"05 March 2018" Archive

GST on services by members of Joint Venture to JV & vice versa

Circular No. 35/9/2018-GST (05/03/2018)

Joint Venture -taxable services provided by the members of the Joint Venture (JV) to the JV and vice versa and inter se between the members of the JV...

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Things to know before investing in share market

Investing in the share market could be a scary thing. The temptation of making big money has always hurled the investors into stock markets. However, doing well with equities isn’t easy. It not just requires discipline and patience, but also a lot of research and a comprehensive understanding of the stock market, among others....

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Reasons Why Every Woman Should Buy a Health Insurance Plan

Smart people take risks while the ignorant ones wait for it. Life is a risky business. You never know when it will hit you harder. So better to be prepared. Women across the world are always perceived as better planners in comparison to their male counterparts....

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GST Concept & Status- Updated as on 01st March 2018

The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point ...

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Aadhaar not mandatory for new EPS 1995 members till 31.03.2018 in Assam

No: Pension-I/17(10)2016-17/Jeevan Pramaan /27583 (06/03/2018)

As difficulties are still being faced in submission of Aadhar as identify document by the pensioners & Members of EPS 1995 in the state of Assam, the issue is again re-examined & it has been decided that Aadhar may not be insisted from new members who join EPS 1995 till 31.03.2018 in Assam....

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Is Liquor License Leasing a Immovable Property ?

Liquor manufacture in India is very complicated with very few cases where brand owner, distiller and bottler are the same entity. Since license for distilleries are highly regulated by the State, brand owners get the liquor manufactured / bottled through on license lease basis which could be either by leasing of the distillery or factory...

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Sec 54B exemption cannot be denied for Investment made in Spouse name

Shri Laxmi Narayan Vs Commissioner of Income Tax (Rajasthan High Court)

On the ground of investment made by the assessee in the name of his wife, in view of the decision of Delhi High Court in Sunbeam Auto Ltd. and other judgments of different High Courts,the word used is assessee has to invest it is not specified that it is to be in the name of assessee....

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RBI imposes Monetary Penalty on IOB & AXIS Bank

Press Release: 2017-2018/2355 & Press Release: 2017-2018/2354 (05/03/2018)

RBI has imposed, on February 27, 2018, a monetary penalty of ₹ 20 million on Indian Overseas Bank (the bank) for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the...

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ITAT stays demand raised on addition made by CIT(A)

Estate of Late Vrajlal Mehta Vs ACIT (ITAT Mumbai)

Estate of Late Vrajlal Mehta Vs ACIT (ITAT Mumbai) We noticed that explanation of the assessee that two bank accounts belonged to Shri Rajesh Mehta have been accepted by the search officials as well as Assessing Officer. We notice that the balance available in those bank accounts have been assessed by the learned CIT(A) only, […]...

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Late fees U/s. 234E cannot be levied for the period prior to 01/06/2015

Dharam Deep Public School Vs. Dy. Commissioner of Income Tax (ITAT Delhi)

Dharam Deep Public School Vs. Dy. CIT (ITAT Delhi) Section 200A of the Act deals with processing of statement of tax deducted at source, whereas, section 234E of the Act deals with fee for default in furnishing statements.Iit was held that ‘intimation raising demand prior to 01/06/2015, u/s 200A of the Act, levying fee u/s […]...

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