"07 July 2018" Archive

Right to avail Cenvat credit at the time of coming out of exemption scheme cannot be curtailed

M/s Sanwariya Tiles Pvt. Ltd Vs CEC&CGST (CESTAT Delhi)

By adopting the principles of harmonious construction and interpretation of rule, I hold that the appellant right to avail the credit at the time of coming out of the exemption scheme cannot be curtailed down by adopting Rule 4(1) of the Cenvat Credit Rules....

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Penalty U/s. 271(1)(c) cannot be imposed unless same been particularized

Commissioner of Income Tax Vs M/s. L & T Finance Ltd. (Bombay High Court)

CIT Vs M/s. L & T Finance Ltd (Bombay High Court) In none of these orders there is any whisper of the alleged particulars of income which has been concealed or what particulars of  income which have been filed is inaccurate. Mere using the words that there has concealment of income and / or furnishing inaccurate […]...

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In absence of exempt income no disallowance under section 14A

ITO Vs Moonrock Hospitality (P) Ltd. (ITAT Delhi)

Since the assessee’s profit and loss account showed only one item of expenditure which had been booked in the accounts and there was no exempt income earned by the assessee, the question of disallowance under section 14A did not arise....

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Single Master Form for Reporting of Foreign investment in India

To make it convenient, ease of doing business RBI will introduce a Single Master Form (SMF) subsuming all the existing reports. The focus of RBI is on integrating the foreign direct investment reporting system and RBI has introduced TWO FORMS for this....

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Posted Under: Excise Duty |

FAQS on Notice for removal of company name from register of companies

ROC’s has issued several notices in form STK-5 in the month of May and June, 2018 u/s 248(4) of Companies Act, 2013. Notices has been sent to those Companies, which according to ROC have not been carrying on any business or operation for a period of two immediately preceding financial years....

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Posted Under: Excise Duty |

How to Prepare Directors’ Report As Per Companies Act, 2013

Director Report is very crucial document of a Company. Every Company has to prepare it annually. It is governed by Section 134 of Companies Act, 2013. This section states, the clauses which are required to be mentioned in Directors Report. As per Companies Act, 2013 It is the responsibility of Directors of the Company to […]...

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Posted Under: Excise Duty |

MCA notifies 5 more Sections of Companies Amendment Act 2017

MCA vide its notification dated July 6 2018 notified 5 Sections of the Companies Amendment (Act), 2017 of which Section 20 will be effective from July 5, 2018 while date of enforcement of remaining Sections is w.e.f. August 15, 2018....

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Posted Under: Excise Duty |

eform DIR-3 KYC – Time Limit and Consequence of non-filing

For the purpose of updating its registry, MCA has introduced a new eform DIR-3 KYC to conduct KYC of all Directors of all Companies annually. So every individual who has been allotted a DIN as at 31st March of a financial year is required to intimate his particulars to the Central Government by filing eform DIR-3 KYC....

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Posted Under: Excise Duty |

FAQ’s Foreign investment in India – Reporting in Single Master Form

As per Reserve Bank of India, There are various ways of investment in India by foreigners and there are different forms for each type of investment like: Capital contribution in Company, LLP or investment in other investment vehicles....

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Posted Under: Excise Duty |

GST on Back office support services to overseas companies

In re Vservglobal Private Limited (AAR Maharastra)

In re Vservglobal Private Limited (GST AAR Maharastra) The applicant is registered person under GST ACT who is supplier of Services, which is a corporate entity incorporated in India and having its registered office in Mumbai. The orders for supply of said services are received in its Mumbai office and also services are executed from [&he...

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Reco-GSTR-3B-1-Tally

Copy your data from  GSTR-3B/1-PDF file and paste the same in the sheet given in the file. Provide details as per tally. That’s it! your reconciliation of Tally-GSTR-1-GSTR-3B is ready....

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Posted Under: Excise Duty |

Karnataka Budget: Populist Schemes & Committed Expenditure Could Derail Capex

The waiver of farm loans announced by the government of Karnataka (GoK) in the FY19 budget, in combination with the persistent high level of committed expenditure, will limit the states ability to rationalise expenditure and achieve a higher surplus in its revenue account, says India Ratings and Research (Ind-Ra)....

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Posted Under: Excise Duty |

GST appeal should not be dismissed for delay if No Appellate Authority constituted

R.S. Steel Traders Vs State of Haryana (Punjab & Haryana High Court)

As petitioner could not file appeal earlier because of non-constitution of the Appellate Authority, which has now been appointed vide notification dated April 19, 2018, the appeal filed by the appellant shall not be dismissed only on account of delay....

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Chairman CBIC’s newsletter dated 07.07.2018

D.O.No.2/CH(IC)/2018 (07/07/2018)

My congratulations to all officers and staff for making it a grand success. It should mark the beginning of another year dedicated to making GST more tax-payer friendly, streamlining procedures and improving compliance....

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Treatment of Gifts & Donations under GST

The taxability and availability of Input Tax Credit on Gifts and donations have always been a matter of discussion and confusion. With the implementation of GST, the term gift has become a buzzword. The gifts are provided by the company for the purpose of advancement of business or for sales promotion. ...

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Posted Under: Excise Duty |

GST Implementation – Finally Turns Tasty!

GST implementation was not very smooth in the initial stage, with a vague idea in the minds of the public of what should be done and what not. But after a year, it seems to be a fairly successful reform. Infact, it has been accepted worldwide that the transition into GST in India has been smoother than many other countries....

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Posted Under: Excise Duty |

Breaking: Law Commission not Recommended Legalisation of Gambling & Sports Betting

It has been strongly and categorically recommended that legalising betting and gambling in India in the present scenario is not desirable, and that a complete ban on unlawful betting and gambling must be ensured....

