"April, 2018" Archive

Instructions for filing Sahaj (ITR-1) for A.Y. 2018-19

Article contains Instructions for filing ITR-1 -SAHAJ for Assessment Year 2018-19 / Financial Year 2017-18 based on ITR Released by CBDT vide its notification no. Notification No. 16/2018-Income Tax / G.S.R. 332(E) dated: 03/04/2018.  Instructions for filling ITR-1 SAHAJ for A.Y. 2018-19 General Instructions These instructions are guidel...

Read More
Posted Under: Income Tax |

Instructions for filing ITR-4-SUGAM for A.Y. 2018-19

Article contains Instructions for filing ITR-4-SUGAM for Assessment Year 2018-19 / Financial Year 2017-18 based on ITR Released by CBDT vide its notification no. Notification No. 16/2018-Income Tax / G.S.R. 332(E) dated: 03/04/2018.  Instructions for filling ITR-4 SUGAM  for A.Y. 2018-19 General Instructions These instructions are guide...

Read More
Posted Under: Income Tax |

Notice Pay Recovery – Whether Taxable Under GST

Appointment letter usually provides that an employee must serve a notice period upon giving a notice to resign from the employment. This is to provide adequate time to the employer to ensure proper handover of the tasks of the resigning employee. However such appointment letter also provides that resigning employee can pay a certain amoun...

Read More
Posted Under: Income Tax |

Mere change of opinion on same facts and law does not justify a reassessment

Export Import Bank of India Vs ACIT (ITAT Mumbai)

To sum up, even under the amended law, in all cases, there must exist reason to believe that income has escaped assessment and a mere change of opinion on the same facts and law does not justify a reassessment. For a reassessment proceeding initiated after four years, it must further be established that the escapement was by reason of fai...

Read More

Penalty leviable on Income disclosed voluntarily when Assessee had no explanation to offer

Varshney Bhandu Foods Pvt. Ltd. Vs DCIT (ITAT Delhi)

It is apparent that when the assessee could not establish the genuineness of the impugned transaction before the Assessing Officer that it decided to surrender an amount of Rs. 55 lakh. Thus, the factual matrix indicates that the assessee made the surrender when it had no explanation to offer. Thus, the assessee could not prove the bona f...

Read More

Holding period of property registered and Re-registered subsequently will be counted from that date of original registration

Shri Doddapaneni Atchaiah Tenali Vs Asstt. Commissioner of Income Tax (ITAT Hyderabad)

This is assessee’s appeal for the A.Y 2009-10. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-V, Hyderabad, dated 31/08/2016 confirming the assessment order u/s 143(3) r.w.s. 147 of the I.T. Act dated 4.3.2015....

Read More

Recording of satisfaction in assessment order about initiation of penalty is must

EFG Wealth Management (P) Ltd. Vs. DCIT (ITAT Mumbai)

Where AO failed to record his satisfaction in the assessment order as to under which limb, penalty under section 271(1)(c) was initiated against assessee, being essential condition was not fulfilled, penalty was liable to be deleted....

Read More

Mere holding of Agricultural land not proves earning of agriculture income

Sharma Tyagi Vs. ITO (ITAT Delhi)

Where assessee did not furnish any evidence of earning agricultural income shown in return of income merely because assessee was holding agricultural land of 20 bighas would not prove that assessee earned any agricultural income or has any past savings so as to make any investment in the property....

Read More

DGIT (Investigation) is exempt from Disclosure under RTI Act

Central Board Of Direct Taxes Vs. Satya Narain Shukla (Delhi High Court)

CBDT Vs. Satya Narain Shukla (Delhi High Court) A plain reading of Section 24(1) of the Right to Information Act, 2005 indicates that the provisions of the Act would not be applicable to Intelligence and Security Organizations as specified in the Second Schedule. Further, any information received from such organizations falls under the ex...

Read More

Penalty Notice without Application of Mind by AO is Invalid

ITO Vs. Sri T.Biswanath Patro (ITAT Cuttack)

Assessing Officer has issued notice under section 274 r.w.s. 271(1)(c) of the Act dated 27.03.2015 without striking off the irrelevant words, the penalty proceedings show a non-application of mind by the Assessing Officer and is, thus, unsustainable....

