"03 July 2018" Archive

Registration U/s. 12AA cannot be Rejected on the ground that trust formed to carry out CSR activities

Nanak Chand Jain Charitable Trust Vs CIT (ITAT Delhi)

These appeals are filed by the assessee against the orders dated 27/9/20 16 u/s 12AA of the Income Tax Act, 1961 & order dated 28/9/20 16 u/s 80 G(5) (vi) of the Income Tax Act, 1961 passed by the Commissioner of Income Tax (Exemptions), Chandigarh....

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Ind AS 115- Revenue from Contracts with Customers – Impacts on Real Estate Industry

Revenue Recognition is a very important aspect in Accounting & often many listed companies try to book higher revenue (popularly known as window dressing) for showing good performance by following proper basis to safeguard them. IFRS 15 Revenue from contracts with customers is applicable from annual periods beginning 1st January 2018....

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Posted Under: Income Tax |

Know your Income tax form- ITR-5

WHAT IS ITR-5 ITR 5 Form is for persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7. ITR 5 APPLICABLE FOR: ITR-5 form is to be used when the assesse is one of the following: Firms Limited Liability Partnerships( LLP) Association of persons( AOP) Body of Individuals ( BOI) […]...

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Posted Under: Income Tax |

Zero Rated Supplies to SEZ

Supplies to SEZ unit/ Developer are Zero-rated Supply: In terms of Section 16 of the IGST Act, 2017, the following supplies of goods or services are considered as zero-rated supply. (Relevant provision of Section 16 is reproduced here in below):...

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Posted Under: Income Tax |

Easily Manage your E-Way Bills in Tally.ERP 9

Rishit Shah Day by day, GST E-Way Bill is getting implemented and eventually it will be rolled out India wide. So, it is better to learn to manage E-Way bills in Tally right now. With the latest Release 6.4 of Tally.ERP 9, you can easily create and manage GST E-way Bills in Tally. After you […]...

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Posted Under: Income Tax |

DGFT allows export of Category 1C chemicals under ‘stock and sale’ policy

Public Notice No. 19/2015-2020-DGFT 03/07/2018

In exercise of the powers conferred under Paragraph 1.03 of the Foreign Trade Policy(FTP) 2015-20, the Director General of Foreign Trade (DGFT) hereby makes amendments in Paragraph 2.74 and Para 2.79A of the Handbook of Procedures(HBP) of FTP 2015-20, with immediate effect...

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Inclusion of additional agencies in Appendix 2G &; Aayat Niryat Forms of FTP,2015-20

Public Notice No. 18/2015-2020-DGFT 03/07/2018

One Pre-Shipment Inspection Agency is notified as PSIA in terms of Para 2.55(d) of HBP 2015-20 in Appendix 2G and instruments in respect of one existing Pre-Shipment Inspection Agency has been added....

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Mere fact that addition has been made or confirmed does not per se lead to imposition of penalty

Giesecke and Devrient [I] Pvt. Ltd Vs. DCIT (ITAT Delhi)

A issue being a debatable issue at the point of time when the assessee filed its return of income penalty levied under section 271(1)(c) on that count cannot be sustained, mere fact that the addition has been made or confirmed does not per se lead to imposition of penalty...

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Consistent method of accounting cannot be disturbed for petty additions

Hero Moto Corp Ltd Vs DCIT (ITAT Delhi)

If a particular accounting system has been followed and accepted and there is no acceptable reason to differ with it, the doctrine of consistency would come into play; the method of accounting cannot be rejected. ...

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DGFT notifies procedure to obtain No Incentive Certificate under MEIS

Public Notice No. 17/2015-2020-DGFT 03/07/2018

The format of the Application for No Incentive Certificate Under MEIS, ANF 3E and No Incentive Certificate under MEIS, Appendix 3F are in the Annexure to this Public Notice and are also being notified....

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