"30 June 2018" Archive

Due date to link Aadhaar with PAN extended till 31.03.2019

F.No.225/270/2017/ITA.II (30/06/2018)

CBDT had allowed time till 30th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 31st March, 2019....

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1st July 2018 to be celebrated as ‘GST day’

1st July 2018 to be celebrated as ‘GST day’, to commemorate the first year of the unprecedented reform of Indian taxation GST is a fitting tribute to spirit of cooperative federalism as all decisions in the 27 meetings of GST Council taken by consensus GST – ‘ONE NATION, ONE TAX, ONE MARKET’- binds India into […]...

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Shri S. Ramesh takes over as Chairman, CBIC

Shri S. Ramesh takes over as Chairman, Central Board of Indirect Taxes and Customs Shri S. Ramesh, IRS(C&CE:1981) has taken over as Chairman, Central Board of Indirect Taxes and Customs [CBIC], on superannuation of Smt. Vanaja N. Sarna today . Prior to his elevation, he was Member (Administration) in the Board. Shri S. Ramesh began [&...

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Posted Under: Income Tax |

Tribunal should pass the order within three months of the hearing

M/s. G. Shoe Exports1 Vs ACIT-25 (ITAT Mumbai)

Ms. G. Shoe Exports Vs ACIT (ITAT Mumbai) In this case, admittedly the Tribunal order was passed beyond three months from hearing. No reason whatsoever for the delay has been recorded. As held by the Hon’ble jurisdictional High Court above, such delay is incurable and even administrative clearance cannot cure the same. As held by [&...

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Onus on assessee to justify allottment of shares to outsiders at exorbitant premium

M/s. Pratik Syntex Private Ltd Vs. ITO (ITAT Mumbai)

M/s. Pratik Syntex Private Ltd Vs. ITO (ITAT Mumbai) In the instant appeal before us, the inspector was deputed by the AO to make field enquiries who could not locate these three shareholders and the assessee also could not furnish the current addresses of these three new shareholders. These in the instant case before us, […]...

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Power of AO to change assessee’s status while processing Return and issuing intimation U/s. 143(1)

Radharaman Jew Trust Fund Vs ITO (ITAT Kolkata)

It is clear from bare reading of section 143(1) that change of status as done by AO does not fall within any of the clauses thereof. Also, it could not be said that change of status of assessee fell within the meaning of expression ‘an incorrect claim apparent from any information in the return’ as laid down in Explanation (a) to sec...

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CENVAT credit on Welding Electrodes : HC refers matter back to CESTAT

ACC Limited Vs The Commissioner of Central Excise (Bombay High Court)

These appeals can be conveniently disposed of by a common Judgment as the issue which arises in these appeals is more or less same. So far as CEXA No.89 of 2008 is concerned, it takes exception to the Judgment and Order dated 22nd August 2007 passed by the Customs, Excise and Service Tax Appellate Tribunal, West Zonal Bench, Mumbai (for ...

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Notice not become invalid for Mere mention of wrong section i.e. 153A instead of 153C

Dy. CIT Vs K.M. Nagaraj (ITAT Bangalore)

The only mistake on the part of AO was in mentioning section 153A, instead of section 153C. If this mistake was not allowed to be cured, the very purpose and object of enacting section 292B would be defeated as impugned notice in substance and effect, was in conformity with or according to the intent and purpose of the Act....

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ITAT dismisses appeal on failure to file revised Form No. 36 post amalgamation

EADS India (P) Ltd. Vs Dy. CIT (ITAT Bangalore)

Rights and liabilities of erstwhile company were transferred to new company, therefore, it was essential to move an application for filing on record the amended memo of parties and also to file a fresh Form 36, mentioning the amalgamation of the assessee company with new company to peruse appeals in the name of new entity. Since assessee ...

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UPS is Integral part of Computer and eligible for 60% Depreciation

ACIT Vs M/s. Caparo Engineering India Pvt. Ltd. (ITAT Delhi)

The aforesaid appeal has been filed by the Revenue against the impugned order dated 12.09.2014, passed by the Ld. CIT(Appeals)-XX, New Delhi for the quantum of assessment passed u/s.144C(3) for the Assessment Year 2007-08. In the grounds of appeal, following grounds have been raised....

