"24 May 2018" Archive

Statewise Inter-state and Intra State applicability of E-way Bill

01/01/1970

In order to ease & speed up the physical movement of goods, GST council has come up with concept E-way Bill to track the status movement of goods from one place to another. It has been notified that w.e.f. 1st April 2018 E-way bill is mandatory for inter-state movement of goods in case consignment value is more than 50,000....

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Net Direct Tax collections crossed Rs.10.03 lakh crore in 2017-18

01/01/1970

Net direct tax collections for 2017-18 amounted to Rs. 10.03 lakh crore, which is 18% higher than the collections for 2016-17. The robust growth in direct tax revenue in the year of demonetization and the year after that is indicative of a positive impact of various tax policies, including demonetization, on the level of tax compliance in...

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Subscription to chit funds cannot be regarded as investment U/s. 13(1)(d) RW 11(5)

Sri Sivani Educational Society Vs. ITO (ITAT Visakhapatnam)01/01/1970

Sri Sivani Educational Society Vs. ITO (ITAT Visakhapatnam) Chit fund business is governed by the principles of mutuality and contribution to a chit fund is contribution to oneself on the principle of mutuality and hence, it is not an investment as contemplated by section 13(1)(d) read with section 11(5) of Income Tax Act, 1961. As [&hell...

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Income from services rendered in connection with domain name registration is assessable as royalty Income

Godaddy.com LLC Vs. ACIT (ITAT Delhi)01/01/1970

Rendering of services for domain registration is rendering of services in connection with the use of an intangible property which is similar to trademark. Therefore, the charges received by the assessee for services rendered in respect of domain name is royalty within the meaning of Clause (vi) read with Clause (iii) of Explanation 2 to S...

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No Tax on issue of share capital by eligible start-ups at excess premium: CBDT

Notification No. 24/2018-Income Tax [S.O. 2088(E)] 24/05/2018

Central Government, hereby notifies that the provisions of clause (viib) of sub-section (2) of section 56 of the said Act shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the consideration has been received for issue of shares from an investor in accordance with the ...

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2 Arrested in Delhi for GST evasion of Rs. 28 Crore

01/01/1970

Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regime that came into force on 1st July, 201...

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Applicability of concessional rate of 10% U/s. 115E on Sale of Bonus Share

Sri Shashi Parvatha Reddy Vs. DCIT (ITAT Hyderabad)01/01/1970

Bonus shares issued on original shares by investing convertible foreign exchange were also foreign exchange asset under section 115E. Therefore, the shares sold by the assessee have mightly treated as long-term capital assets and being the assets acquired by way of foreign exchange fell within the definition of foreign exchange asset unde...

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e-Way Bill Roll out for intra-State goods movement wef 25.05.2018

01/01/1970

Ewaybill system for intra-State movement of goods to be implemented from 25.05.2018 in the state of Maharashtra and Manipur and in following UTs Andaman & Nicobar Islands,Chandigarh,Dadra & Nagar Haveli,Daman & Diu and Lakshadweep. PRESS RELEASE 24th May, 2018 Subject: Roll out of e-Way Bill system for intra-State movement of ...

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Interpretation of E-way Bill Provisions – Part I

01/01/1970

The present article deals with the interpretation of legal provisions in the CGST Act 2017 relating to and regulating the mechanism of E-way Bills....

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ITAT on Calculation of Month for Interest on delay in payment of TDS

Bank of Baroda Vs. Dy. CIT (ITAT Ahmedabad)01/01/1970

Assessee’s contention for levy of interest for the second month could arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month, was justified. Thus, AO was directed to re-compute the levy of interest under section 201(1A) accordingly....

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