Read More

CIT may consider an order of AO erroneous if it is a stereo typed order

Cuttack Development Authority Vs. CIT (ITAT Cuttack)

CIT may consider an order of the AO to be erroneous not only it contains some apparent error of reasoning or of law or of fact on the face of it but also because it is a stereo typed order which simply accepts what the assessee has stated in his return and fails to make enquirers which are called for in the circumstances of the case....

Read More

Cleaning of railway coaches cannot be considered as cleaning of commercial premises

M/s R.K. Refreshment & Enterprises (P) Ltd Vs. CCE (CESTAT Delhi)

The coaches are rolling stock of railways. They are for transport mode and cannot fall under the commercial object of industrial building, factory, plant or machinery, etc. The interpretation of the original authority is far fetched and not sustainable in view of the plain meaning of the statutory definition for tax entry....

Read More

Penalty u/s. 271AAB is not mandatory and is discretionary

DCIT Vs. Subhas Chandra Agarwala & Sons (HUF) (ITAT Kolkata)

Sub-section (1) of Sec. 271AAB of the Act uses the word may not shall. May cannot be equated with shall especially in penalty proceeding. Using the word may in our opinion, gives a discretion to the AO to levy the penalty or not to levy, even if the assessee has made default under said provision. Therefore we hold that penalty u/s. 271AAB...

Read More

E Way Bill and Problem of 50 KMs!

May be from 31st May, 2018, E way bill would be made compulsory for transportation of intra state supply in Maharashtra. But will E way bill be compulsory for the transportation of goods where distance travelled by conveyance is less than 50 km?...

Read More
Posted Under: Income Tax |

Process of obtain DIN and appointment of NRI as director

A Foreign Nation, person and Non- Resident Indian can be appoint as the director on the board of the Indian Company, It May be Public, Private, Listed or Unlisted Company. The Director should be above 18 years of age and must be a natural person. There are no restrictions in terms of citizenship or residency....

Read More
Posted Under: Income Tax |

What are essential aspects of Private Limited Company Annual compliance?

Obviously, the regulatory compliances are compulsory for every business form. All real business substances should go along some important statutory compliances according to the mainstream corporate laws. One of these unavoidable necessities is the Annual Compliance, that each business element needs to experience once in a year particularl...

Read More
Posted Under: Income Tax |

IBBI invites comments on Regulations notified under IBC, 2016

No. IBBI/PR/2018/... (30/04/2018)

Insolvency and Bankruptcy Board of India invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016....

Read More

Impact of Demetralization of Securities of Public Limited Company

Dematerialization is the process of converting Physical Securities into electronic format. It should be related to Listing of securities. A Shareholder intending to dematerialize its securities needs to open a Demat account with Depository Participant....

Read More
Posted Under: Income Tax |

Income Tax Rates for AY 2019-20 / FY 2018-19

This Article Contains Income Tax Rate / Income Tax Chart/ Income Tax Slab as applicable for Financial Year (FY) 2018-19 or Assessment Year 2019-20 (AY) to Individual (resident or non-resident) or HUF or Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person, Partnership Firm, LLP, Local Authority,...

Read More

Bombay HC extends time limit to complete process of filing of TRAN 1 stuck due to IT glitches

Padmavati Enterprise Vs The Union of India & Anr. (Bombay High Court)

Mr. Milind Gawai, Commissioner of Central Tax Pune­-I Commissionerate in his additional affidavit­-in-­reply filed in Writ Petition (St.) No.2230 of 2018 has, firstly, indicated that the system error or fault or what is called IT related glitch would be a grievance definitely looked into and is being looked into by Grievance Redressal ...

Read More

SC gives relief to Insolvency Professional against remarks made by Tribunal

Devendra Padamchand Jain Vs. State Bank Of India & Ors.(Supreme Court)

In the matter of VNR Infra Limited wherein the Hyderabad Bench of National Company Law Tribunal (NCLT Hyderabad / Adjudicating Authority) went beyond the law for no reason to disagree with Committee of Creditors i.e. bankers and appointed another Insolvency Professional as liquidator and made some averse professional remarks against the...

Read More

e-way bill if goods of one invoice moved in multiple vehicles simultaneously

How to generate the e-way bill, if the goods of one invoice are being moved in multiple vehicles simultaneously? Where goods pertaining to one invoice are transported in multiple vehicles. For example, Goods transported in semi-knocked down or completely knocked down condition, the e-way bill shall be generated for each of such vehicles b...

