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Archive: 08 June 2018

Posts in 08 June 2018

SEBI (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018

June 8, 2018 2265 Views 1 comment Print

These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018.

Monetary limits for adjudication by Custom officers in cases liable to confiscation

June 8, 2018 26340 Views 0 comment Print

In order to improve the disposal rate in deciding cases falling under Chapter XIV, it has been decided that for cases where value of the goods liable for confiscation is above 10 lakhs, the adjudication powers shall be exercised as under:

CBIC notifies Custom officers for adjudging confiscation or penalty

June 8, 2018 9054 Views 0 comment Print

Notification No. 50/2018-Customs (N.T.) CBIC hereby confers power, for purposes of adjudging confiscation or penalty, on Customs Officer as mentioned in column (2) of the Table below, in terms of value limit as specified in column (3) of the said Table, in relation to goods which are liable to confiscation under Chapter XIV of the said Act:

TP: Provision for bad & doubtful debt & bad debts written off are operating expenses

June 8, 2018 11901 Views 0 comment Print

Hyundai Motor India appeal: Including bad debts and provision for bad and doubtful debts as operating expenses is necessary for the purpose of computing profit and loss of comparable companies, the margins of comparable companies

Important Amendments Applicable for Financial year 2017-18

June 8, 2018 29007 Views 6 comments Print

It has been two month ending of Financial Year 2017-18, CA Firms and Tax Consultant has started filing of income tax return and Auditing of their clients. There is many amendment for FY 2017-18 related to Income Tax, I have summarized some important amendments.

Home Buyers Saga- Insolvency and Bankruptcy Code, 2016

June 8, 2018 2670 Views 0 comment Print

Amid financial institutions and other financial and operational creditors being successful in instituting insolvency resolution process against the corporate debtors, the plea of the home buyers for initiating the insolvency resolution process against the corporate debtors, being real estate developers was struck down by NCLT.

Taxation of Gifts received or Specified assets purchased by any person

June 8, 2018 6771 Views 0 comment Print

This article is about the taxability of gifts received or specified assets purchased by a person. Provisions of sec 56(2)(x) of IT Act 1961(introduced by Finance Act – 2017) deals with the taxation of gifts received or specified assets purchased.

What is the limit of GST Composition Scheme ? 1 Cr. or 1.5 Cr.

June 8, 2018 43860 Views 4 comments Print

GST authority introduced Composition Scheme under GST to give relief to the small taxpayers. It is a very simple scheme and you need to file only one return per quarter (GSTR 4). But there are some limitations under this scheme and all taxpayers are not eligible to register under this scheme. One of the criteria […]

Automated Refund process for IGST Paid on Export of Goods

June 8, 2018 52440 Views 18 comments Print

Process Adopted for Refund of IGST Paid on Export of Goods and Facility to Track Transmission of Invoice Data to ICEGATE The refund process for IGST paid on export of goods has been fully automated and facility has been made available on the dashboard of taxpayer to track status of transmission of Invoice data to ICEGATE system […]

Recent Changes on GST Portal related to Refund, Registration, Returns

June 8, 2018 25338 Views 2 comments Print

Given below are updates on functionalities which were made available on GST Portal recently: (A)  Functionality related to GST Registration which were made available on GST Portal recently: (i) Facility to apply for Revocation of cancellation of Registration has been enabled on GST Portal. This form will enable Tax payers whose registration has been cancelled […]

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