"29 June 2018" Archive

RBI Enforcement action framework in respect of statutory auditors of banks

Press Release: 2017-2018/3425 29/06/2018

In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs for any lapses observed in conducting a ...

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GST: Provisions of TDS and TCS suspended till 30.09.2018

The competent authority has decided that the provisions of sections 51 and 52 of the Central Goods and Services Tax Act, 2017 relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended till 30.09.2018....

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Posted Under: Fema / RBI |

Reverse charge mechanism u/s 5(4) of IGST Act suspended till 30.09.2018

Notification No.13/2018 – Integrated Tax (Rate) [G.S.R. 595(E)] 29/06/2018

Seeks to exempt payment of tax under section 5(4) of IGST Act, 2017 till 30.09.2018 vide Notification No.13/2018 – Integrated Tax (Rate) dated 29th June, 2018....

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Disallowance U/s. 14A not applicable on investment on which dividend received is chargeable to tax but allowed Rebate under DTAA

ACIT Vs M/s. Indian Farmers Fertiliser Cooperative Ltd (ITAT Delhi)

Investments on whom dividend received, though chargeable to tax but allowed as rebate in view of DTAA agreement cannot be included for the purpose of computing disallowance u/s 14A of Income Tax Act....

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The Impact of the Government Polices on Direct Tax Collections

The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs.6.38 lakh crore....

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Posted Under: Fema / RBI |

Deduction U/s. 80IA not available on interest on FDR by a company engaged in providing infrastructure facilities

DCIT Vs. SMS Paryavaran (P) Ltd. (ITAT Delhi)

The assessee company was engaged in the business of Developing, Maintaining and Operating of Infrastructure Facilities. Return declaring an income of Rs. 29,53,100/- was filed on 30/09/2009. The same was processed u/s 143(1) on 13/09/2010. Case was selected for scrutiny under CASS and notice u/s 143(2) was sent on 20/08/2010. ...

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Why FDs should always be part of your financial plan

A fixed deposit (FD) is an investment option which helps you in increasing your wealth and preserving your funds for your future. Despite the cuts in the FD rates, FDs continue to top the ranks among the best investment options. Most of the people are unaware that FDs are the most reliable investment option which […]...

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Posted Under: Fema / RBI |

Income from Share cannot be treated as Business merely for Frequent Transactions

DPJ Viniyog Pvt. Ltd. Vs DCIT (ITAT Kolkata)

DPJ Viniyog Pvt. Ltd. Vs DCIT (ITAT Kolkata) Assessing Officer treated the income on account of purchase and of shares under the head ‘business income’ instead of under the head ‘capital gain’ as claimed by the assessee. On Appeal CIT(A) held that assessee is making purchase and sale on a continuous basis and besides being [&helli...

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Allotment of free of cost instant e-PAN on near to real time basic

Important Note: Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar  holders. Prerequisites for e-PAN: Applicant already having PAN should not apply for e-PAN The e-PAN facility is ONLY for resident individual (Except Minors and...

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Posted Under: Fema / RBI |

Proper Notice U/s. 148 is must for initiating reassessment proceeding

Sh. Shridhar Bedi through Legal Heir Vs ITO (ITAT Amritsar)

Sh. Shridhar Bedi through Legal Heir Vs ITO (ITAT Amritsar) Proper notice u/s 148 of the Act for initiating reassessment proceeding is not a mere procedural requirement but the service of the prescribed notice on the assessee is a condition precedent to the validity of any of the reassessment made u/s 147. It is settled […]...

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