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Insolvency and Bankruptcy Board of India (IBB) on May 31st, 2018 issued Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018[1] to streamline the procedure for recommendation and appointment of Interim Resolution Professional (IRP) or liquidator.
The Income-tax Act provides for specific exemption from capital gains on conversion of a company into a limited liability partnership. In this article, we have analysed the provisions and the taxability in light of the rulings by various courts in India on the matter.
Under the Income Tax Informants Reward Scheme, 2018 a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.
It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns.
The total gross GST revenue collected in the month of May2018 is Rs. 94,016 crore of which CGST is Rs.15,866 crore, SGST is Rs.21,691 crore, IGST is Rs. 49,120crore (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs.854 crore collected on imports).The total number of GSTR 3B Returns filed for the month of April up to 31st May, 2018 is 62.47 lakh.
There is a mistake of getting the information through AIR which was collected by the appellant’s AR from bank. The transaction reported in the AIR was wrongly reported by the department. The AO should inform DGIT(System) to verify such information from the department server and correct it in future.
By adopting the principles of harmonious construction and interpretation of rule, I hold that the appellant right to avail the credit at the time of coming out of the exemption scheme cannot be curtailed down by adopting Rule 4(1) of the Cenvat Credit Rules.
When admittedly there is no capital creation with the loan facilities availed of by the assessee, the working capital overdraft facility cannot be kept under the category of capital expenses, rather working capital overdraft facility is oftenly used to run day-to-day business
Government introduces new scheme ‘Seva Bhoj Yojna’ Scheme seeks to reimburse Central Share of CGST and IGST on Food/Prasad/Langar/Bhandara offered by Religious Institutions The Ministry of Culture, Government of India has introduced a new scheme namely ‘Seva Bhoj Yojna’ with a total outlay of Rs. 325.00 Crores for Financial Years 2018-19 and 2019-20. The scheme […]
Whether penalty under section 271B of the Act could be levied in a case where the books of account were maintained by the assessee. The Hon’ble jurisdictional High Court in that case held that where no account has been maintained, section 271B does not get attracted and instead recourse under section 271A can be taken.
