"06 April 2018" Archive

All about Budget Session 2018 of Parliament; Concluded on 6th April, 2018

Budget Session 2018 of Parliament concludes The Budget Session, 2018 of Parliament which commenced on Monday, 29th January, 2018 has been adjourned sine die today i.e. Friday, the 6th April, 2018. In between both parts of the session, both Houses also adjourned for recess for a period of 23 days on Friday, the 9th February, […]...

Posted Under: Finance |

No document needs to be physically submitted for LUT acceptance

Circular No. 40/14/2018-GST 06/04/2018

Exporters to file LUT in FORM GST RFD-11 on the portal only. LUT will be deemed to be accepted as soon as ARN is generated. No document needs to be physically submitted to the jurisdictional office....

No targets fixed for collection of GST: Govt

No targets for collection of GST have been fixed. In the absence of any past precedent, it shall be difficult to compare the GST revenue collection with the corresponding months of the previous years due to a number of factors like overlap of taxpayers pre and post introduction of GST, variation in exemption limits between Centre and Stat...

Posted Under: Finance |

CBDT withdraws Transport allowance of Rs. 1,600 pm

Notification No. 17/2018-Income Tax [S.O. 1517(E)] 06/04/2018

CBDT has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee other than an employee, who is blind or deaf and dumb or orthopaedically handicapped with disability of lower extremities, to meet his expenditure for the purpose of commuting between the place of his residence and the [&he...

Receipt of share capital cannot be added when assessee filed all necessary details

Deputy Commissioner of Income Tax Vs Gyscoal Alloys Ltd. (ITAT Ahmedabad)

DCIT Vs Gyscoal Alloys Ltd. (ITAT Ahmedabad) Assessee had received share capital along with premium from its group concern and to prove the same, assessee had filed all the necessary details such as share applicants PAN card, audited accounts, income tax returns, confirmation, Demat statements, Inspectors inquiry report, copy of ledger ac...

HC grants GST Registration from 01.07.2017, delayed due to wrong PAN quoting in VAT Regime

M/s. Alukka Gold Palace Vs State Tax Officer (Kerala High Court)

On account of a mistake committed by the petitioner during 2009 in providing the PAN number of another firm for the purpose of obtaining registration under the Kerala Value Added Tax Act (the Act), the request of the petitioner for registration under the GST statutes were delayed and were granted only with effect from 12.08.2017....

What’s Up? What it is all about?

What’s up is an extremely annoying question that has (unfortunately) replaced Hello or Hi as the most popular form of casual greeting. As per some Dictionaries it is an informal way of saying what's happening. But reality is much different from the dictionary meaning. When a person is faced with this question there is no defined answer ...

Posted Under: Finance |

5% Uniform GST to apply in all railway catering services in trains or on stations

With a view to remove any doubt or uncertainty in the matter and bring uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations, it has been clarified with the approval of the competent authority that the GST rate on supply of food and drinks by the Indian Railways or Indian Rai...

Posted Under: Finance |

7 things to know about new ITR Forms for A.Y. 2018-19

Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19 vide notification no. 16/2018 dated 03rd April 2018. Few points to be noted about new ITR are as follows:- 1. Simplified one page ITR Form-1 (Sahaj) can be filed by an individual who is resident other than […]...

ITAT passes Strictures passed against Dept for showing open defiance of, disrespect of, or of open resentment to, orders of Tribunal

ITO Vs Chandigarh Lawn Tennis Association (ITAT Chandigarh)

This is an application moved by the department for vacation of ad interim stay orders dated 15.2.2017 and 28.4.2017. It has been pleaded in the application that in this case the then concerned Assessing Officer had passed a very well-reasoned order while disallowing the claim of the assessee of exemption u/s 11 of the Income Tax Act....

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