Read More
Posted Under: Income Tax |

Changes In ITR 1 (Sahaj) For AY 2018-19

Following are the changes made by the Government to file ITR for the assessment year 2018-19: In the past ITR i.e. till AY 2017-18 only one taxable figure was to be reported under the head salary, but ITR forms for AY 2018-19 require the assessee to report the break-up of salary earned during the previous […]...

Read More
Posted Under: Income Tax |

E-way Bill: Boon or Curse

Who all can generate the e-Way bill? Its GST law flexibility which allows any of the parties to a transaction — the sender or the receiver — to generate the e-Way bill, provided they are registered. Further, transporter can also generate e-Way bill on behalf of sender / receiver, provided authorization from sender / receiver for doing...

Read More
Posted Under: Income Tax |

21 Key Points related to Valuation by Registered Valuers U/s. 247 of Companies Act, 2013

Key Points / Highlighters pertaining to notified Section 247 of the CA, 2013 The Ministry of Corporate Affairs has issued Notification for commencement of Section 247 of the Companies Act, 2013 [Valuation by Registered Valuers] with effect from 18th October, 2017. The Companies (Registered Valuers and Valuation) Rules, 2017 (Rules), which...

Read More
Posted Under: Income Tax |

CBDT should investigate arm twisting measures adopted by Revenue for tax recovery: HC

The Shri Saibaba Sansthan Trust Vs. The Union of India (Bombay High Court)

Shri Saibaba Sansthan Trust (Shirdi) Vs. UOI (Bombay High Court) The allegations with regard to the CIT(A) mentioning of incorrect dates in the order sheet and the office of the CIT[E] threatening to attach the Petitioner’s bank account and reopen Assessments for the last two years in case it fails to deposit the amount of […...

Read More

Late Deposit of TDS : HC cannot question and decide question of validity of Sanction Order on merits of reasonable cause etc.

Indo Arya Central Transport Limited & Ors. Vs. Commissioner Of Income Tax (TDS) (Delhi High Court)

Indo Arya Central Transport Limited & Ors. Vs. CIT – TDS (Delhi High Court) HC held that At this stage, it will neither be fair nor proper for the writ court to question and decide the question of validity of Sanction Order on merits of reasonable cause etc. as it would amount to a pre […]...

Read More

Maintenance charges deductible in ALV calculation of Let Out House Property

Krishna N Bhojwani, Vs. Asstt. (ITAT Mumbai)

Krishna N Bhojwani, Vs. ACIT (ITAT Mumbai) While calculating annual value of the let out property, maintenance charges paid to the society by the assessee is admissible deduction from the annual let out value under section 23(1)(b). Hence, disallowance made by AO was not justified. FULL TEXT OF ITAT ORDER IS AS FOLLOWS: The captioned [&he...

Read More

Additional depreciation eligible on wind turbine generators used for generation of electricity

Wind World India Infrastructure (P) Ltd. Vs. Pr. CIT (ITAT Mumbai)

Wind World India Infrastructure (P) Ltd. Vs. Pr. CIT (ITAT Mumbai) Assessee contended that wind turbine generators were used for generation of electricity, which is akin to manufacturing of an article or thing as the electricity is intangible and its effect can be seen and felt, transferred, delivered, stored, processed, etc. It was, thus...

Read More

SC Rejects plea of Firm Linked to Robert Vadra in Tax Evasion Case

Sky Light Hospitality LLp Vs Assistant Commissioner of Income Tax (Supreme Court of India)

Supreme Court dismissed SLP filed by the Sky Light Hospitality LLP firm linked to Mr. Robert Vadra, challenging notice issued by the Income Tax Department for reassessment of its profits from the land deals in Haryana and Rajasthan in 2010-2011....

Read More

No Service Tax on Sale of Prospectus not as its not a Part of Commercial Training or Coaching Services

True Education Institute Pvt. Ltd. Vs. Commissioner of Service Tax, (CESTAT Mumbai)

Prospectus is only for the purpose of screening of students by way of Admission Screening Examination and is not a part of the services. The student only by filling of prospectus does not become entitled to get coaching from the Appellant. ...

Read More

Reopening based on mere Tax Audit report Filed during Scrutiny Proceedings is Invalid

Mahanadi Coalfields Ltd. Vs ACIT (ITAT Cuttack)

Mahanadi Coalfields Ltd. Vs. ACIT, (ITAT Cuttack) In the present case found that thee Assessing Officer has initiated reassessment proceedings on the same facts which were available before him at the time of making assessment u/s.143(3) of the Act and no new tangible material has come on the basis of which it could be said […]...

