sanjiv Agarwal and published by Bloomsbury Publishing India Pvt. Ltd. Book is priced Rs. 1995/- and have 1150+ Pages....

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Posted Under: Income Tax |

The Forensics in Insolvency and Bankruptcy Code

Transactions specifically related to Sections 43 to 46 and Section 66 of the Insolvency and Bankruptcy Code, 2016 are being looked at by the forensic experts. These sections deal with identifying preferential and undervalued transactions, and those deliberately entered into to defraud creditors. ...

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Posted Under: Income Tax |

ITAT not levied penalty on CA Firm for not paying FBT on traveling & conveyance Expenses of Articled Clerks

M/s. Gujrani & Co. Vs. ITO (ITAT Kolkata)

M/s. Gujrani & Co. Vs. Income Tax Officer (ITAT Kolkata) It is observed that the audit expenses of Rs. 5,19,238/- were claimed to be incurred by the assessee- company towards traveling and conveyance of the Articled Clerks, who were C.A. students receiving training from the assessee- firm. It was contended by the assessee during the [...

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Procedure to obtain CST declarations for period starting from 01/04/2016

Trade Cir. 06T of 2018 (14/02/2018)

he dealers registered under the CST Act, 1956, on or after 25.05.2016 can apply for eCST declarations for the periods starting from 01.04.2016 on the SAP System available on the web Portal mahagst.gov.in. The process of raising, downloading and cancelling CST declarations has been explained in Trade Circular No 8T of 2017....

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Government of India makes Amendments in Small Savings Act

As per PPF Act, the PPF account can’t be closed prematurely before completion of five financial years. If depositor wants to close PPF account before five years in exigencies, he can’t close the account. To make provisions for premature closure easier in respect of all schemes, provisions could now be made through specific scheme noti...

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Posted Under: Income Tax |

Meaning of benami property, benami transaction, benamidar & beneficial owner

Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016, shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.]...

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Posted Under: Income Tax |

Understanding of E-way Bill Concept and Key Points in simplified language

Every registered person who causes movement of goods whose value is exceeding Rs. 50,000; (i) in relation to supply, (ii) other than relation to supply, (iii) due to inward supply from an unregistered person, shall file the details of the goods before commencement of movement of goods in PART A of GST EWB-01. ...

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Posted Under: Income Tax |

Detailed study of Condonation of Delay Scheme, 2018

In September, 2017, the Ministry identified 3,09,614 such directors associated with the non-compliant companies and they were barred from continuing as directors. Subsequent to this, a lot of hue and cry and representations followed from the industry, and as a result, Condonation of Delay Scheme, 2018 [CODS-2018]was proposed, and furt...

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Posted Under: Income Tax |

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