"06 March 2018" Archive

CBI arrests Income Tax Inspector for accepting bribe of Rs. One Lakh

Central Bureau of Investigation has today arrested an Inspector of Income Tax, Ward-1(1), Vanijya Nikunj, Udyog Vihar, Phase-V, Gurgaon (Haryana) for demanding & accepting a bribe of Rs. One Lakh....

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Posted Under: Income Tax |

Amendment in FORM GSTR 4 by Composition taxpayers enabled

Facility to provide details of amendment, in FORM GSTR 4, has now been provided to composition taxpayers. ...

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Posted Under: Income Tax |

Recent Steps taken by SEBI to keep check on money laundering

Agreement with other Countries on Money Laundering Information The Government of India has entered into Double Taxation Avoidance Agreements (DTAAs), Tax Information Exchange Agreements (TIEAs) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) with over 130 countries including tax havens. These agreement...

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Posted Under: Income Tax |

NPS subscribers can withdraw partially three years after joining

The NPS subscribers can withdraw after three years from the date of joining the system and a maximum of three times during the entire tenure of subscription under NPS, but the partial withdrawal is linked with contributions made by the subscriber. ...

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Posted Under: Income Tax |

199 companies face penalty for non-compliance of CSR norms

The Government has accorded permission for initiating penal action against 199 companies for non-compliance of provisions of section 135 read with section 134 (3) (o) of the Act. This was stated by Shri P.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today. The Government has no proposal [&...

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Posted Under: Income Tax |

Business income or capital gains on Purchase & sale of shares- ITAT adopts 30 days theory

Shankar Realty (P) Ltd. Vs. ACIT (ITAT Mumbai)

Gains arising from purchase and sale of shares which were squared up within 30 days of purchase would be treated as business income and if transactions were squared up after 30 days of purchase of shares same would be treated as capital gains and in the case of business income STT paid would be allowed....

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All States joined E-Way Bill System under GST regime

All States have joined the Government’s centralized e-way bill system for inter-State transport of goods by road under the GST regime. Accordingly, the Government, on the recommendations of the GST Council, appointed the 1st day of February, 2018, as the date from which the provisions of the e-way bill rules shall come into force for in...

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Posted Under: Income Tax |

NFRA to have power to impose penalty on audit firms

The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI). The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure for taking necessary disciplinary action against ...

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Posted Under: Income Tax |

S. 2(22)(e) deemed dividend not applicable on amount received from Subsidiary Co. as part of Regular Business Transactions

The Commissioner of Income Tax Vs. M/s Malayala Manorama Co. Ltd. (Kerala High Court)

CIT Vs. M/s Malayala Manorama Co. Ltd. (Kerala High Court) Amounts under the disputed heads were being received by the Assessee from its Subsidiary Company only as part of regular business transactions, which was being accounted properly. The change in circumstance, as to the distribution of dailies/publications in the Gulf, causing the s...

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Advisory for CAs on Allocation of Work among Joint Auditors in case of Bank Audits

Where joint auditors are appointed, they should, by mutual discussion, divide the audit work among themselves. The division of work would usually be in terms of audit of identifiable units or specified areas. In some cases, due to the nature of the business of the entity under audit, such a division of work may not be possible....

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Posted Under: Income Tax | ,
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