"24 April 2018" Archive

Missed to File Return of Income of Earlier Years?

In exercise of the powers u/s 119(2)(b) of the Income-tax Act, 1961 (“the Act”), the Central Board of Direct Taxes (CBDT) issued Circular No. 9/2015 (“the Circular”) dated June 9, 2015 under which an assessee can apply to the appropriate authority for the condonation of delay in filing the returns to claim the following reliefs in...

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Posted Under: Income Tax |

Insolvency and Bankruptcy Code: Accounting and Disclosure issues

One of the most radical reforms of recent times had been the enactment of Insolvency and Bankruptcy Code,2016, (The Code or IBC). Though the Code had been in the making for many years; the actual enactment was triggered by huge pile-up of NPAs of PSU banks and need to clean up the balance sheet of banks....

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Posted Under: Income Tax |

How to Register NBFC

Non-Banking Financial Companies (NBFCs) have been making important contributions to India’s economy. However, the Reserve Bank of India (RBI) still controls the working of all NBFCs under the framework of RBI Act, 1934 and directions issued by it from time to time. ...

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Posted Under: Income Tax |

First order by National Anti-Profiteering Authority- Ruled in favour of Seller

Sh. Dinesh Mohan Bhardwaj, Proprietor, M/s U. P. Sales & Services Vs. M/s Vrandavaneshwree Automotive Private Limited (National Anti-Profiteering Authority)

GST - NAA - Supply of Honda Car – Applicant alleged that he was not given benefit of reduced rate of Tax which amounted to profiteering - Whether there was a substantial reduction in the rate of tax on the cars after the GST was implemented as claimed by the applicant and whether the benefit as emanating from such reduced tax rate ...

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Details of Tax Officials now available in search module on GST Portal

Details of Tax Officials now available in search module on GST Portal Taxpayer has been provided with a search facility to search details of tax officials. (Dash board > Services > User Services > Contact)...

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Posted Under: Income Tax | ,

Railway includes Cost Accountants to certify work sheet of tax liability

Ministry of Railways has included Cost Accountants to certify work sheet of tax liability before GST and after GST to be submitted by contractors. Earlier only chartered accountants were allowed....

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Posted Under: Income Tax |

6 Feedback on Models suggested for simplification of GST Returns

The Institute of Cost Accountants of India has submitted its Feedback on the Models suggested by GST Council for simplification of GST Returns which includes suggestion on Continuous facility to add invoice by Seller and Continuous viewing of invoices by Recipient, GST Return design, Input tax credit, A semi-automatic process of ITC rever...

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Posted Under: Income Tax |

Import of EOUs/EHTP/STP /BTP without payment of duty

Circular No. 10/2018-Customs (24/04/2018)

Clarification on Import of EOUs/EHTP/STP /BTP without payment of duty following Rule 5 of Customs (Import of Goods at concessional rate of Duty) 2018...

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Why the Malafide Impeachment Motion was bound to fail?

An impeachment motion was intended to be filed in the rarest of rare cases. These cases would include those where a gross misconduct has been indulged in by a delinquent judge during his tenure as a judge. ...

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Posted Under: Income Tax |

Draft Notification on Tax on Long Term Capital Gain on Shares

Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit o...

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Posted Under: Income Tax |