"August, 2018" Archive

IPE shall inform IBBI about Cessation / Joining as Director / Partner

Circular No. IBBI/IPE/017/2018                               (31/08/2018)

t is directed that an IPE shall inform the Board: - (a) within seven days from the date when an insolvency professional ceases to be its director or partner or joins as its partner or director; and (b) forthwith and in any case, not later than 7th September, 2018, if it has failed to inform any cessation or joining of an insolvency profe...

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Decisions Can make our Annual Income fall Into Six and Seven Figures Category!!

The Article contains importance of decision making in our day to day lives directly improving our incomes and requisites to make an efficient decision....

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Posted Under: Corporate Law |

Attempts by CBDT to destroy independence of CIT (Appeals)

The author has taken strong exception to the CBDT castigating CIT(A) for giving relief to taxpayers on legal grounds. He has also condemned the CBDTs offer of incentives to CIT(A) to enhance assessments. He has argued that by dictating CIT(A)s to carry out appellate proceedings with a preconceived notion and in a prejudiced process, the C...

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Posted Under: Corporate Law |

HC directs to not to take coercive step for non-filing of GST Returns as migration was pending

M/s. Balaji Construction Company Vs state Of Rajasthan (Rajasthan High Court)

M/s. Balaji Construction Company Vs state Of Rajasthan (Rajasthan High Court) It is stated that the petitioner had applied well in time for registration under the GST Act to enable him to migrate within a specific time period. In spite of various reminders, the concerned authorities have not completed the process of migration and now [&he...

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Clarify on refund of GST to duty free shops on goods / Services supplied by Indian supplier: HC

Shri R. Gogoi and Shri Alok Barthwal Vs Shri Prasanna Prasad ( Madhya Pradesh High Court)

A two-judge bench of the Madhya Pradesh High Court has asked the Central Board of Indirect Taxes and Customs (CBIC) to issue a clarification regarding the leviability of the Goods and Services Tax (GST) on the goods supplied through the duty-free shops in the International Airports in India....

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HC declines to extend time limit to file GST TRAN-1 for Technical Glitches in absence of evidence of genuine attempts to file return

Apollo Screens Pvt Ltd. Vs Union of India (Guajrat High Court)

Apollo Screens Pvt Ltd. Vs Union of India (Guajrat High Court) We are conscious, as pointed out by the counsel for the petitioner that some High Courts have intercepted and obviated the genuine difficulties in uploading the returns due to technical errors. However, facts of each case would have to be minutely examined. Unless there [&hell...

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New system will allow taxpayers to amend their GST Returns

D.O. No. 10/CH(IC)/2018 (31/08/2018)

On the GST front, four Amendment Acts have been notified. These aim at reducing the compliance burden and enhance the ease of doing business. One of the most important features is that they facilitate the new system of return filing approved by the GST Council and will allow taxpayers to amend their tax returns in […]...

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Information of cessation/joining of an Insolvency Professional as Director / Partner

Circular No. IBBI/IPE/017/2018 (31/08/2018)

An insolvency professional entity (IPE) is recognised by the Insolvency and Bankruptcy Board of India (Board) under Chapter V of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, subject to conditions specified under sub-regulation (2) of regulation 13, which reads as under:...

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Transfer/postings (Local Changes) in Pr. CCIT/Pr. DGIT/CCIT/DGIT Grade

Office Order No. 146 of 2018 (31/08/2018)

Office Order No. 146 of 2018- The following transfers/postings (Local Change) in the grade of Pr. Chief Commissioners of Income-tax/Pr. Director Generals of Income-tax/Chief Commissioners of Income-tax/Director Generals of Income-tax are hereby ordered, with immediate effect and until further orders:...

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Simplified processing of AEO-T1 application & Documentation

PROCESSING OF ACCREDITATION OF AEO-T1 SIMPLIFIED In terms of Customs circular 33/2016 dated 22.07.2016 as amended by the Circular No. 3/2018- Customs dated January 17, 2018 & Circular No. 26/2018- Customs dated 10th August 2018 processing of AEO-T1 application is simplified. ANNEXURE REQUIRED FOR AEO-T1 APPLICATION AS PER OLD CIRCULAR...

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Posted Under: Corporate Law |

Consultation Paper on Reform of Family Law

Law Commission floats Consultation Paper on Family Law Reform This consultation on family law reforms in India, discusses a range of provisions within all family laws, secular or personal, and suggests a number of changes to in the form of potential amendments and fresh enactments. As general suggestions to reforming family law, the paper...

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Posted Under: Corporate Law |

Income from trust properties has to be assessed in the hands of beneficiaries

M/s. Abad Trust Vs Asst. Director of Income tax -Exemption (ITAT Cochin)

The position under section 161(1) of the Act is that a trustee under a trust cannot be assessed on the aggregate income received by it as a single unit. The assessment in the name of the trustee in terms of the sub-section can be made in two ways. ...

