A corporate taxpayer engaged in civil works for Central and State Departments as well as for private entities has defaulted in payment Of GST. On the same being point out, the Contractor deposited Rs.3.86 Crores towards their liability.
By the end of 16th June, 2018, Rs.6,087 crore IGST refund has been sanctioned in the refund fortnight. The interesting facts during the second fortnight are (i) about 1,68,191 shipping bills have been processed (ii) IGST refund claims of about 9,293 exporters have been sanctioned including about 3500 new exporters, whose refunds had been held up, have got their refund sanctioned.
CCI approves the acquisition of Monsanto by Bayer AG under Section 31(7) of the Competition Act, 2002, subject to modifications/remedies to address the anti-competitive effects resulting from the said acquisition
Shri Jafrudin Kaji Vs The ITO (ITAT Ahmedabad) It is an undisputed fact that the assessee sold land for Rs.72 lakhs as evident from the sale deed. Therefore, the argument of the learned counsel for the assessee that the amount of cash deposits represents the sale consideration of agriculture land is without any substance. However, […]
Amendment in Rule 10CB of Income-tax Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment made under section 92CE of Income-tax Act, 1961 – Comments and suggestions
In light of the above, it has been decided that all private persons visiting Customs House carrying cash In excess of Rs. 5000 (Rupees Five thousands only) including staffs of Customs Brokers, have to declare the same before the Superintendent of Customs (Prey.) SCH and Custom House Security. Any deviation from this stipulation may result in confiscation of excess undeclared cash and initiation of action against the person concerned, including referring the matter to appropriate authority.
Discounting charges are outside the purview of interest expenses, therefore, in our considered view, the question of making any disallowance on account of non-deduction of TDS on such discounting charges does not arise.
TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata) In the present case, the requisite details as specified in Clause (B) of sub-rule 2 of rule 3 of Income Tax Rules 1962 were not maintained by the assessee and this being the undisputed position, we find ourselves in agreement with the authorities below that the value […]
In re Visvesvaraya National Institute Of Technology (GST AAR Maharashtra) We find that in the present application as per submissions made before us, the applicant is recipient of service and not service providers and also that these services are not under reverse charge mechanism. The notification as referred by them, is applicable to provider of […]
RBI released Draft Directions on requirement of Legal Entity Identifier Code for participation in non-derivative markets. Comments on the draft directions are invited from banks, market participants and other interested parties by June 30, 2018.
