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Archive: 02 June 2018

Posts in 02 June 2018

State Govt. can prescribe documents for goods till e-way bill become applicable: HC

June 2, 2018 648 Views 0 comment Print

Heard Sri Naveen Chandra Gupta, learned counsel for the petitioner, Sri Krishna Agarwal, learned counsel appearing on behalf of respondent no.1 and Sri C.B. Tripathi, learned Special Counsel for the State of U.P.

Section 40A(3) overrides section 145(3) read with section 144

June 2, 2018 5079 Views 0 comment Print

These two appeals, filed by the assessee, being ITA No. 2135/Mum/2013 & I.T.A. No. 4896/Mum/2015 for assessment year 2009- 10 and 2008-09 respectively are directed against two separate appellate orders dated 22.01.2013 and 25-02-2015 respectively passed by learned Commissioner of Income Tax (Appeals)-33

Transfer pricing provisions do not apply to non-genuine or sham transactions

June 2, 2018 2688 Views 0 comment Print

Mitchell Drilling India Private Limited vs. DCIT (ITAT Delhi) It is elementary that the ALP is determined of an `international transaction’, which has been defined in section 92B of the Act. The term `transaction’, for the purposes of the Chapter–X containing transfer pricing provisions, has been defined in clause (v) of section 92F to include an […]

Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018

June 2, 2018 1134 Views 0 comment Print

Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018 31st May, 2018 Provisions in the Insolvency and Bankruptcy Code, 2016 1. Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation […]

Benami Transaction and Sham Transactions

June 2, 2018 15129 Views 0 comment Print

Prohibition of Benami Property Transactions Act, 1988, an act promulgated to prevent and prohibit Benami transactions in India on 5th September, 1988. The Act, 1988 has only 9 Sections and not so effective, while preventing and prohibiting Benami Transactions. The Act, 1988 previously called The Benami Transactions (Prohibition) Act, 1988.

Benefits available to senior citizens under income tax

June 2, 2018 6132 Views 1 comment Print

The Indian income tax laws provide certain tax benefits to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income tax For ordinary individual tax payers the basic exemption limit, upto which he is not required to pay any tax, is presently capped at Rs. 2.50 Lakhs.  However […]

RBI hitting on Government owned NBFCs – Withdrawing Exemptions!

June 2, 2018 2103 Views 0 comment Print

Chahat Jain Government owned companies always reveled in many exemptions from provisions of NBFC regulations. To bring government NBFCs on equal footing with non-government NBFCs (or private NBFCs), RBI vide notification no. DNBR (PD) CC.No.092/03.10.001/2017-18 dated May 31, 2018 withdraws certain exemption granted to government NBFCs with respect to compliance. RBI in its circular has […]

7 Post Budget Suggestion on Custom Law by ICAI

June 2, 2018 3390 Views 0 comment Print

ICAI submitted sugesstion on 1. Levy of Integrated Tax on goods remaining in Bonded warehouse 2. Audit of assessment of imported or exported goods. 3. Power to issue supplementary notice 4. Communication of an order, decision, summon, notice etc. under Customs Act, 1962 through electronic mails. 5. Requirements for being an applicant of Advance ruling 6. Sections 25A and 25 B and 7. Appellate Authority for AAR

Clarifications on issues related to GST Refund in Maharashtra

June 2, 2018 10299 Views 0 comment Print

The third proviso to sub-section (3) of section 54 of the MGST Act states that no refund of input tax credit shall be allowed in cases where the supplier of goods or services or both avails of drawback in respect of central tax.

Composition of Committees under Companies Act, 2013 and SEBI (LODR) Regulations, 2015

June 2, 2018 32610 Views 0 comment Print

Article explains Composition of Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, Corporate Social Responsibility Committee and Risk Management Committee under Companies Act, 2013 and SEBI (LODR) Regulations, 2015 with relevant Terms and Conditions. Committees Composition Independent Directors Chairperson Others Audit Committee Minimum 3 Directors as members 2/3rd should be Independent Directors or Majority […]

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