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Addition merely based on Statements recorded by CBI is Invalid

Shri Ratan Babulal Lath Vs DCIT (ITAT Bangalore)

Shri Ratan Babulal Lath Vs DCIT (ITAT Bangalore) Entire addition is on the basis of the statements of the assessee and Shri. Navneet Kumar Singhania recorded by the CBI. Before the AO, assessee has specifically denied such statements recorded by the CBI and has sought cross-examination of Shri. Navneet Kumar Singhania which were not affor...

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Opening of A/c in Foreign bank with Indian Passport- Indian Origin of deposit cannot be ruled out

Dy. CIT Vs Shri Rahul Rajnikant Parikh C/o. Sampat & Mehta Chartered Accountants (ITAT Mumbai)

DCIT  Vs. Rahul Rajnikant Parikh (ITAT Mumbai) We note that at the time of opening of the bank account in Geneva, the assessee was a US citizen and resident and he was holding a US passport. Still the assessee chose to open the account in HSBC bank account in Geneva by using the address and proof thereof […]...

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Taxability of Amount Deposited by NRI in Foreign Bank Account- ITAT Explains Law

DCIT Vs Dipendu Bapalal Shah (ITAT Mumbai)

DCIT Vs Dipendu Bapalal Shah (ITAT Mumbai) In the instant case undisputedly the assessee is a non-resident since 1979, as per the provisions of Section 6 of the IT Act. The scope of income in case of a non-resident is defined under the provisions of sub-section (2) of section 5 of the Act. As per […]...

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What Happens If You Miss Income Tax Return Filing Deadline?

An INCOME TAX RETURN is the tax form or forms used to file income tax with the Income Tax Department. The tax returns usually in a predefined worksheet format where the income figures used to calculate the tax liability are written into the documents themselves. The due date for filing of Income Tax Returns for […]...

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Unsold flats held by builder as stock cannot be taxed as income from house property

O/o. Income Tax Officer Vs M/s. Arihant Estates Pvt. Ltd. (ITAT Mumbai)

ITO Vs. Arihant Estates Pvt. Ltd (ITAT Mumbai) In the case on hand before us it is an undisputed fact that both assessees have treated the unsold flats as stock in trade in the books of account and the flats sold by them were assessed under the head ‘income from business’. Thus, respectfully following the above […]...

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Government rubbishes rumours on social media that banks will be closed for 6 days in first week of Sept 2018

Government rubbishes rumours on social media that banks will be closed for 6 days in the first week of September 2018. Says banks will remain open all days except Sunday in most states....

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Posted Under: Corporate Law |

TDS not deductible on reimbursement of expenses under Income Tax Law

Klaus Multiparking System Pvt. Ltd. Vs ACIT (ITAT Pune)

Klaus Multiparking System Pvt. Ltd. Vs ACIT (ITAT Pune) As per bills raised by ‘S’ assessee had merely reimbursed octroi charges in addition to payment of transportation charges to said ‘S’. It was not requirement of law to deduct tax at source out of reimbursement of expenses, therefore, assessee could not be held to be […...

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Missed 31st August Deadline for filing Income Tax Return? What Now?

Most of tax payers comply with 31st July (Income Tax Return Due Date extended to 31/08/2018 for A.y 2018-19) deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return. Infact if you have missed to file your return ...

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Draft Format of AGM Notice for year ended 2018

This Notice is prepared in alignment of amendment notified on 07 august, 2018 related to no need to ratify the auditor at agm....

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Posted Under: Corporate Law |

Computation of long-term capital Gain

When you sell an asset like a stock or mutual fund after a year and in some cases, like Gold, three years - you need to pay long term capital gains tax. Equity- oriented mutual funds (where more than 65% of the holding is equity) do not have to pay  long term cap gains tax currently, and neither when the period of holding is over a year ...

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Posted Under: Corporate Law |

Whether TRC is required in case of import of Machines?

A new sub-section (4) to section 90 has been inserted by the Finance Act, 2012 w.e.f. 01.04.2013 wherein a non-resident assessee who claims any relief under Double Taxation Avoidance Agreement [DTAA] is required to obtain a Tax Residency Certificate [TRC] from the Government of that country of which he is resident....

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Posted Under: Corporate Law |

Tax benefit under section 54EC on long term capital gain

The benefit under section 54EC can be availed of only if there is an income from a capital asset, being  long-term in nature. Long-term capital gains are the profit that a person makes when he sells any capital asset (wef A.Y 2019-20, the said long term capital asset shall be land or building or both) which he has held for a period excee...

