"18 June 2018" Archive - Page 3

Limit for reimbursement of accommodation charges to Govt employees is exclusive of GST

Ministry of Finance was requested to clarify whether the limit for reimbursement of accommodation charges can be taken without GST and the GST amount debit by Hotels can be reimbursed in full....

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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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6 features that make Bajaj Finserv’s Flexi Loan for CAs a winner

Whether it is to set up a new office, hire additional staff, pay a deposit to the caterer when planning your child’s wedding or renovating your home to reinforce it for the monsoon, you may need funds quickly to meet a host of professional and personal needs. In such a scenario, getting the right amount […]...

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Electronic sealing – Deposit in and removal of goods from Customs bonded Warehouses

Circular No. 19/2018-Customs 18/06/2018

e regulations require that goods arriving at the warehouse from a customs station shall be affixed with a one-time-lock with its serial number endorsed upon the bill of entry for warehousing and the transport document. ...

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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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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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No TDS on interest on IRFCL 54EC Capital Gains Bond

Notification No. 28/2018-Income Tax [S.O. 2939(E)] 18/06/2018

Central Government notifies Indian Railway Finance Corporation Limited 54EC Capital Gains Bond issued by Indian Railway Finance Corporation Limited (IRFCL) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department...

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No TDS on PFC Section 54EC Capital Gains Bond

Notification No. 27/2018-Income Tax [S.O. 2938(E) 18/06/2018

Central Government notifies Power Finance Corporation Limited 54EC Capital Gains Bond issued by Power Finance Corporation Limited (PFC Limited) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue)...

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GST: 9 steps to Change email & mobile no. of authorized signatory

Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the registration in the first place and the ...

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