Read More

Deduction U/s. 80-IB(10) not eligible if return not filed within due date, as prescribed U/s. 139(1)

Dy.CIT Vs M/s.Siroya.Developers (ITAT Mumbai)

This appeal by the Revenue is against the order of the Commissioner of Income-tax (Appeals) dated 03-09-2011 passed against the assessment order passed u/s 143(3) dated 21-12-2010 and is filed on the following grounds...

Read More

Exemption U/s 54/54F eligible on Basement forming part of residential house

ACIT Vs Shri Shrey Sharma Guleri Prime Channel Software Communications P. Ltd. (ITAT Mumbai)

ACIT v. Shrey Sharma Guleri (ITAT Mumbai) The argument of the learned D.R. is that the basement in the house cannot be termed as a residential house within the provisions of section 54 of the Act. On the other hand, the ld. counsel for the assessee defended the conclusion drawn in the impugned order. It was pleaded that basement is par...

Read More

TDS Rates for FY 2018-19

Tax Deduction At Source, its Provisions and its revise rates for FY: 2018-19  TDS: The concept of TDS was introduced with an aim  to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct […]...

Read More

Common business contracts and how to get IFRS numbers

This quick guide may be useful for professional accountants in practice or those working in Industry or Financial services firms like Banks/FIs, to calculate IFRS values for certain common business contracts which are usually high valued and significant in business operations, into the financial statements. So, here we go!...

Read More
Posted Under: Income Tax |

Goods detained under GST to be released on execution of simple bond

Shaji Gregory G.S. Vs State of Kerala (High Court of Kerala)

The petitioner is aggrieved with the detention of goods at Exhibit P4. The goods are granite purchased by the petitioner from Tami Nadu and transported to Karamana at Thiruvananthapuram. The petitioner submits that the transport is effected for the purpose of building a residential house; the permit of which is produced at Exhibit P1 and ...

Read More

ICAI President’s Message – May 2018

I am pleased to inform that High Power Group constituted by ICAI to study the systemic issues in the PNB (Punjab National Bank) fraud matter has submitted its report to the MCA. Accordingly, representations are also being made to other regulatory agencies. ...

Read More
Posted Under: Income Tax |

Subscribers to Memorandum of Association of the Company

The memorandum and articles of association of a company are the most important documents for the formation of a company and for its functioning thereafter. It defines the scope of activities of the company and its purpose of incorporation. Before dealing with a company, it is advisable to read the memorandum and articles of the company to...

Read More
Posted Under: Income Tax |

Gist of Ind AS 115 Revenue from Contracts with Customers

Ind AS 115 Not applicable where contract are towards non-monetary exchanges between entities in the same line of business Not applicable to contracts with customers as specific Ind AS are applicable as follows:-...

Read More
Posted Under: Income Tax |

Relaxation / Exemptions to Private Companies under Companies Act, 2013

Ministry of Corporate affairs has given many Relaxation/Exemptions to Private Companies vide notification No. G.S.R. 464(E) dated: 5th June, 2015 and G.S.R. 583(E) dated 13th June 2017 to ease the doing of Business in India. Exemption includes exemption from disclosure of Related Party Transactions...

Read More
Posted Under: Income Tax |

GST on Job Work Services under GST Regime

Job Work Under GST means outsourcing of manufacturing activities for completion of a product beyond the premises of the principal manufacturer. Article discusses Meaning of Job work under GST, Documents for movement of inputs and Capital goods to Job worker...

Read More
Posted Under: Income Tax |

Monitoring performance of insolvency professionals under IBC, 2016

This paper limits discussion to role of IPs in corporate insolvency resolution processes (CIRP). Section 20 of the Code requires an IP, who is acting as interim resolution professional, to make every endeavour to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as a ...

Read More
Posted Under: Income Tax |

Changes in Income Tax Return (ITR) Forms for AY 2018-19 and Applicability

The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2018-19. The new forms incorporate the changes made by the Finance Act, 2017 in the Income-tax Act, 1961. It is apparent that the new ITR Forms have shifted the entire onus on the taxpayers to prove their claim for de...

Read More

A guide on Taxability of Motor Vehicles under GST

SECTION 17(5) OF CGST ACT - Under section 17(5) of CGST Act, there are certain supplies on which input tax credit under GST is not available. These supplies can also be said as blocked credit. Section 17(5) of the Central Goods and Services Act, 2017 provides that input tax credit in respect of the following shall not be available-...