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ITAT on Genuineness of Gift of Shares by A Company to other Group Company

Gagan Infraenergy Ltd. Vs DCIT (ITAT Delhi)

That the order passed by Assessing Officer ('AO') dated 30.12.2016 as upheld by the Commissioner of Income Tax (Appeals) ('CIT(A)') dated 29.12.2017 and the additions/disallowances made and upheld are illegal, bad in law and without jurisdiction....

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Claim though ineligible in law but based on CA certificate does not amounts to making false claim

Naturence Cosmetic Pvt. Ltd. Vs. ITO (ITAT Delhi)

ITAT held that, if book profit and tax payable u/s 115JB was based on certificate issued by Chartered Accountant then it cannot be held that, assesses claim was not bonafide or it has furnished inaccurate particulars of income, penalty so levied deleted....

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Mandatory KYC update for Directors of Indian Inc.

As a part of maximum governance slogan of current central government, Ministry of Corporate Affairs (MCA) is launching a new form soon, which will require KYC of all existing directors of companies registered with Registrar of Companies (ROC). ...

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Posted Under: Income Tax |

GST registration requirements to Sub Brokers / Mutual Fund Agents

There are views prevailing regarding no requirement of GST registration or compliances by Share Sub Brokers / Mutual Fund Agents. While the same is not correct on the following grounds...

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Posted Under: Income Tax |

Excel sheet for reconciliation of Books with GSTR1 and GSTR 3B

Excel sheet for reconciliation of Books with GSTR1 and GSTR 3B monthly like a GST utility This sheet usefull for reconciliation of Books with GSTR 1 and GSTR 3B monthly quarterly as per requirement, Difference if any then show in figures as well as tabular graph so this find out easily difference if any in […]...

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Posted Under: Income Tax |

Margin Scheme under GST – What is it all about?

Introduction GST is levied on any activity that falls under the ambit of ‘Supply’ as per section 7 of CGST act, normally the GST is charged on the transaction value of the goods as determined by applying sec 15 of CGST act. However, in respect of second hand goods, a person dealing is such goods […]...

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Posted Under: Income Tax |

TDS not deductible on Reimbursement of conversion expenses without profit element

ACIT Vs Veera Associates (ITAT Visakhapatnam)

Assessee filed return of income declaring total income of 3,90,370/- on 3.10.2007. The assessment was completed u/s 143(3) of the Income Tax Act, 1961 (hereinafter called as the Act) on 31.12.2009 determining the total income at 6,90,370/-. Subsequently, the case was reopened u/s 147 of the Act by issue of notice u/s 148 of the Act for n...

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Notified Sections of Companies (Amendment), Act 2017 in Tabular Form

The List contains the notified Sections of the Companies (Amendment) Act, 2017 as on 29.06.2018....

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Posted Under: Income Tax |

Pains & Gains of GST

“In this world nothing is certain but death and taxes” said Benjamin Franklin. The biggest indirect tax reform post-independence Goods and Service Tax turns one on 1st July, 2018. One year of GST implementation has not been less than a topsy turvy ride for the implementation agency, the taxpayers and the GST Practitioners. The multipl...

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Posted Under: Income Tax |

Know your Income tax form- ITR-4

WHAT IS ITR 4 ITR 4 Form is for presumptive income from Business & Profession as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. ITR 4 APPLICABLE FOR: The persons having income from following sources are eligible to file ITR 4: Presumptive income from Business & Profession as per Section […]...

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Posted Under: Income Tax |

Rules of Determination of Origin of Goods under Asia-Pacific Trade Agreement Amendment Rules, 2018

Notification No. 59/2018 - Customs (N.T.) [G.S.R. 603 (E)] (30/06/2018)

Seeks to amend the Rules of Determination of Origin of Goods under the Asia-Pacific Trade Agreement, (formerly known as the Bangkok Agreement) Rules, 2006. Rules of Determination of Origin of Goods under the Asia-Pacific Trade Agreement (formerly known as the Bangkok Agreement) Amendment Rules, 2018. GOVERNMENT OF INDIA MINISTRY OF FINANC...

