"14 May 2018" Archive

Accounting treatment of increase in liability due to enhancement of gratuity ceiling

This FAQ on accounting treatment of increase in liability on account of enhancement of the gratuity ceiling from Rs. 10 lakhs to Rs. 20 Lakhs due to Payment of Gratuity (Amendment) Act 2018 (vide notification no. S.O. 1420 (E) dated March 29, 2018) has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accou...

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Posted Under: Income Tax |

Civil Suit not Maintainable after initiation of SARFAESI Proceedings: SC

M/s Sree Anandhakumar Mills LTD. Vs M/s Indian Overseas Bank & ORS. (Supreme Court of India)

Though the case has a chequered history and the facts are long the matter lies within a short compass. The core question is one relating to the maintainability of the suit, viz., O.S. No.106 of 2009 filed by the second respondent – Nandini seeking partition wherein the order of injunction was passed....

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Late fees for GSTR-3B waived if TRAN-1 submitted but not filed

Notification No. 22/2018 – Central Tax (14/05/2018)

CBIC waives late fee payable for failure to furnish  FORM GSTR-3B by the due date for each of the months from October, 2017 to April, 2018, for the class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the 27th day of December, […]...

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Allowability of deduction U/s. 80P(2)(a)(i) to Co-operative society engaged in providing credit facilities to members

Jodhpur Sahakari Bhoomi Vikas Bank Ltd. Vs ITO (ITAT Jodhpur)

These appeals preferred by the assessee emanates from the order of learned Commissioner (Appeals)-2, Jodhpur for assessment year 2008-09 vide order dated 19-11-2015; assessment year 2010-11 vide order dated 20-11-2015...

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Section 54EC exemption cannot be claimed on Sale consideration of Property seized by IT Dept.

Jatender Singh Marvaha Vs D.DI.T (ITAT Kolkata)

Both AO & CIT-A have denied the claim of exemption of Rs.40,00,000/- for want of proper evidence showing the capital gains were invested in specified bonds i.e provided by the Government of India, National Highway Authority Bonds (NHAI). The deduction u/s. 54EC of the Act is permissible if the amount representing the long term capital gai...

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Late fees waiver for those who were unable to file GSTR-3B due to technical issues of TRAN-1 filing

Notification No. 22/2018 – Central Tax (14/05/2018)

Council, hereby waives the late fee payable under section 47 of the said Act for failure to furnish the return in FORM GSTR-3B by the due date for each of the months from October, 2017 to April, 2018, for the class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the ...

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No more interactions with tax officials! I-T Dept goes online with scrutiny work!

CBDT has issued instruction dated 12th February 2018 to conduct assessment proceedings in scrutiny cases electronically, saying that except for search-related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the E-proceeding functionality in ITBA/e-filing....

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Posted Under: Income Tax |

Initiation of Corporate Insolvency Resolution Process (CIRP) by Financial Creditor

India’s banking industry is in the throes of a crisis. Bad debts are piling up at banks. Freeing up this money is crucial for the banking sector to go about its business. There were many laws dealing with insolvency for Companies as well as for individuals. But most of them were either dating from the British Raj or failing to recover l...

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Posted Under: Income Tax |

Benefits of registering Nidhi Company in India

The literal meaning of Nidhi is ‘Treasure’ and in financial market, however, Nidhi Company means a company which tries to cultivate the habit of saving by accepting deposits and providing loans amongst its members. Hence, the nature of the company is exactly the same as it sense and starting a Nidhi company is undoubtedly will be a go...

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Posted Under: Income Tax |

Correction/rectification/amendment of GST Returns (GSTR 3B & GSTR 1)

Mistakes in GSTR-3B: Before discussing about the errors, we must know the stage at which we want to correct or modify the data in GSTR 3B. The said stages can be as follows:...

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Posted Under: Income Tax |
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