"06 June 2018" Archive

Fees & Penalty for late / Non filing of TDS Return

Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known as TDS/TCS return) we shall first have a look at the few basic duties of a person liable to deduct/collect tax at source and due dates for filing of TDS/TCS return....

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Posted Under: Income Tax | ,

CBIC clarifies GST rate on Renewable Energy &Priority Sector Lending Certificates

Circular No. 46/20/2018-GST (06/06/2018)

Representations have been received seeking clarification regarding the classification and applicable GST rate on the Renewable Energy Certificates (RECs) and Priority Sector Lending Certificates (PSLCs)....

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Amendments to Prevention of Money-laundering (Maintenance of Records) Rules, 2005

Circular No. SEBI/HO/MIRSD/DOSR1/CIR/P/2018/93 (06/06/2018)

Government of India (GoI) had notified Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 (PML Second Amendment Rules) on June 01, 2017 making the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) and Permanent Account Number (PAN) or Form No. 60 as defined in Income-tax Rules,...

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Cabinet approves interventions to deal with current crisis in sugar sector 

In order to improve the problem of liquidity of sugar mills resulting in accumulation of huge cane price arrears of farmers, the Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the following measures involving total amount of about Rs. 7000 crore:...

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Posted Under: Income Tax |

Intra State Eway Bill limit increased to ₹100000 in West Bengal

Notification No. 13/2018–C.T./GST (06/06/2018)

It is hereby notified that the e-waybill in respect of movement of goods originating and terminating within the State of West Bengal (intra-State movement but without passing through any other State) shall be required where the consignment value exceeds Rs.1,00,000/- (rupees one lakh only)....

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Reopening by Reappraisal of Material Available on record During Original Assessment Proceedings is invalid

Mahindra Lifespace Developers Ltd. Vs ACIT (ITAT Mumbai)

Re–Appreciation / Reappraisal Of The Material Available On Record During The Original Assessment Proceedings: Reopening Of Assessment By Forming Of Opinion That Income Has Escaped Assessment By AO, Not Allowable: ...

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Comparison of performance of State & Central Govt. officers in GST Department

NA (04/06/2018)

I have got a comparison Statement for Performance of State Govt. Officers vis-a-vis Central Govt. officers in 3-4 criteria by GSTN. The statement giving this in %age is placed below. As can be seen from the statement, the performance of Central Govt. officers in the States except in. the State of Arunachal Pradesh is lower than the State ...

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RBI Watch: Hikes but overlooks all-two visible risks

The fact that the MPC has swiftly responded to the upside pressures on inflation should address fears that the committee structure was making decision making sluggish and the questions about the RBI’s independence. This we believe is a healthy development....

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Posted Under: Income Tax |

Dividend Stripping and Bonus Stripping

This article explains provisions of Income Tax Act 1961, related to Dividend stripping and Bonus stripping. An attempt is made to simplify provisions with the help of examples, for better understanding....

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Posted Under: Income Tax |

Reduction of Share Capital of Unlisted Indian Companies

Steps involved for reduction of Share Capital for unlisted Indian Companies :- A company limited by shares or limited by guarantee and having a share capital, desirous of reducing its capital may do so in the following manner:...

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Posted Under: Income Tax |