"15 May 2018" Archive

Form- “C” available even after GST implementation: P&H High Court

Carpo Power Limited Vs.State of Haryana and others (Punjab & Haryana High Court)

Punjab & Haryana HC in the case of Carpo Power Limited vs. State of Haryana in CWP No. 29437 of 2017 has held that Form C is available to assesse even after implementation of GST....

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Cost inflation index in case of Property inherited from previous owner

ITO Vs Pritendra C. Jhaveri (ITAT Mumbai)

ITO Vs Pritendra C. Jhaveri (ITAT Mumbai) Since the expression ‘held by the assessee’ is not defined under section 48, the same has to be understood as defined under Explanation 1(i)(b) to section 2(42A) which provides that in determining the period for which an asset is held by assessee under a gift or will the […]...

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Penalty u/s 221 cannot be levied for non-payment of self-assessment tax

Heddle Knowledge (P.) Ltd. Vs. Income Tax Officer (ITAT Mumbai)

Heddle Knowledge (P.) Ltd. Vs. Income Tax Officer (ITAT Mumbai) The fact that the amended Sec. 140A(3) w.e.f. 01.04.1989 does not envisage any penalty for non-payment of self-assessment tax, the Assessing Officer was not justified in levying the impugned penalty by making recourse to Sec. 221(1) of the Act. Before parting, we may again em...

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CBIC fixes monetary limit of Rs 2.5 Lakh for appeal filing with Commissioner (A)

F No 390/Misc/390/2017-JC (15/05/2018)

In exercise of the powers conferred by Section 35R of the Central Excise Act, 1944 made applicable to Service Tax vide Section 83 of the Finance Act, 1994 the Central Board of Indirect Taxes fixes a monetary limit of Rs 2,50,000/- below which appeal shall not be filed with the Commissioner (A)....

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Specific provisions related to Agent / Pure Agent under GST Act

Specific provisions related to Agent under GST Act: ♣ Definition of Agent: (Section 2(5) of CGST Act) Agent means the person who are engaged in supply of goods or services / recipient of goods or services on the behalf of others that’s say principal of such goods / services. Agent includes broker, commission agent, an […]...

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Can exemption U/s. 54F be denied for non-deposit of amount in specific bank account

Sunayana Devi Vs. ITO (ITAT Kolkata)

Since assessee had invested the sale consideration in construction of a residential house within three years from the date of transfer, deduction under section 54F could not be denied under section 54F on the ground that he did not deposit the said amount in capital gain account scheme before the due date prescribed under section 139(1)....

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TDS u/s 194C applicable in case contract requires semi-skilled staff

ACIT (LTU) Vs. M/s WTI Advance Technology Ltd. (ITAT Mumbai)

ITAT Mumbai in case of ACIT v/s M/s WTI Advanced technology held that tax is to deducted u/s 194C for outsourcing of any service which do not require skilled staff....

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Technical provided by Machines would not fall U/s. 194J for TDS

M/s. Coimbatore Integrated Waste Vs. DCIT (ITAT Mumbai)

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently ruled that technical services would not include services provided by the machines for the purpose of Tax Deducted at Source ( TDS )....

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Expenses on investigations pursuant to certain SEBI directions are allowable

Income-Tax Officer Vs HDFC Trustee Company Ltd (ITAT Mumbai)

Upon conjoint reading of Trust Deed and SEBI directions as above, we conclude that the said expenditure was incurred by the assessee to safeguard / protect its business interest and therefore, allowable to the assessee in terms of Section 37....

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All about Income Tax Return Form ITR-3 (A.Y. 2018-19)

Instructions for filling out FORM ITR-3 (A.Y. 2018-19) These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Income Tax Return Form ITR-3 is applicable This Re...

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Free Intraday Trading (FIT) – A game-changing investing tool

For an investor, brokerage charges form a large part of his share trading experience and as an investor one must be vigilant about the amount being charged in the form of brokerage. Depending on the sum of money invested, brokerage fees could play a big role in the overall trading experience. The brokerage cost is […]...

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Section 14A Dis allowance cannot exceed exempt income

Future Corporate Resources Ltd. Vs. Dy. CIT (ITAT Mumbai)

Future Corporate Resources Ltd. Vs. Dy. CIT (ITAT Mumbai) The assessee argued that it had earned meager dividend income of Rs. 24,138 as against which, the assessing officer disallowed a sum of Rs. 3,36,28,000 which is more than the exempt income. The assessee further argued that dis-allowance under section 14A cannot exceed amount of exe...

