"30 July 2018" Archive

Draft Simplified GST Return Formats- Key features

Today CBIC released Draft Format of Monthly and Quarterly Simplified GST returns. This brief note lists the salient features of the new GST return format and business process for the information of trade and industry and other stakeholders....

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CBIC extends due date for filing of FORM GSTR-6

Notification No. 30/2018-Central Tax [G.S.R. 718(E)] 30/07/2018

CBIC extends time limit for furnishing of return by an Input Service Distributor in FORM GSTR-6 for the months of July, 2017 to August, 2018 till the 30th day of September, 2018 vide Notification No. 30/2018 — Central Tax dated 30th July, 2018....

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Making of the Insolvency Professional

In this article, fifth in the series, we look at the new profession which is an institution in the making, as it institutionalizes the legacy of the Turn Around Artist, the Insolvency Professional. To put it in two words, how to become an Insolvency Professional, Tough Luck....

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Sea Cargo Manifest and Transhipment (Amendment) Regulations, 2018

Notification No. 65/2018-Customs (N.T.) 30/07/2018

These regulations may be called the Sea Cargo Manifest and Transhipment (Amendment) Regulations, 2018.  They shall come into force on the date of their publication in the Official Gazette. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 65/2018-Customs (N.T.) Nc...

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Tax Benefit-Equity Linked Saving Scheme (ELSS), why to invest?

The advantage with ELSS compared to the Ulips is the frequency (mostly a single or a monthly investment for a year) and term for investment, for getting good returns....

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Filling Tax Returns- Last minute checks are important!

I thought of making you aware of the last minute dos and don’ts so that you hit the bull’s eye in single shot whYour Income Tax Return returns. Even if you are not filling your Income Tax returns this July (Date now extended to 31st August 2018), you should have a look at the facts you need to verify....

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Cryptocurrencies: Tax Implication

Cryptocurrency is digital money. It is considered to be more secure that the real money. Cryptocurrency uses something called cryptography to secure its transactions. Cryptography, to put it in simple words is a method of converting comprehensible data into complicated codes which are tough to crack. ...

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Problems in Credit For TDS & Form No. 26AS

The Annual Tax Statement under section 203AA in From No. 26AS contains ‘Details of Tax Deducted At Source’ in Part A, ‘Details of Tax Collected At Source’ in Part B and ‘Details of Tax Paid (Other than TDS and TCS)’ in Part C basing on the data available with the department through OLTAS (On Line Tax Accounting System)....

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Satisfaction of AO before invoking section 14A must for disallowance

Nine Dot Nine Mediaworx (P) Ltd. Vs ITO (ITAT Delhi)

Nine Dot Nine Mediaworx (P) Ltd. Vs ITO (ITAT Delhi) Once assessee had submitted that no expenditure incurred for earning dividend income, the AO was under legal obligation to demonstrate as to how he was not satisfied with the contention of assessee and only, thereafter, he could have proceeded to make a disallowance. As was […]...

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Assessment or Reassessment Notice U/s 148

The power of assessment or reassessment of any income chargeable to tax that have escaped assessment has been provided under section 147 r w s 148 of Income Tax Act of 1961. If the assessing officer has the reason to believe that any income chargeable to tax has escaped assessment then the assessing officer may subject to the provisions o...

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