"28 May 2018" Archive

Time to submit suggestions on new Direct Tax Law extended by 3 months to June 15, 2018

Stakeholder engagement by the Task Force drafting the ​N​ew Direct Tax Law extended by a period of three months up to June 15, 2018 The Term of the Task Force constituted to review the existing Income-tax Act, 1961 & to draft a New Direct Tax Law in consonance with economic needs of the country has […]...

Read More
Posted Under: Income Tax |

Regularisation of PPF accounts opened in Joint names

SB Order No. 06/2018 (28/05/2018)

As per the Public Provident Fund Scheme, 1968, a PPF account can not be opened in joint names, i.e. in the names of more than one individual. Ministry of Finance has been receiving references from various Banks and Post Offices seeking regularization of irregular PPF accounts opened in joint capacity. ...

Read More

No penalty for Wrong claim of depreciation by crediting capital subsidy to reserves instead of reducing from actual cost/ WDV

Prafful Industries (P) Ltd. Vs DCIT (ITAT Delhi)

The action of the lower authorities in not following the case laws on the issue and in spite of legal precedents, still not quashing the penalty of Rs. 2,22,240/- is unjust, illegal, arbitrary, illusory and against the facts of the case and thus deserves to be deleted....

Read More

Tribunal cannot direct Registration U/s. 12AA in absence of satisfaction of Registering Authority

CIT Vs A.R. Trust (Allahabad High Court)

CIT Vs A.R. Trust (Allahabad High Court) Section 12 AA of the Act provides that the Registering Authority after satisfying himself about the objects of the Trust and genuineness of its activities shall pass an order in writing for registration of the Trust or to refuse the registration. Therefore, satisfaction of the Registering Authority...

Read More

No change in GST law & taxation relating to farmers since July, 2017

No change in the GST law and taxation relating to farmers since July, 2017; Support Services to agriculture, forestry, fishing or animal husbandry are exempt from GST; Agriculturists are also exempted from taking GST Registration....

Read More
Posted Under: Income Tax |

CMA institute suggests inclusion of Cost Accountant in definition of Accountant U/s. 288(2) of Income Tax Act, 1961

Institute of Cost Accountants of India has submitted suggestions on New Direct Tax Law on 23rd May 2018 to Finance Minister Shri Piyush Goyal and suggested Inclusion Of Cost Accountants Under The Definition Of Accountant U/S 288(2) Of Income Tax Act, 1961. ...

Read More
Posted Under: Income Tax |

Related Party Transaction provisions under Companies Act, 2013

Related Party Transactions are a common occurrence in the business marketplace. Companies often seek business deals with entities to which they are familiar with or have been connected with their directors and KMPs. While these types of transactions are legal and ethical, the special relationship inherent between the involved parties crea...

Read More
Posted Under: Income Tax |

GST And Goods Transport Agency

Goods transport agency or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. A consignment note is an essential condition to be considered as a GTA....

Read More
Posted Under: Income Tax |

New ITR Forms – Changes Applicable for AY 2018-19

1. Changes in ITR 1 Applicable for A.Y. 2018-19 This from has been made applicable only for resident individuals. Conditions: Income from salaries, one house property, other income and having total income up to Rs.50 lakhs and his total income should not include any income from betting, gambling, etc. There is a requirement to furnish a ...

Read More
Posted Under: Income Tax |

HC grants relief to Cricketer Cheteshwar Pujara in Service Tax related case

Cheteshwar Arvind Pujara Vs The Union of India and Ors. (Bombay High Court)

The petitioner is an Indian citizen. He is a businessman and says that he plays international cricket representing India. He also plays domestic cricket. He participated in what is known as Indian Premier League (IPL). He was one of the players chosen by the franchisee Knight Riders Sports Private Limited. This franchisee is owner of one ...

Read More