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Archive: 04 July 2018

Posts in 04 July 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

CBDT disposes More than 20,000 Income Tax refund cases

July 4, 2018 1461 Views 0 comment Print

The Income Tax Department observed a dedicated fortnight from 1st to 15th June, 2018 to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due. Seeing the success of this initiative, the special drive was extended in certain regions up to 30th June, 2018.

CBDT signs three UAPAs in May and June, 2018

July 4, 2018 585 Views 0 comment Print

The Central Board of Direct Taxes (CBDT) has entered into three Unilateral Advance Pricing Agreements (UAPA) during the past couple of months. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 223, which inter alia include 20 Bilateral APAs.

Allow CMAs to do Valuation under Section 56 r.w. Rule 11UA

July 4, 2018 3165 Views 0 comment Print

Income Tax Rule 11UA deals with Valuation of jewellery, archaeological collections and shares and securities for the purpose of Section 56. Erstwhile as per Clause (b) of Sub-Rule 2 of Rule 11UA earlier merchant banker and Chartered Accountant were allowed to do valuation of unquoted equity shares under Discounted Free Cash Flow method but vide Notification No. 23/2018 dated 24th May, 2018 it is provided that now only merchant banker can only carry out the valuation of unquoted equity shares under Discounted Free Cash Flow method.

IBBI amends IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

July 4, 2018 1152 Views 0 comment Print

The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today.

Addition cannot be made or mere Statement of Secretary of Assessee

July 4, 2018 705 Views 0 comment Print

We find that this addition has solely been made on the basis of a statement obtained from the secretary of the assessee. There is no corroborative material whatsoever. A mere statement by the secretary cannot be said to be a conclusive proof of undisclosed income earned.

Unregistered MSME will also be treated as ‘supplier’ u/s 2(n) of MSMED Act

July 4, 2018 20028 Views 0 comment Print

Hon’ble HC held that an entity which falls within the definition of the micro/small enterprise will be treated as a ‘supplier’ under Section 2(n) of the MSMED Act even if it has not filed a Memorandum as required under Section 8(1) of the MSMED Act.

Likely Vacancy for the post of Members of CBDT for FY 2018-19

July 4, 2018 996 Views 0 comment Print

Some posts of Members in the Central Board of Direct Tax (CBDT) in the Department of Revenue in the Level 17 of the pay matrix 2,25,000/- are likely to fall vacant in the financial year i.e. 2018-19.

CBDT slams Committees to Monitor High­ Pitched Assessment Orders

July 4, 2018 9378 Views 0 comment Print

Board had issued Guidelines for constitution of Local Committees in each of the Pr. CCIT Regions to expeditiously deal with taxpayers’grievances arising from High Pitched Scrutiny Assessments

Tax Treatment of Leave Encashment Salary

July 4, 2018 243686 Views 48 comments Print

1. In the case of continuity of services. Government/Non-Government employee – Leave encashment during Continuity of employment – It is chargeable to tax. However relief can be taken under section 89 -As per Income Tax Act, 1961 u/s 10(10AA)

No Service Tax on Construction of Residential Complex for Employees

July 4, 2018 3039 Views 0 comment Print

Commissioner of Central Excise Vs. Principal Commissioner of Service Tax (Karnataka High Court) The ‘Residential Complex’ in question was undertaken to be constructed by the Respondent Assessee M/s. Nithesh Estates Limited for ITC Limited under the Contract dated 01/04/2006. It is equally undisputed before us that the construction activity in question was in its entirety […]

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