"July, 2018" Archive - Page 92

Taxation on Redemption of Preference Shares

Provisions relating to tax on distributed income of domestic company for buy-back of shares Tax on distributed income to shareholders [section 115QA) In addition to the income-tax chargeable in respect of the total income of a domestic company for any assessment year, any amount of distributed income by the company on buy-back of shares (...

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Posted Under: Income Tax |

Procedure after Filling GST Registration Cancellation Application – Reg-16

Its been 1 Year since implementation of GST in India. In this article we will discuss about the procedure to be followed after filing application for Cancellation of GST Registration i.e. REG-16....

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Posted Under: Income Tax |

Taxability on Withdrawal of Accumulated Balance of Recognized Provident Fund

Employee's Provident Fund (EPF) is a welfare scheme for the benefit of the employees. It is a corpus built by an employee and employer by way of monthly contributions. The interest is also regularly credited to the provident fund account. At present, the EPF Interest Rate is 8.55% on contributions made by the employer and the employee....

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Posted Under: Income Tax |

GST Day – What is there to celebrate?

GS/ADMN/2018 (28/06/2018)

It is learnt that preparations are underway to celebrate GST day on 01.07.2018. I wish to bring to your attention, the alienation felt by the cadre of Superintendents of Central Excise to any such celebrations....

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Posted Under: Income Tax |

Place of Effective Management (POEM) -Applicable from A.Y. 2018-19

As the name suggests, Place of Effective Management means place where key management and commercial decisions that are necessary for the conduct of the business of the entity as a whole are, in substance made. It is introduced in the budget 2015 by Arun Jaitley (Finance Minister), but due to lack of guiding principles, its applicability i...

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Posted Under: Income Tax |

Decoding Income Tax Return Forms (A.Y 2018-19)

Income Tax Returns are the prescribed formats in which a taxpayer has to provide the information about his income, source of such income and income-tax paid or payable thereon to the Income-tax Department. The Income Tax Department continuously improve the taxpayer services like E-filing of Income Tax Returns & Forms, Compliance Porta...

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Posted Under: Income Tax |

To “Deliver” or not to “Deliver”? – Section 10 of IGST Act, 2017

One of the most frequently asked and discussed query under GST by clients and practitioners alike has been the tax implications in the case of scenarios where the billing and shipping addresses are different, or the customer and consignee are two different parties. ...

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Posted Under: Income Tax |

Empanelment of Forensic Auditors with Indian Overseas Bank

The Chartered Accountant firms doing the concurrent audit of branches may apply for empanelment as forensic auditors. All other terms and conditions will remain unaltered. The last date for submission of application is extended upto 10.07.2018....

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Posted Under: Income Tax |

Levy of GST on ENA

No. 12-13/2018-19-EXN-GST- 23205-23223 (01/07/2018)

GST will be applicable on the supply of ENA which is used for the manufacturing of alcoholic liquor for human consumption. Accordingly the suppliers of ENA are required to be registered under GST Act & GST is to be levied on the supply of ENA. It is further informed that as per entry no. 25 of Schedule-III of the notification no. 01/2017 ...

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