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Is the Fine on Late Filing of Income Tax Return Mandatory?

It is an old disease in India that regardless of repetitive updates, there are sure tax assessees who turn a deaf ear and neglect to meet the due date for Income Tax Return Filing. They are utilized to record late returns or neglect to document the return of income. This has happened on the grounds that, before the present arrangement o...

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Posted Under: Income Tax |

CBIC notifies tariff concession on specified goods on Import from specified countries

Notification No. 50/2018–Customs [G.S.R. 604 (E)] (30/06/2018)

Notification No. 50/2018–Customs- seeks to provide the tariff concession to the goods of the description specified in column (3) of the Table hereto annexed and falling under the Chapter. MINISTRY OF OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 50/2018–Customs New Delhi, the 30th June, 2018 G.S.R. 604(E).—In exercise of the p...

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Tax Treatment of Foreign Income of Persons Resident in India

Article informs the taxpayers about the broad tax treatment of foreign income of persons resident in India.  In a liberalized economy, more and more citizen of the country are travelling to work and earn income in foreign countries. Often these taxpayers are not adeuately equipped to understand the taxability of their foreign income. Art...

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Posted Under: Income Tax |

Reverse Charge u/s 9(4) of CGST act applicability extended !

The awaited applicability of section 9(4) of CGST Act, section 5(4) of IGST Act & Section 7(4) of UTGST Act which was exempted earlier till 30.06.2018 has been now further extended again via  notification  given below till 30.09.2018. The exemption contained in this notification shall apply to all registered persons till the 30th da...

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Posted Under: Income Tax |

CBDT issues Final Notification on POEM – Section 115JH of Act

The CBDT has issued the Final Notification No. 29/2018 dated 22 June 2018 (applicable from AY 2017-18) for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, under Section 115JH of the Income-tax Act, 1961 (the Act). […]...

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Posted Under: Income Tax |

Compliance related to Grievance Officer appointment under IT Act, 2000

There have been swift improvements in the Information Technology sector which have revolutionised our work and personal lives. Technology has entered every sphere of life such as banks, offices, social networks, stock markets, shopping etc., resulting in sharing of one’s personal information with numerous machine one comes across daily....

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Posted Under: Income Tax |

Logic of Illegality- Case Analysis: Commissioner of Service Tax v. Bhayana Builders

The question before the Court was whether the value of goods and materials supplied free of cost by the service recipient was to be included in the computation of gross amount charged for the valuation of taxable service?...

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Posted Under: Income Tax |

Foreign investment in India – Reporting in Single Master Form- An analysis

The Reserve Bank of India (RBI’), with the objective of integrating the various reporting structures of foreign investment in India, has introduced a Single Master Form (SMF). The SMF would be required to be filed online and would provide a facility for reporting total foreign investment in an Indian entity....

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Posted Under: Income Tax |

GST – Annual Return – GSTR 9

GST Annual Return Applicable To: Every registered person including those registered under composition levy scheme shall furnish an Annual Return in GSTR-9....

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Posted Under: Income Tax |

Annual KYC of all Directors of all companies: FAQs

A. Who have to File DIR-3 KYC?Every Director who has been allotted DIN on or before 31st march, 2018 and whose DIN status is ‘Approved’....

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Posted Under: Income Tax |

Suggestions in respect of Recent drive of Striking Off defaulting company name

It is written that the partners should file all the pending forms AOC 4 and MGT 7 along with representation letter and the requisite strike off forms with the Registrar along with the fees and penalty with in one month from the date of issue of such notice. On due satisfaction the name will be struck off....

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Posted Under: Income Tax |

Affordable Housing For for Homeless through Free FSI

R. Narasimhan, K.R.Prakash & S Sriram Affordable “Housing For All In India” Through Distribution of Free Floor space Index (FSI) for Homeless, Houseless, Marginal, Rent Paying Households (Construction of 60 million houses of 120 Sq.mtrs priced at 20,000 US Dollars Each for next 5 to 10 years) Rational Behind Distribution Of Free F...

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Posted Under: Income Tax |

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