Read More
Posted Under: Income Tax |

Guidelines issued by CPC for claiming Exemption u/s 10 & 11

As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following with a request to keep them in mind while filing Income tax return in ITR-7...

Read More
Posted Under: Income Tax |

14 Benefits from GST Audits to business

With the end of the 1st (First) Financial Year of Goods & Service Tax Act being implemented in India, we would certainly be trying to avoid errors on the GST Compliance Part. Errors like Non-payment / Short Payment of Output liability, Excess claim of Input Tax Credit (ITC) / Non-reversal of Input Claim, failure (willingly/unwillingly)...

Read More
Posted Under: Income Tax |

How to process Annual Filing Process for LLP’s (FY 2017-18)

Annual Filings of the LLP for the year 2018 is the next important task marked in compliance list. Every Limited Liability Partnerships (LLPs) which are registered with the Ministry of Corporate Affairs (MCA) have to file the Annual Returns and Statement of Accounts for the FY 2018....

Read More
Posted Under: Income Tax |

7 steps to change email id & mobile no. of Authorized Signatory in GST

In most of the cases, GST consultants have provided their own number & email id while applying for GST registration. So in order to change email id & mobile number, taxpayer has just to follow these simple steps...

Read More
Posted Under: Income Tax |

SC ask IBC and SEBI to join Process in ‘Ponzi scheme’ matter

Anant Kajare Vs. Eknath Aher & Anr.(Supreme Court)

Anant Kajare Vs. Eknath Aher & Anr. (Supreme Court) Battery of lawyers appeared in the high profile alleged ‘Ponzi scheme’ matter. This matter has been travelling to Supreme Court time and again. Previously, SEBI held that the scheme run by Citrus Check inn Limited and Royal Twinkle Star Club Limited alleged to be in the […...

Read More

SC on Taxability of interest on share application money deposited in bank

The Commissioner of Income Tax Vs M/s. Shree Rama Multi Tech Ltd (Supreme Court of India)

The present appeal has been preferred against the impugned final judgment and order dated 18.12.2012 passed by the High Court of Gujarat in Tax Appeal No. 235 of 2012 whereby the Division Bench of the High Court dismissed the appeal filed by the Revenue­the appellant herein against the judgment and order dated 21.10.2011 passed by the In...

Read More

Works Contract Services Under GST and Its Related Issues

Whether Works Contract is taxable under GST as supply of goods or supply of service? SCHEDULE II OF CENTRAL GOODS AND SERVICE TAX ACT,2017 provides for which activities to be treated as supply of goods or as supply of services....

Read More
Posted Under: Income Tax |

Human Resources Practices and GST

GST is instrumental to make HR policies simpler and reduce the reimbursement and increased in the salary under the heads of “Income from Salary” in accordance with Income Tax Act 1961. It is also likely stated that Human Resource Department has been involved in implementation of new taxation system for statutory compliances also....

Read More
Posted Under: Income Tax |

Monthly GST Input output Reconciliation Excel Format

It is very important that GSTR3B Return for Mar-18 is filed after reconciliation with books of account. Your July to March Sales and output tax should not be mis matched 3B filed during that period. Any kind of adjustments needs to be done in March 3B. Find attached a monthly reconciliation format which will give […]...

Read More
Posted Under: Income Tax |

GST on work contracts for which agreements executed before July 1, 2017

Coimbatore Corporation Contractors Welfare Association v. State of Tamil Nadu (Madras High Court)

Since CGST Act, 2017 came in force with effect from 1-7-2017, contract work for which agreements were executed prior to 1-7-2017, GST would not be imposed on same and 2 per cent VAT alone was applicable...

Read More

Lost Share Certificates: Step by Step Guide to obtain duplicate Share Certificates

What will you do if you lose an important document such as your Share Certificate? It can prove to be a nightmare as there are chances of the document being misused, leading to a huge financial loss. If you have lost or misplaced your share certificates of any company, you need to immediately inform the police and respective company, of w...

Read More
Posted Under: Income Tax |

GST: One Nation One Tax One Return

To further simplify the return filing process and eliminate the burden of three return in a month, GSTN may come up with a single return for a period to ease burden on taxpayers....

