"01 March 2018" Archive

CBDT achieves important milestone of 200 APAs

The Central Board of Direct Taxes (CBDT) entered into seven more Advance Pricing Agreements (APAs) during the month of February, 2018. All the seven are Unilateral APAs. With the signing of these Agreements, CBDT has crossed an important milestone of having signed 200 APAs. The total number of APAs entered into by the CBDT till […]...

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Posted Under: Income Tax |

e-SANCHIT mandatory from 15th March, 2018: CBEC Chairman

DO.No.09/CH(EC)/2018 (01/03/2018)

As you are aware, e-SANCHIT shall be made mandatory from 15t" March, 2018. The Board has issued instructions to all the Chief Commissioners to launch e-SANCHIT in all the EDI locations. ...

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Anti Profiteering under GST- Authorities and Case Studies

Why anti-profiteering authority is important? As before implementing GST in India many countries have adopted GST before namely Singapore, Australia, Malaysia and many more. Inflation in Australia was 1.9% before GST and rose to 5.3% after GST. ...

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Posted Under: Income Tax |

India’s Bharat-Mala Pariyojana

Statistical Information about the Bharat Mala along with the need felt by GOI to undertake this mega road infrastructure project. The article also focus on sectors/ industries that are likely to benefit from this infrastructure boost....

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Posted Under: Income Tax |

Process to generate challan on SAP for Payment Across Bank Counter

The Tax payer who does not have bank account in any of the authorised banks for payment of Maharashtra Sales Tax Department taxes, or does not have net banking facility can use this facility to make payment of any amount payable to the Department....

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Posted Under: Income Tax |

Why export promotion policy favour defaulters & punish efficient exporters- Part I

The law is not a rational code. The law is an ass & the bureaucracy is responsible for it. These are all well known but then even a beneficial Export Promotion Policy will be afflicted by it is very difficult to digest but then always trust the miraculous Indian bureaucracy for cracking a poor joke....

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Posted Under: Income Tax |

Stepping into international market? Know requirements here!

The business once expanded in the Indian Market needs to step into international market to churn out more financial benefits from the business. Today, thousands of businesses in every country wholly or partially depend on the export of goods to cater their financial needs and rewards. ...

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Posted Under: Income Tax |

Sole Proprietorship: Advantages, Disadvantages & Compliances

Sole Proprietorship is a business enterprise that is owned and controlled by one person who possesses the entire authority & responsibility with respect to the business. He can hire employees and pay them salaries, but legal responsibility for the obligations of the business is on the sole proprietor....

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Posted Under: Income Tax |

Separate limit of Interest Rate Futures for Foreign Portfolio Investors

RBI/2017-18/137 FMRD.DIRD.6/14.03.001/2017-18 (01/03/2018)

Foreign Portfolio Investors, registered with Securities and Exchange Board of India, are permitted to purchase or sell Interest Rate Futures subject to the following conditions: (i) the aggregate long position of all FPIs, each of whom has a net long position in any IRF instrument, shall not exceed ₹ 5000 crore, aggregated across all IR...

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GST Flaws on Exporters – (Operation Successful Patient Died)

After GST implementation, exporters have suffered a lot. Earlier there was no exemption on payment of IGST for EOU, Advance Authorisation Holder or EPCG Holder. All exporters were required to pay CGST + SGST / IGST for domestic purchases even when used for exports product....

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Posted Under: Income Tax |

Foreign banks to lend to small & marginal farmers & micro enterprises

RBI/2017-18/135 FIDD.CO.Plan.BC.18/04.09.01/2017-18 (01/03/2018)

Sub-target of 8 percent of Adjusted Net Bank Credit (ANBC) or Credit Equivalent Amount of Off-Balance Sheet Exposure (CEOBE), whichever is higher, shall become applicable for the foreign banks with 20 branches and above, for lending to the small and marginal farmers from FY 2018-19....

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Upload supporting documents to bills of entry through e-SANCHIT

Public Notice No. 31/2018-JNCH (01/03/2018)

It has now been decided that it shall be obligatory to upload the supporting documents through e-SANCHIT facility for all the bills of entry filed in JNCH w.e.f. 15.03.2018....

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No Service tax on Brand Promotion Fee before 01.07.2010

Commissioner of Customs & Central Excise Vs. Shri. Swapnil Asnodkar (CESTAT Mumbai)

The Brand promotion fee was not taxable until Negative list came into effect from 01.07.2010 and hence there cannot be any liability upon the Respondent till that period. ...

