"11 April 2018" Archive

KITBA request extension of return filing date for A.Y. 2017-18

KITBA has made a representation to CBDT Chairman for extending the period for filing return for Assessment Year 2017-18 under Section 139(4) of Income Tax Act, 1961 to 31.7.2018. ...

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Posted Under: Income Tax |

Income Tax Returns Filing- Due date, Penalty, Applicable ITR & Amendments

Every Person if his total income or the total income of any other person in respect of which he is assessable under the Income Tax Act during the previous year exceeded the maximum amount which is not chargeable to income-tax shall on or before the due date, furnish a return of his income or the income of such other person during the prev...

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Posted Under: Income Tax |

Validity of E-Way Bill

VALIDITY OF E-WAY BILL Validity of e-way bill is calculated from the date & time of generation of e-way bill based on distance traveled by the goods and type of Conveyance i.e. Normal Cargo or Over Dimensional Cargo. Type Of Conveyance Distance Validity Of EWB Normal Cargo Upto 100 Kms 1 Day For every additional […]...

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Posted Under: Income Tax |

Naive to say that screen-based trades are anonymous and not synchronised: SC

Securities And Exchange Board Of India Vs. Rakhi Trading Private Ltd. (Supreme Court of India)

The Supreme Court has set aside an order of the Securities Appellate Tribunal (SAT) which held that only if there is market impact on account of sham transactions, could there be violation of the Prohibition of Fraudulent and Unfair Trade Practices Regulations. ...

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Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

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Posted Under: Income Tax |

Disposable Bed Pads / Bed Sheets not classifiable as Baby & Clinical Diapers

M/s Keshwanand Chemicals (P) Ltd. Vs CCE Indore (CESTAT Delhi)

Diapers are commonly understood as thick soft paper or cloth that is fastened around a baby's bottom/ between legs to absorb urine/ solid waste. Since, the goods in question were not made for fastening into the body, the same in our considered opinion should not be termed as baby and clinical diapers and should more appropriately fall und...

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Postponement of two May 2018 CA Exam papers at Karnataka

POSTPONEMENT OF CHARTERED ACCOUNTANTS EXAMINATIONS SCHEDULED TO BE HELD ON 11TH & 12TH MAY, 2018 AT KARNATAKA STATE ONLY....

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Posted Under: Income Tax |

Source of agricultural income cannot be denied merely for non-depositing of same in bank account

Sri Chilukurthi Veeraiah Vs. Income Tax Officer (ITAT Hyderabad)

While hearing the case of Sri Chilukurthi Veeraiah vs. Income Tax Officer, Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that Assessing Officer (AO) should give reasonable opportunity to produce evidence to assessee to examine source of gift. ...

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Impact of Unsettled Taxation Components on GST Compliance

Understand the impact of Unsettled Taxation Components on GST Compliance...

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Posted Under: Income Tax |

Audit by CA / Tax Authorities and Special Audit under GST

Audit by Chartered Accountant or a Cost Accountant: Every registered person whose aggregate turnover during a financial year exceeds two crore rupees has to get his accounts audited by a Chartered Accountant or a Cost Accountant and furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C....

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Posted Under: Income Tax |