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Reopening of assessment cannot be permitted merely on the ground of Survey

Dy. CIT Vs. Dr. M.J. Naidu (ITAT Visakhapatnam)

Where AO reopened the assessment, based on statements recorded and material impounded during survey, however, without establishing any whisper from the reasons recorded regarding the escapement of any income, such reassessment based on suspicion and surmises was set aside....

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Operationalisation of draft Food Safety and Standards (Import)

Public Notice No. 79/2018-JNCH (15/05/2018)

Attention of the Importers, Exporters, General Trade, Custom Brokers and all other stakeholders in the jurisdiction of JNCH, Nhava Sheva is invited to the “Notice for operationalisation of draft Food Safety and Standards (Import) Second Amendment Regulations, 2018 issued by the Director (Import)...

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Tariff Notification No. 42/2018-Customs (NT) dated-15.05.2018

Notification No. 42/2018-Customs (N.T.) [S.O. 1918 (E)] (15/05/2018)

Tariff Notification No. 42/2018-Cus (NT) dated- 15.05.2018 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver....

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IBBI constitutes Working Group on Graduate Insolvency Programme

Office Order No. GIP/IBBI/18-19/....... (15/05/2018)

The IBBI hereby constitutes a Working Group on Graduate Insolvency Programme as under: a. Mr. T. V. Mohandas Pai, Chairman, Manipal Global Education b. Mr. P. R. Ramesh, Chairman, Deloitte India c. Mr. Sumant Batra, President, Society of Insolvency Practitioners of India...

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Consultation paper for review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

1. Objective: The objective of this consultation paper is to seek comments on the changes proposed in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as LODR Regulations) with respect to listed companies which have listed its Non-convertible debt securities (NCDs) or Non-convertible redee...

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Purchase not bogus for mere non-service of notices U/s. 133(6) at the given addresses

Prabhat Gupta Vs. ITO (ITAT Mumbai)

Non service of noticed is not a ground to raise the addition of bogus purchase to the income of the assessee in view of the law settled in CIT Vs. M/s. Nikunj Eximp Enterprises P. Ltd. 2016 taxman.com 171 (Bombay High Court). ...

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Public Notice No. 33 dated 23.10.2017 applied to all scrips under Chapter 3 of FTP

Trade Notice No. 08/2018-19 (15/05/2018)

It is noted that all chapter 3 scrips are being issued under the provisions of the Handbook of Procedures 2015-20, which has been amended in the Public Notice 33 dated 23.10.2017. In view of above, the members of the Trade and the Customs field formations may please note that the Public Notice 33 dated 23.10.2017 applies to all scrips iss...

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Clarification on Non Deduction of TDS on Work Contract under GST

F.12(31)FD/Tax/2018 (15/05/2018)

It is once again directed that presently, all eligible DDOs arc only required to register themselves on the GSTN portal. Tax is not to be deducted by such DDOs till notification of the commencement date which shall be communicated in due course....

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New income tax return forms with fresh requirements

Every year, the CBDT notifies the new income tax return forms and for the assessment year 2018-19 also CBDT has released the new income tax return forms. These forms will be applicable for the income tax return of 01-04-2017 to 31-03-2018 period. With the help of this write up we will be able to understand […]...

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Advance Income Tax Calculator for Assessment Year 2019-20

Download the automated Income Tax Calculator for the Financial Year 2018-19 & Ass Year 2019-20 as per the new central budget 2018-19, with all amendment by the CBDT....

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After 44 days CBDT Releases Java Utility of ITR-2

Today CBDT has finally released  after 44 days of start of Assessment Year 2018-19, Java Utility of ITR-2 (For Individuals and HUFs not having income from profits and gains of business or profession).It is worthy to note that CBDT is failed to release excel utility of ITR-2 and released  only Java utility of ITR-2. Earlier […]...

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Piyush Goyal gets interim charge of finance in Cabinet reshuffle

During the period of indisposition of Shri Arun Jaitley, Minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Shri Piyush Goyal, in addition to his existing portfolios....

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e-Way Bill Roll out for intra-State movement of goods in Assam & Rajasthan

It is hereby informed that e-Way Bill system for intra-State movement of goods would be implemented in Assam from 16th May, 2018 & Rajasthan from 20th May, 2018....

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