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Customs Rate of Exchange of Conversion Foreign Currencies wef 02.03.2018 notified

Notification No. 18/2018-Customs (N.T.) (01/03/2018)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.13/2018-CUSTOMS (N.T.), dated 15th February, 2018 ...

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PNB Fraud – Buck Stops With The Regulator ??

Is the PNB fraud an operational failure or a auditing failure or a regulatory failure is the question (leaving alone the political slugfest) in the people mind and there are lot of claims and counter claims on the basic reasons for such a massive scam to have happended. No bank is without operational risks and […]...

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Posted Under: Income Tax |

Is Supply under Export, initially unearned revenue?

This article is basically a step towards illuminating an issue being faced by various Export Houses indulged in containerized export of goods. The main issue here is that, due to statutory requirements of Indian Customs law, we have to issue a Tax Invoice before filling of shipping bill to take the goods inside the customs area in Inland ...

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Posted Under: Income Tax |

Automated Tax Challan 280 in Excel

Just fill the details in input sheet and our calculator will auto generate Income Tax Payment Challan 280 ITNS in Excel Format....

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Posted Under: Income Tax |

Automated Income Tax Form 16 for F.Y.2017-18

Download Fully Automated Income Tax Calculator in excel format which also generates Form 16 for Financial Year 2017-18....

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Posted Under: Income Tax |

Revision Strategies for CA Exams

The time for the Chartered Accountancy examinations is approaching. You are left with around TWO MONTHS to fight the biggest battle of your life. It is a very well saying that the more you sweat in practice, the less you bleed in battle. Examinations are one of the most crucial phases of life for a […]...

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Posted Under: Income Tax |

March 2018- The Month of Deadly Deadlines

Thus, in order to manage the upcoming month, I had compiled the important due dates for the month of March 2018, and the list of events or work which needs to be completed within the said deadline as below:...

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Highlights of Law to prevent Sexual Harassment of Women at Workplace

Where there is no Internal Complaints Committee, in such cases the victim (survivor) can complain directly to the LOCAL Complaints Committee constituted by the appropriate government. Every District officer shall constitute in the district concerned, a committee to be known as the Local Complaints Committee....

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Posted Under: Income Tax |

Revenue Collection under GST & Revenue of States till 25.02.2018

GST Revenue Collections for month of January 2018 (received in January/February upto 25th February) stand at Rs.86,318 crores; 1.03 crore taxpayers have been registered under GST so far till 25th February, 2018. So far 17.65 lakh dealers got registered as composition dealers. Total Revenue Collection under GST: The last date for filing of...

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Posted Under: Income Tax |

CCI imposes penalty on GDA for abuse of its Dominant Position

Shri Satyendra Singh Vs. Ghaziabad Development Authority (Competition Commission of India)

Competition Commission of India (CCI) imposes penalty of Rs. 1,00,60,794/- (Rupees one crore sixty thousand seven hundred ninety four only) on Ghaziabad Development Authority (GDA) for abuse of its Dominant Position; Cease and Desist Order was also issued against GDA. The Competition Commission of India (CCI) has found GDA to be in contra...

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GST on bus body building, retreading of tyres, Priority Sector Lending Certificates etc.

Circular No. 34/8/2018-GST (01/03/2018)

In the case of bus body building there is supply of goods and services. Thus, classification of this composite supply, as goods or service would depend on which supply is the principal supply which may be determined on the basis of facts and circumstances of each case....

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Income Tax Notification No. 13/2018, Dated: 01.03.2018

Notification No. 13/2018-Income Tax [S.O. 910(E)] (01/03/2018)

S.O. 910(E)—Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub­section (4) of section 80-IA of the Income-tax Act, 1961(43 of 1961)(hereinafter referred to as the Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India vide number S.O. 354(E)...

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Notification No. 29/2018-Customs, Dated: 01.03.2018

Notification No. 29/2018-Customs (01/03/2018)

Notification No. 29/2018-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975)...

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CBEC increases BCD tariff rate on Chickpeas from 40% to 60%

Notification No. 28/2018–Customs (01/03/2018)

Seeks to increase BCD tariff rate on Chickpeas, [Tariff item 0713 20 0] from 40% to 60% by invoking section 8A (1) of the Customs Tariff Act, 1975 ...

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Income Tax Marginal Relief Calculator for Financial Year 2017-18

Just Enter Your Taxable Income, You can calculate the Marginal Relief Amount of Surcharge for Financial Year 2017-18 (If your Taxable Income Exceed Rs.50,00,000/-...

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Posted Under: Income Tax |

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