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Archive: July, 2018

Posts in July, 2018

Restriction on Cash Transaction under Section 269ST of Income Tax Act, 1961

July 5, 2018 78507 Views 17 comments Print

The Central Government is continuously working to curb and stop black money circulations in our country. In order to achieve their motto Central Government has introduced provisions of Section 269ST and 271DA in the Income Tax Act, 1961, with effect from 1st April, 2017.

‘Justice Delayed Is Justice Denied’- The Endless Wait

July 5, 2018 19314 Views 1 comment Print

The Chartered Accountant day celebrations of 1st July 2018 are over now and more or less all the candidates for central council and regional councils have knocked the doorbells of the members of the Institute of Chartered Accountants of India by way of their declaration of candidature on this auspicious day. The elections shall be […]

Govt further defers Due date of linking of PAN card with Aadhaar

July 5, 2018 2151 Views 0 comment Print

In this, respect the Central Board of Direct Taxes (CBDT) had as of late told that the due date for connecting PAN card with Aadhaar with the end goal of income tax return filing has been reached out till 31st March 2019.

GST on Gems and Jewellery

July 5, 2018 68133 Views 6 comments Print

Before the implementation of GST, the Gems and Jewellery trade attracted Excise duty @ 1% and State VAT in range of 1% – 1.2% highest being 5% in the state of Kerala. It also attracted Import duty of 10%. Post GST a special rate has been carved out for Gems and Jewellery trade at 3% whereas Un finished Precious and Semi-Precious stones attracted GST @ 0.25%. Custom Duty continues on import at 10%. Wef 18/03/2018 all types of Precious stones attracts tax rate of 0.25%

GST Advance Ruling

July 5, 2018 17685 Views 0 comment Print

Under GST, the advance ruling is a written decision given by the Authority for Advance Ruling to an applicant on questions relating to the supply of goods/services etc. An Applicant would like to be clear in his mind about various aspects of his venture and risks involved before he starts a new business.

Sound of Poem (Place of Effective Management): Latest Update

July 5, 2018 2547 Views 0 comment Print

With respect to opening WDV in case of the foreign company whose PoEM is determined in India and which is assessed to tax in the home jurisdiction, the final notification provides for 2 cases:

Relaxation in conditions for imports of Peas under Exim Code 0713 1000

July 5, 2018 687 Views 0 comment Print

It has been decided to allow imports of Peas under Exim Code 0713 1000 against advance payments for that much quantity proportional to the part advance payment made before 25.04.2018.

An attempt to dilute IBC Resolution process by Government/PSBs??

July 5, 2018 1269 Views 0 comment Print

The hurriedly constituted panel by the government under the chairman ship of Mr. Sunil Mehta, Chairman, Punjab National Bank (is it by default or design?) does not necessarily inspire confidence in finding the solution for the vexed problem of NPAs of the public sector banks and is it being done so as to dilute the […]

PPT on Anti-profiteering Mechanism Under GST

July 5, 2018 13521 Views 0 comment Print

Profiteering is a pejorative term for the act of making a profit by methods considered UNETHICAL. Anti profiteering is a mechanism to curb profiteering. Anti profiteering prevent entities from making excessive profits due to GST.

ICAI announces dates of Election of Central & Regional Councils

July 5, 2018 1854 Views 0 comment Print

The next elections to the Council and the Regional Councils of the Institute of Chartered Accountants of India are scheduled to be held on 7th and 8th December, 2018 in cities having more than 2500 members and on 8th December, 2018 at all other places

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