"03 May 2018" Archive

DGFT has to Evolve from a Regulator to Facilitator – Suresh Prabhu

A two-day meeting of port officers organized by the Directorate General of Foreign Trade (DGFT), of the Department of Commerce, ended today in New Delhi. The Union Minister of Commerce & Industry and Civil Aviation, Shri Suresh Prabhu, addressed the regional officers from different parts of the country and urged them to reorient their th...

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Posted Under: DGFT |

Chartered Accountant V/S Company Secretary – Which course should I join ?

This Article contains the details of two professional course i.e CA and CS, opportunities after CA and CS, and some points to be kept in mind before choosing any particular course....

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Posted Under: DGFT |

All about late fees for default in furnishing return of income

Finance Act 2017 introduced section 234F in lieu of section 271F w.e.f. A/Y 2018-19 to provide mandatory late fee for default in furnishing return of income before specified due dates provided under section 139(1). This amendment is an effective tool to enforce better compliance in view of its mandatory nature which takes away the discret...

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Posted Under: DGFT |

GST: Activities which are considered as supply without consideration

As per the Section 7(c) of GST Act, there are activities which are considered as supply for the purpose of this Act even without consideration.  The Schedule I list out the activities which are considered as supply without consideration. Permanent transfer or disposal: When the business assets are transferred permanently or disposed and ...

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Posted Under: DGFT |

Transactions which are neither Supply of Goods nor Services

There are transactions which are treated neither as supply of goods nor supply of services for determination of taxability.  The same have been listed out in Schedule III of the CGST Act: Services provided by an employee to his employer during his employment in the company Services provided by any court or tribunal established by [&helli...

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Posted Under: DGFT |

Differentiation of Supply of Goods or Services – GST Schedule II

Since GST has brought both Goods and Services under single tax bracket, it is necessary to differentiate the activities either as goods or services to determine the taxability of the same.  Schedule II has differentiated the goods and services as below: Activities considered as Supply of Goods Transfer of title in goods – Example: Sal...

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Posted Under: DGFT |

Foreign Corrupt Practices Act, 1977 (US) and India

The Foreign Corrupt Practices Act (FCPA) is a federal law, enforced by the U.S. Department of Justice, which prohibits payments, gifts, or even offers of anything of value to a foreign official for the purpose of influencing the official or otherwise securing any improper advantage in obtaining, retaining or directing business....

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Posted Under: DGFT |

IBBI suspends an insolvency professional for charging very high fees

No. IBBI/DC/04/2018 (03/05/2018)

The fee (Rs.13.75 crore comprising IRP fee of Rs.5 crore for the first one month and RP fee @ Rs.1.75 crore for five subsequent months) contracted by Ms. Ruia is exorbitant and not reasonable reflection of work to be done by her. It is unreasonable by any standard – in relation to the compensation of […]...

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Income Tax – Form 61A filing (SFT) upload using General Utility

Rameshwar Agrahari 1. Download the Form 61A utility from the https://report.insight.gov.in/reporting-webapp/portal/show-pre-download-page?utilities 2. executing the downloaded file fill in the respective details in each type of Transaction and validate and create xml file. 3. Download General Utility from the same ling as provided in poin...

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Posted Under: DGFT |

FAQ on Furnishing Information to FIU-IND

Every Financial Institution regulated by Department of Non-Banking Supervision is required to get itself registered under FIU-IND (Financial Intelligence Unit-India). Registering yourself from Reporting entity to Principal Officer and even after there are some other compliances which needs to be complied by every NBFC....

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Posted Under: DGFT |
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