Read More
Posted Under: Income Tax |

E-Way bill in case of Transit Sale or in case of delivery to third Party

As we all know E way bill is applicable to raise for interstate transaction more than 50,000 also need to raise for intra state transaction more than 50,000 but intra state is not applicable for all states. Everyone one has doubt to how to raise e way bill in case Bill to Ship to terms....

Read More
Posted Under: Income Tax |

Summary of various clarifications issued by CBIC on job work

In addition to the goods received from the principal, job worker can use his own goods for providing the services of job work....

Read More
Posted Under: Income Tax |

E-Way Bill under GST regime- Rules & Regulations

When to generate eWay Bill? When there is a movement of goods in a vehicle or conveyance of value more than Rs.50,000/-* (either each Invoice or in (aggregate of all Invoices)) –...

Read More
Posted Under: Income Tax |

7.19 lakh crore collected under GST in Financial Year 2017-18

During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore of CGST, Rs. 1.72 lakh crore of SGST, Rs. 3.66 lakh crore of IGST (including Rs. 1.73 lakh crore on imports) and Rs. 62,021 crore of cess (including Rs. 5702 crore on imports). ...

Read More
Posted Under: Income Tax |

GST implementation team won PMs award for Excellence in Public Administration

DO.No.17/CH(EC)/2018 (27/04/2018)

Team GST comprising officers of the CBIC and the States have won the Prime Ministers award for Excellence in Public Administration this year....

Read More

Recording of UIN on invoice issued to Embassies / Missions / Consulates or UN organizations is necessary

Recording of UIN while making such supplies by the suppliers will enable Foreign Diplomatic Missions / UN Organizations to claim refund of the taxes paid by them in India. Therefore, it is advised that suppliers should record the UIN of the Embassies / Missions / Consulates or UN organizations on the tax invoice....

Read More
Posted Under: Income Tax |

Last date to file AOC-4 XBRL E-Forms further extended to 31.05.2018

General Circular No. 04/2018 (27/04/2018)

Last date of filing of AOC-4 XBRL E-Forms using Ind AS under Companies Act, 2013 for financial year 2016-17, without additional fee till 31st May, 2018....

Read More

Launch of Study Material for Executive Programme (New Syllabus 2017)

The Institute of Company Secretaries of India with its ever evolving educational structure aims to incorporate each single development in every arena of corporate activity concerning this brigade of professionals to make them truly live up to the meaning of 'intellectuals'....

Read More
Posted Under: Income Tax |

Meat supply in HDPE gunny bags cannot be treated as supply in unit containers

In re M.U.N. Agro Industry Pvt. Ltd. (GST AAR Maharastra)

In re M.U.N. Agro Industry Pvt. Ltd. (GST AAR Maharastra) Frozen meat of sheep / goat in HDPE gunny bag which do not indicate any information related to weight / number of carcass packed in such bags would tantamount to being as a product not put up in unit container and thus falls under chapter […]...

Read More

Draft Indian Valuation Standard 303 – Financial Instruments

Following is the Exposure Draft of the Indian Valuation Standard 303 Financial Instruments issued by the Valuation Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: Income Tax |

Draft Indian Valuation Standard 302 – Intangible Assets

The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording....

Read More
Posted Under: Income Tax |

Monitoring of Foreign Investment limits in listed Indian companies- Revised system applicable from 18.05.2018

Circular No. IMD/FPIC/CIR/P/2018/74-SEBI (27/04/2018)

SEBI vide Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 introduced a new system for Monitoring of Foreign Investment limits in listed Indian companies and prescribed guidelines w.r.t the necessary infrastructure, data to be provided by listed Indian companies and other related matters....

Read More

Draft Indian Valuation Standard 301 – Business Valuation

The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide suggestions for alternative wording....

Read More
Posted Under: Income Tax |

Draft Indian Valuation Standard 202 – Reporting and Documentation

Following is the Exposure Draft of the Indian Valuation Standard 202 Valuation Report and Documentation issued by the Valuation Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: Income Tax |

Notification No. 34/2018-Customs (N.T.), Dated: 27.04.2018

Notification No. 34/2018-Customs (N.T.) (27/04/2018)

Notification No. 34/2018-CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg...

Read More

Changes affecting operational aspects of FPI investments in debt

RBI/2017-18/168 A.P. (DIR Series) Circular No. 24 (27/04/2018)

In terms of AP (DIR Series) Circular No. 22 dated April 6, 2018, the revised framework for Foreign Portfolio Investors (FPI) in debt was announced. It was further stated that a separate notification would be issued announcing other changes affecting operational aspects of FPI investments in debt, in consultation with SEBI....