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Posted Under: Excise Duty |

1st Overseas Campus Placement for CAs

ICAI is organizing 1st Overseas campus placement for our members desirous of taking up employment abroad/trans‐nationals invested in India. The campus programme is open to all levels – entry, middle and top management. It may please be noted that there is no cost for the participating organizations or for the candidates....

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Posted Under: Excise Duty |

Know your Income tax form- ITR-6

WHAT IS ITR-6 Form ITR – 6 can be used by a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by a charitable/religious trust). ITR 6 APPLICABLE FOR: ITR-6 form is to be used when the assesse is one of the following: Companies WHO IS NOT […]...

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Posted Under: Excise Duty |

Indian Accounting Standards (Ind AS): Impact Analysis and Industry Experience

We are pleased to note that efforts in implementing this high quality Ind AS Framework have begun to make desired impact on the quality of financial information of Indian companies. ...

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Posted Under: Excise Duty |

KYC of Directors, Form DIR- 3 KYC – Under Companies Act, 2013

Companies (Appointment and Qualification of Directors) fourth Amendment Rules, 2018 require that EVERY PERSON HOLDING DIN MUST GET HIS KYC UPDATED WITH THE MINISTRY OF CORPORATE AFFAIRS WITH IN DUE DATES PROVIDED IN THE RULES....

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Posted Under: Excise Duty |

Govt Servant requested to File Income Tax Returns within Due Date

As you might be aware, every person who is having income more than Rs.2,50,000 Is bound to file his/her return income. This includes the Government Servants also. However, the data of returns filed Indicate that more than 50% of the Government Servants at Chennal are not filing their Income tax returns. I hope, you will agree that as gove...

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Posted Under: Excise Duty |

Corporate Business & Types of Companies

The growth of an economy is characterized by vibrant business activities and for the development of a good economy or nation, there has to be a regulatory framework that aims to carry out activities of an economy in a pre-determined manners, so that the development takes place throughout the length and breadth of the country in an orderly...

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Posted Under: Excise Duty |

Addition U/s. 68 for Alleged unaccounted stock merely based on value of closing stock declared to banks is not sustainable

ACIT Vs Thatavarthi Ramesh Babu Kanuru (ITAT Visakhapatnam)

ACIT Vs Thatavarthi Ramesh Babu Kanuru (ITAT Visakhapatnam) It is no doubt true that the initial burden is upon the assessee to prove the correct value of the stock held by the assessee and he has to prove that the value reflected in the books of accounts is correct but the fact remains that the […]...

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Will Tax Residency Certificate [TRC] be sufficient ? May not be?

Skaps Industries India Pvt Ltd Vs Income Tax Officer (ITAT Ahmedabad)

Author in this articles discusses recent decision of ITAT – Ahmedabad holding that: 1. an eligible assessee cannot be declined the Treaty protection under section 90(2) of the Income Tax Act, 1961 [the Act] on the ground that the said assessee has not been able to furnish a Tax Residency Certificate [TRC] in the prescribed form as requi...

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DIR-3 KYC- 8 Things you must know

1. Every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August,2018. 2. MCA notifies format of e-form DIR-3 KYC under new Rule 12A (Directors KYC) along with procedure for restoration of […]...

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Posted Under: Excise Duty |

Mere wrong claim of depreciation would not invite penalty U/s. 271(1)(c)

Chambal Fertilizers & Chemicals Ltd. Vs Asstt. CIT (Rajasthan High Court)

A mere making of a wrong, though bona fide claim of depreciation, which is not sustainable in law, by itself will not amount to furnishing inaccurate particulars of income and therefore, such wrong claim will not automatically invite penalty under section 271(1)(c)....

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KYC is the buzzword for Company Directors

The due date for filing the e-Form DIR-3 KYC is on or before August 31, 2018, and should be certified by practicing professional. This process will also help in restoring the deactivated DINs of directors....

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Posted Under: Excise Duty |

Costing In Health Care Sector

Introduction Hospital organizations have been facing difficulties and challenges in balancing limited resources and costs to provide their demand for services. Medical research has the effect in introduction of modern medical techniques and medicines, which usually causes the increase of consumed costs. Increasing costs of healthcare sy...

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Posted Under: Excise Duty |

BSE delists shares of 222 companies from 4th July 2018 (Check List)

BSE 222 companies delisting: India’s biggest stock exchange in terms of total listed companies BSE (Bombay Stock Exchange) has delisted as many as 222 companies from its platform with effect from today, 4 July 2018. Earlier on 2 July 2018, the leading stock exchange BSE informed about the delisting of 222 companies in 2 separate notices...

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Posted Under: Excise Duty |

BSE notifies Compulsory Delisting of 216 companies WEF July 4, 2018

Notice No- 20180702-28 (02/07/2018)

210 companies (given in Annexure I) that have remained suspended for more than 6 months would be delisted from the platform of the Exchange, with effect from July 4, 2018...

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BSE notifies Compulsory Delisting of 6 companies WEF July 4, 2018

Notice No. 20180702-29 (02/07/2018)

Trading Members of the Exchange are hereby informed that the undermentioned 6 companies that have remained suspended for more than 6 months and whose status on the MCA website is reflected as under liquidation / liquidated would be delisted from the platform of the Exchange, with effect from July 4, 2018 ...

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Incorporation of section 8 company:

Incorporation of section 8 company: Step 1: Apply of name through RUN. We can’t directly go through the spice form for incorporation of section 8 company. Step 2: The application for grant of licence in form INC – 12 shall be accompanied by the following documents, namely: – (a) the draft memorandum(inc 13)and articles of […]...

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Posted Under: Excise Duty |

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