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Archive: 24 May 2018

Posts in 24 May 2018

Frequently asked questions on LLP Annual Filing

May 24, 2018 19776 Views 10 comments Print

1. What is LLP Annual Filing? Limited liability partnership is a partnership with limited liability. Every LLP which are registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of Accounts every year.

The way I see it… (Rising US Dollar and outlook)

May 24, 2018 1308 Views 0 comment Print

USD is trading at another high.. and we are saying this almost everyday for last few days… After trading steadily at around Rs 63- Rs. 65 till March 2018, USD is appreciating and INR is depreciating for various reasons almost everyday. The combined result is – Rupee falling steadily towards Rs 68 + in a short span of 2-3 months.

Early hearing should be granted by ITAT Bench: Delhi HC

May 24, 2018 1575 Views 0 comment Print

Hon’ble Delhi High Court, vide order dated 4th May, 2018 In the case of Dr. Prannoy Roy in W.P.(C) 4742/2018 &CM Appl. 18248-18249/2018 and Another, has held that early hearing should be granted by the Bench of the ITAT instead of the usual practice of granting early hearing by the administrative head at the respective station.

Entertainment tax subsidy to meet cost of Multiplex Theater building and Machine is Capital Receipt

May 24, 2018 3003 Views 0 comment Print

All the appeals by the Revenue are directed against different orders of the Ld. CIT(A)- 1, Dehradun, dated 06th February, 2014, for the A.Ys. 2009-2010, 2010-2011 and 2008- 2009.

Dealer need not deduct TDS on Commission directly paid by Mobile Operator to Retailers

May 24, 2018 6447 Views 0 comment Print

The assessee is an Individual and engaged in the business of trading in mobile and accessories including SIM card, pre-paid card etc. During the course of assessment proceedings, the AO noted that the assessee has shown the payment of commission of Rs. 16,41,989/- under section 40(a)(ia) of the Act without deduction of TDS

Addition on the basis of dumb/bald documents not sustainable

May 24, 2018 1659 Views 0 comment Print

This appeal filed by the assessee against the order of the Ld. CIT(A)-XXVI, New Delhi dated 21.8.2017 and pertains to assessment year 2009-10.

ITAT on Addition for difference in TDS Certificate and Return Amount to Income of Assessee following cash method of accounting

May 24, 2018 2289 Views 0 comment Print

ACIT Vs. Rajiv Nayar (ITAT Delhi) The brief facts of the case are that appellant is a senior Advocate of Hon’ble Delhi High Court. He filed his return of income on 30.07.2009 at Rs. 10,77,55,060/-. During the course of assessment proceedings it was found by the ld AO that the TDS certificates shows higher gross […]

Revised foreign exchange earning criteria to be eligible for Duty Credit Scrip

May 24, 2018 990 Views 0 comment Print

Such service provider should have minimum net free foreign exchange earnings of US$15,000 in year of rendering service to be eligible for Duty Credit Scrip. For Individual Service Providers and sole proprietorship, such minimum net free foreign exchange earnings criteria would be US$10,000 in year of rendering service.

CBIC notifies Customs Audit Regulations, 2018

May 24, 2018 4422 Views 0 comment Print

(1) These regulations may be called the Customs Audit Regulations, 2018. The selection of auditee or the selection of import declarations or export declarations, as the case may be, for the purposes of audit shall primarily be based on risk evaluation through appropriate selectivity criteria.

Notification No. 44/2018-Customs (N.T.), Dated: 24.05.2018

May 24, 2018 2871 Views 0 comment Print

Notification No. 44/2018-Customs (N.T.) In exercise of the powers conferred by clause (34) of section 2 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 40/2012-Customs (N.T.), dated the 2nd May, 2012

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