Read More

Rationalisation of all-in-cost for ECB under all tracks and RDBs

RBI/2017-18/169 A.P. (DIR Series) Circular No.25 (27/04/2018)

Rationalisation of all-in-cost for ECB under all tracks and Rupee denominated bonds (RDBs) : With a view to harmonising the extant provisions of Foreign Currency and Rupee ECBs and RDBs, it has been decided to stipulate a uniform all-in-cost ceiling of 450 basis points over the benchmark rate....

Read More

SEBI (Employees’ Service) (Amendment) Regulations, 2018

Notification No. SEBI/LAD-NRO/GN/2018/09 (27/04/2018)

Where an employee has to his credit 286 days or more of ordinary leaves, the further credit of 15 days ordinary leave shall be done at the beginning of each half year (on 1st April or 1st October) to the employee’s additional ordinary leave account and the ordinary leaves availed during the six month period thereafter ending on 30th Sep...

Read More

TDS Prosecution- All you want to know

In the recent past it is observed that Income Tax Department is issuing show cause notices for launching prosecution u/s 276B of the Income Tax Act. Such notices are issued for defaults in payment of TDS. Prosecution has been launched even in cases where amount of default is low and period of default is of few days. ...

Read More
Posted Under: Income Tax |

Statement of Financial Transactions Sec 285BA of Income Tax Act, 1961

Statement of Financial Transaction (SFT) I. Introduction In order to keep a track of the high value transactions undertaken by the taxpayers, a new Form 61A under Sec 285BA was introduced w.e.f 1st April, 2004 vide Notification No. 182/2005, dated 11/07/2005. This section required reporting persons to furnish Annual Information Return (AI...

Read More
Posted Under: Income Tax |

GST Return Model-A Vs Model-B

GST is going to complete its very First Anniversary. But thing is that still return simplification format not decided or 300+ changes already made with in less one year or many issues are still not clear. Recently held GoM meeting has decided that GSTR-1, 2 & 3 will not be more. They are working on new formats. ...

Read More
Posted Under: Income Tax |

Types of GST Audit and provision

The concept of audit by a Chartered Accountant in the area of Indirect Taxes was confined to State Value Added Tax and Central Sales Tax laws of certain States. In Central Excise and Service tax only in case of suspicion of undervaluation or excessive credit special audits were prescribed (not much used) which continue in GST....

Read More
Posted Under: Income Tax |

Reconciliation of GSTR-3B with Books in Excel Format

During the audit, we have to reconcile the statutory dues in books with return filed. In case of any discrepancy found will be reported to management and thereafter will be corrected. For Reconciliation of Output Tax, Input Tax and Payment of GST with books and return, I have prepared a simplified format. You can find out the differences ...

Read More
Posted Under: Income Tax |

GSTR 3-B: Practical Issues – Sales Return exceeding Sales

One of the practical issues among them is How to fill GSTR 3-B Form if the Sales return (Credit Notes issued) for any month is more than the actual Outward Supply for that month? Also what if, the ITC claimed for that month is less than the ITC to be reversed (on account of Purchase Returns i.e Debit Notes issued being more than actual Pu...

Read More
Posted Under: Income Tax |

Why we need Health Insurance and related Myths

Recently, My Father in law was hospitalised and had a surgery. Strangely, all visitors asked “Do you hold a Health Insurance? Expenses are covered nah?” Listening to this I had decided that my next article had to be on Health Insurance. So  in this ‘Thoughtful Thursday’ we are covering everything you want to know ...

Read More
Posted Under: Income Tax |

New format of Auditor’s Report on Standalone Financial Statements of a Listed Entity

We have audited the standalone financial statements of ABC Company Limited (the Company), which comprise the balance sheet as at 31st March 20XX, and the statement of Profit and Loss, (statement of changes in equity)[ii] and statement of cash flows for the year then ended...

Read More

Condonation of Delay Scheme extended up to May 01, 2018: MCA

General Circular No. 03/2018 (27/04/2018)

As closing date of Condonation of Delay Scheme viz. 30.04.2018 is falling under gazetted holiday on account of 'Budh Purnima', therefore, Ministry of Corporate Affairs has decided to give one day extension of the said scheme i.e. upto 01.05.2018....

