"22 February 2018" Archive

CBDT notifies centralised communication scheme 2018 for issuance of e-notice

Notification No. 12/2018-Income Tax (22/02/2018)

(1) The Centralised Communication Centre shall issue notice to any person requiring him to furnish information or documents for the purpose of verification of information in his possession. (2) The notice shall be issued under digital signature of the designated authority....

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Advisory on Improved GSTR-3B Return Filing Process

A) Advisory to Taxpayers on Improved GSTR-3B Return Filing Process Filing of GSTR 3B Return made easier and user friendly. Optimum utilization of ITC is displayed by System, which however can be edited. The amount to be paid in cash after taking into account ITC, gets displayed. One click Challan preparation to avoid payment of […]...

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Posted Under: Income Tax |

What Statutory Auditors of PNB have Assured Stake Holders in their Audit Report for the Year Ended 31-03-2017

There is a lot of misinformation in the media about the role of the statutory auditors of a Bank whether at the HO or the branches. It is not just a test check as stated by a CA to Economic Times. It is not as per an article in Business Standard of 20th February 2018 ...

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Posted Under: Income Tax |

Interesting replies on FM’s Tweet on authenticity of GST Collection figures

GST Revenue Collection figures appearing in certain section of media are not authentic.Therefore,the same may be ignored.The Department of Revenue, Ministry of Finance releases authentic GST Revenue figures for every month through PIB...

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Posted Under: Income Tax | ,

Critical Analysis of Draft Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018

The Ministry of Corporate Affairs (MCA) vide exercising its power confer under Sec 89, Sec 90 and Sec 469 (1) Companies Act, 2013 Central Government hereby propose to make new rules w.r.t Beneficial Interest and Significant Beneficial Interest issue draft of the said rules on 15-02-2018....

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Posted Under: Income Tax |

Latest Change In GSTR-3B Filling on 21-Feb-2018

1. Fill either CGST or SGST/UGST amount, other tax will get auto filled. 2. You can now save the Form on confirming details filled in the Table. You can fill balance details later. 3. Preview Form or download it for cross verifying saved details in any table(s) anytime. 4. No more Submit requirement to freeze […]...

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Posted Under: Income Tax |

Proposed Change in EPF Admin Charges, threshold limit and EPF Interest Rate

EPFO registration now required at a threshold limit of 10 employees instead of 20 employees...

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Posted Under: Income Tax |

Expenditure on issue of FCCB allowable as revenue expense

Dy. CIT Vs Reliance Natural Resources Ltd. (ITAT Mumbai)

FCCB is akin to borrowings made by issuing debentures and both of them are different types of debt instruments only. Accordingly it was held in the case of Prime Focus Ltd. (supra), that the expenses incurred in connection with FCCB are revenue in nature. ...

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Annual income below Rs. 5000: Guidelines for Online Submission of Trust’s Accounts

Now we will understand the procedure for online submission of Trust's Accounts whose annual income is below Rs.5000/-...

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Posted Under: Income Tax |

Gyaneshwar Kumar Singh appointed as Ex-officio Member in IBBI

Notification No. S.O. 780(E). (22/02/2018)

Central Government hereby appoints Shri Gyaneshwar Kumar Singh, Joint Secretary, Ministry of Corporate Affairs as ex-officio member in the Insolvency and Bankruptcy Board of India vice Shri Amardeep S. Bhatia, Joint Secretary....

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