"16 July 2018" Archive

Third GST Refund Fortnight to clear pending refunds

Get your pending GST refunds on exports of goods sanctioned quickly. CBIC is observing GST refund fortnight across all its field formations from 16th – 31st July, 2018 to deal exclusively with the pending GST refund claims (IGST & ITC). Refunds of GST have been a concern for the Government and Trade for the past […]...

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SEBI extends time limit for RTAs to send letters seeking PAN & bank details

SEBI/HO/MIRSD/DOS3/CIR/P/2018/115 (16/07/2018)

SEBI, vide circular No. SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 dated April 20,2018, inter-alia, mandated RTAs to send a letter under Registered / Speed post seeking PAN and bank details within 90 days of the said circular and two reminders thereof after the gap of 30 days....

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Withdraw appeals consequent to CBDT Circular No. 3/2018

F.No.279/Misc.M-73/2018-ITJ (16/07/2018)

CBDT has issued Circular No. 3/2018 dated 11.07.2018 enhancing the monetary limits for filing SLPs/appeals before Supreme Court, High Courts and ITAT. Consequently, SLPs/appeals pending before these fora which are covered by the said Circular are required to be withdrawn/not pressed on priority so that the Department can focus on high val...

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No addition for jewellery found within CBDT circular prescribed limit

Shri Ashok Jain Vs ACIT (ITAT Mumbai)

Shri Ashok Jain Vs ACIT (ITAT Mumbai) In the present case the assessee has not filed any wealth tax returns. The Hon’ble Rajasthan High Court in the case of Satya Narain Patni (supra) noted that the jewellery found during the search was within the limits prescribed by the CBDT circular and in the first instance, […]...

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Tax Compliance & Planning For Salaried Individuals

The Article aims at creating awareness amongst salaried employees about various tax compliance and possible tax planning over the year. We are in the month of June wherein the last financial year (FY) 2011-12 has gotten over and due date to file Return of Income stares in the face and also it is time to submit your Investment declaration ...

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Penalty U/s. 271(1)(c) invalid if Not specifically mentioned in assessment order as to which limb penalty was imposed

ABR Auto (P) Ltd. Vs ACIT (ITAT Delhi)

As neither the assessment order nor the show cause notice stated the specific charge of alleged concealment and/or furnishing of inaccurate particulars of income vis-a-vis addition made by AO, entire penalty proceedings under Section 271(1)(c) were vitiated....

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AO cannot determine fair rent on the basis of extraneous consideration

Vidya Education Vs The Income Tax Officer (ITAT Delhi)

Vidya Education Vs ITO (ITAT Delhi) The operative words in Section 23(1)(a) are the sum, for which, the property might reasonably be expected to let from year to year. These words provide a specific direction to the Revenue for determining the fair rent. The A.O. having regard to the aforesaid provisions is expected to make […]...

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CBIC Notifies Change in BCD on Certain Textile Goods

Notification No. 53/2018-Customs [G.S.R. 651 (E)] (16/07/2018)

CBIC notifies changes in BCD on Certain Textile Goods vide Notification No.53/2018-Customs dated 16th of July, 2018. Vide notification CBIC amended duty rates on certain textile goods....

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Govt notifies maximum safe axle weight of each axle type of transport vehicles

Notification No. S.O. 3467(E) (16/07/2018)

Central Government hereby notifies the maximum safe axle weight of each axle type in relation to the transport vehicles (other than motor cabs), having regard to the size, nature and number of tyres, as under :—...

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Deduction of Interest on Home Loan From House Property income

Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital on Home Loan as under:- (i) the deduction is allowed only in case of  house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by […]...

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