"June, 2018" Archive

Caution – Online PAN applicants

The general public is hereby informed that the Income Tax Department (ITD), Government of India has appointed only two entities namely NSDL e-Governance Infrastructure Limited (NSDL e- Gov) and UTI Infrastructure Technologies Services Limited for purpose of receiving and processing of PAN applications. ...

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Posted Under: Income Tax |

AO not justified in treating share application money as unexplained without rebutting evidences filed by Assessee

Shakti Hardware Collection Pvt. Ltd Vs DCIT (ITAT Mumbai)

Where assessee having received share capital furnished evidences, i.e. addresses, PAN No., copies of returns and bank statements of subscribers, etc., AO was not justified in treating share application money as unexplained without rebutting such evidences....

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ICAI to Select 1000 Young Members as Speakers for Programmes

The Young Members Skill and Innovation Development Committee of ICAI has been taking various initiatives for the empowerment of the young members. To encourage young members to develop their public speaking skill, the committee intends to select 1000 young members as speakers....

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Posted Under: Income Tax |

Income U/s. 271AAA justified if Asssessee fails to specify as to how she derived undisclosed income

Pr. CIT Vs Ritu Singal (Delhi High Court)

Assessee clearly failed to specify as to how she derived undisclosed income and under what head it fell in (rent, capital gains, professional or business income out of money lending source of the income, etc. Unless such facts were mentioned with some specificity, it could not be said that conditions in section 271AAA(2) were satisfied b...

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Economy and Markets Reward Structural Reforms & Fiscal Prudence

The Fourth quarter results of GDP data showed a phenomenal 7.7 percent growth rate and has established India firmly as the fastest growing global economy. This trend, according to experts, is likely to continue for the next few years. With structural reforms like demonetisation, the implementation of the Goods and Services Tax and the enf...

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Posted Under: Income Tax |

Updated Central Goods and Services Tax Rules, 2017 till 13.06..2018

This article have updated Central Goods and Services Tax Rules, 2017 which were initially released on 19th June 2017 and amended by various notifications issued from time to time.  CGST Rules are updated with notifications issued till 13th June 2018. Details of Initial and Subsequent Notifications :- S. No. Notification No. and Date Titl...

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Posted Under: Income Tax |

Exemption U/s. 54 for Reinvestment in 3 residential houses having common amenities?

A.C.I.T. Vs Smt. Reshmi P. Loyalka (ITAT Kolkata)

Whether the reinvestment made by the assessee in 3 residential houses having common amenities, kitchen, common entrance, common house name, common electrical, common storage, common water, common garden, common boundary wall, common guard room, etc would give eligibility to claim exemption u/s 54 of the Act by construing all the three uni...

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LLP Designated partners to Intimate Changes in DIN / DPIN Details

G.S.R. 557(E). (12/06/2018)

Limited Liability Partnership (Amendment) Rules, 2018- Every individual who has been allotted a DPIN or DIN under these rules, shall in the event of any change in his particulars, make an application in Form DIR-6 under Companies (Appointment and Qualifications of Directors) Rules, 2014 to intimate such change(s) to the Central Government...

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GST: Assam issues Guideline for ‘Mobile Squads’

Order No. CT/GST-12/2017/51 (12/06/2018)

For verification of e-way bill in course of movement of goods by a conveyance and to carry out inspection, search and seizure at the place of business of a taxable person and a transporter for the purpose of preventing evasion of tax, it is felt necessary to have 'Mobile Squads'....

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Cost Inflation Index for Financial Year 2018-19- CBDT notifies

Notification No.26/2018/F.No.370142/3/2018-TPL (13/06/2018)

CBDT notifies Cost Inflation index for Financial Year 2018-19 at 280, vide Notification No. 26/2018-Income Tax dated 13th June, 2018. ...

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