"26 July 2018" Archive

ICAI submits 26 Post Budget suggestions related to Income Tax

POST-BUDGET MEMORANDUM – 2018 1. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Post-Budget Memorandum to the Government. 1.1 In this memorandum, we have suggested certain amendments to the proposals contained in the Finance Bill, 2018 which would help the Governme...

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Posted Under: Income Tax |

UDIN for Chartered Accountants (FAQs)

Unique Documents Identification Number (UDIN) will be a unique number which will be required to be generated for each and every document type being certified or attested by Practicing Chartered Accountant. Registration will be required to be done for the same at UDIN portal from July 1, 2018....

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Posted Under: Income Tax |

Filling of Resolutions Complete Analysis Sec 117

Sub Sec (1) of Sec 117 copy of every resolution or any agreement, in respect of matters specified in sub-section (3) of Sec 117 together with the explanatory statement under section 102, if any, annexed to the notice calling the meeting in which the resolution is proposed,...

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Posted Under: Income Tax |

Important issues/ provisions in Proposed New Direct Tax Law

Bombay Chartered Accountant’s Society made a Representation on Important issues / provisions in the Proposed New Direct Tax Law. Suggestions are made on following lines: 1) Path breaking suggestions for making the law more taxpayer friendly by rewarding and encouraging compliances; 2) Suggestions for reducing litigations by providin...

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Posted Under: Income Tax |

GST: Retrospective Application of Merchant Trading, In-bond sales & High seas sales covered in Schedule III

One of the significant changes proposed by the GST Council in its recently concluded 28th meeting on July 21, 2018 is inclusion of following transactions in Schedule III to the CGST Act, 2017 (i.e. activities or transactions which shall be treated neither as a supply of goods nor a supply of services): Merchant trading. supply […]...

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Posted Under: Income Tax |

Income Tax Return Due Date extended to 31/08/2018

F. No. 225/242/2018/ITA.II 26/07/2018

CBDT extends 'due-date' of filing income-tax return for assessment-year 2018-2019 as prescribed in section 139(1) of the Act, from 31st July, 2018 to 31st August, 2018....

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Customs officers have no jurisdiction to seize goods in SEZ

Shri Imran Ahmed Vs Commissioner of Customs (CESTAT Allahabad)

We hold that the Customs officers have no jurisdiction on the appellant to seize the goods in S.E.Z. area therefore seizure of the goods in question is set aside. Consequently, no demand can be confirmed against the appellants. Therefore the confiscation of the impugned goods is also set aside....

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Filing of Income Tax Return -Documents required

Article discusses documents required for Filing of Income Tax Return which includes Form 16 for salaried class,Interest Certificates from Banks/ Post offices etc, TDS Certificate in Form 16A/ Form 16B / Form 16C, FORM 26AS, Proofs of investments done for saving tax, Home Loan Statements, AADHAR Card etc....

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Posted Under: Income Tax |

What Is Income Tax Return?

In simple terms the Income Tax Return is the document wherein the assesse submits its earned income to Government and makes payment for the services and facilities availed by him called as tax which is supposed to be used by the Government for the welfare of the country only....

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Posted Under: Income Tax |

No Service Tax on sell of study material to students of coaching centers

M/s Smart Value Products & Services Ltd. Vs Commissioner of Central Goods & Service Tax (CESTAT Allahabad)

M/s Smart Value Products & Services Ltd. Vs Commissioner of Central Goods & Service Tax (CESTAT Allahabad) Facts of the case are not in dispute that the coaching centers are registered coaching center and provide services to their students. The coaching centers are also private limited companies and having separate identity known ...

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