Read More

Board Meetings under Secretarial standard and Company Law

Section 118(10) of the Companies Act, 2013 mandated for every company to observe secretarial standards with respect to General and Board meetings specified by the Institute of Company Secretaries of India constituted under section 3 of the Company Secretaries Act, 1980, and approved as such by the Central Government....

Read More
Posted Under: Income Tax |

Privileges & Exemptions to Small Companies under Companies Act, 2013

Section 2(85) of the Companies Act, 2013 defines small company. A company (other than public company) will be considered small if; 1. Paid-up share capital doesn’t exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than ten crore rupees[1] and...

Read More
Posted Under: Income Tax |

All about ITC on Expenses Related to Motor Vehicle

Once we conclude that only input tax credit on motor vehicle is debarred we have no hesitation in concluding that input tax credit on expenses relating to motor vehicle will be allowed....

Read More
Posted Under: Income Tax |

GST on Development Rights given by societies under Redevelopment Schemes

Notification No. 4/2018-Central Tax (Rate), dated 25th January, 2018 has clarified taxability of development rights under redevelopment schemes but it has still left many questions unanswered. This Article is an attempt to offer my views on the controversial topic. Under redevelopment schemes, societies plan to undertake redevelopment of ...

Read More
Posted Under: Income Tax |

Life insurance and tax benefits

Your life is your ultimate investment and the well-being of your family is your principal asset. And when you invest in Max life insurance policies you ensure an economically secured future for your beloved ones. There is a common perception that the premium which is paid towards the life insurance policies is completely free of […...

Read More
Posted Under: Income Tax |

E Proceeding- centralised issuance of notice

In furtherance of introducing e – proceedings by The Finance Act, 2018 by the government, CBDT by way of notification (Notification No. 12/2018-Income Tax) makes centralized issue of notice u/s 133C electronically & replies to it also to be filed in e form. The Centralised Communication Centre shall issue notice to any person requir...

Read More
Posted Under: Income Tax |

Can allotment letter date be taken as date of acquisition?

Generally, the flat buyers purchase the flats under a letter of allotment and subsequently enter into an agreement for sale after some time. Sometimes the time difference between the letter of allotment and date of agreement is more than one year or it may be in two different financial years. When such flat is sold the issue arises is wha...

Read More
Posted Under: Income Tax |

Insolvency in NCLT- Defects, Listing & Admission of an Application

There can be 3 stages of an application under IBC before NCLT i.e defect, listing and admission under IBC...

Read More
Posted Under: Income Tax |

Draft Indian Valuation Standard 201: Scope of Work, Analyses and Evaluation

This Standard prescribes the basis for: (a) determining and documenting the scope/terms of a valuation engagement, responsibilities of the valuer and the client; (b) the extent of analyses and evaluations to be carried out by the valuer; and (c) responsibilities of the valuer while relying on the work of other experts....

Read More
Posted Under: Income Tax |

Draft Indian Valuation Standard 103:- Valuation Approaches and Methods

Following is the Exposure Draft of the Indian Valuation Standard 103 Valuation Approaches and Methods issued by the Valuation Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: Income Tax |

Draft Indian Valuation Standard 102- Valuation Bases

Following is the Exposure Draft of Valuation Bases issued by the Valuation Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: Income Tax |

Draft Indian Valuation Standard 101 Definitions

Following is the Exposure Draft of the Indian Valuation Standard 101 Definitions issued by the Valuation Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: Income Tax |

New Initiatives by EPFO to provide services and timely information

It has now been decided to publish the age-band wise estimate of all new subscribers as declared by their employers. The new employees have been categorised in six age bands like less than 18; 18-21; 22-25; 26-28; 29-35 and more than 35 years of age....

Read More
Posted Under: Income Tax |

Key practical tips in practice of IFRSs (Ind ASs)

IFRSs (IND ASs being the Indian version) are now applicable in India for all listed and non-listed majors too including the requirement to prepare group financial statements. Chartered accountants in particular have to apply due diligence to measure and recognise fair values of financial assets, financial liabilities, financial derivative...

Read More
Posted Under: Income Tax |

All You Want to Know About E-way bill – A Complete Practical Guide

This PPT Covers All Aspects Regarding E-Way Bill, includes i. Understanding New E-Way Bill System Why, Who, When & How to Generate E-Way Bill Forms & Documents under E-way bill. Exempted for E-Way Bill – Cases when e-Way bill is not required Movement Based – Person Based – Value Based Calculation of Consignment Value Val...

Read More
Posted Under: Income Tax |

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031