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Understand Your PAN Card

Whether you are an Indian citizen or an NRI, if you are filing taxes or have financial transactions in India you will almost always need a PAN card....

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How to Download TDS Certificate in Form 16B?

Once the Payment is made now the dedcuctor is required to issue TDS certificate in form 16B to the seller of the Property. Now the question is how to prepare or from where deductor can get such certificate for the purpose of issue to the seller? Answer is deductor can download such certificate from Traces website and issue to the seller....

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Posted Under: Corporate Law |

TDS on Purchase of Immovable Property

Any person purchasing immovable property ( other than rural agricultural land) of Rs. 50 lac or more is required to deduct tax @1% from the payment made to seller. This new rule (Section 194IA of the Income Tax Act) introduced in the budget this year, is applicable from June1, 2013....

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Posted Under: Corporate Law |

Annual Report on India’s Advance Pricing Agreement (APA) Programme– 2017-18

The Advance Pricing Agreement (APA) Programme in India is six years old now and has been heralded as a success. The CBDT is extremely proud of this Programme and its achievements. The Programme has been successful in winning the confidence of taxpayers by providing them with an alternate dispute resolution mechanism in respect of transfer...

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Posted Under: Corporate Law |

Draft Format of Petition for revival of company

FORM NO. NCLT. 9 [See rule 72, 76, 82, 84, 88 and 154 and also General Form for all purposes if no specific form is prescribed under these rules and Forms] BEFORE THE NATIONAL COMPANY LAW TRIBUNAL NORTHERN REGION BENCH Company Application No ………………………. of 2017 ‘in Company Petition No ……………………….. of 20...

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Posted Under: Corporate Law |

HC explains Law related to Arrest for Income Tax Default

M A Zahid Vs Assistant Commissioner of Income-tax (Karnataka High Court)

M A Zahid Vs ACIT (Karnataka High Court) In this case First and foremost the petitioner is not accused of committing any non-bailable offence so as to invoke the jurisdiction under section 438 of Cr.P.C. Secondly, the apprehension expressed by the petitioner is also without any basis. As could be seen from the above Rules, […]...

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Notification No. 76/2018-Customs (N.T.), Dated: 31.08.2018

Notification No. 76/2018-Customs (N.T.) (31/08/2018)

Tariff Notification No. 76/2018-CUSTOMS (N.T.) dated 31st August, 2018 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver....

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Simplifying GST Registration Procedure

Indirect taxation has seen its biggest reform with the introduction of Goods and Service Tax Act. India is heading towards digitization and introduction of Goods and Service Tax is the biggest example of the same. Various procedure like registration, return filing, preparation of payment challan, refund etc. has been made online under Goo...

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Posted Under: Corporate Law |

USD/INR Update: Change in Call

The famous English economist John Maynard Keynes is known have to have retorted to a critic who pointed out that his predictions and policies changed all too often –I change my mind when the facts do. What do you do, sir?...

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Posted Under: Corporate Law |

Govt notifies certain service as public utility service for further 6 Months under Industrial Disputes Act, 1947

Notification No. S.O. 4220(E) (31/08/2018)

S.O. 4220(E).—Whereas the Central Government having been satisfied that the public interest so requires that in pursuance of the provisions of sub-clause (vi) of the clause (n) of section 2 of the Industrial Disputes Act, 1947 (14 of 1947), the services in industry engaged in Manufacture or production of mineral oil (crude oil), motor a...

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Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2018

Notification No. FEMA 22(R) (1)/2018-RB (31/08/2018)

(i) These regulations may be called the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) (Amendment) Regulations, 2018. (ii) These regulations shall come into force from the date of their publication in the Official Gazette....

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Rajasthan VAT: Date of Filing of VAT 10A return for 2017-18 extended to 31.10.2018

Notification No. F26 (315)CCT/MEA/2014/577 (31/08/2018)

Due Date of Filing of VAT Return of VAT 10A for Financial Year 2017-18 in Rajasthan extended to 31st October 2018 vide Notification No. F26 (315)CCT/MEA/2014/577 Dated: August 31, 2018...

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Documents required while applying for Refund Form (RFD-01A)

As per Rule 89(2), The application under sub-rule (1) of rule 89 of CGST Rules, 2017, shall be accompanied by any of the following documentary evidences in Annexure 1 in Form GST RFD-01, as applicable, to establish that a refund is due to the applicant, namely:- a) the reference number of the order and a […]...

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Posted Under: Corporate Law |

Importance of Insurance, Inflation, Financial / Goal based planning

In this Article , we have covered Importance of Insurance, Inflation, Financial planning, Goal based planning, Difference between Savings and Investments. We hope that you all are enjoying our blogs and have subscribed to it....

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Posted Under: Corporate Law |

Draft PAN Rules: Compulsory for Transaction above 2.50 Lakh; Father name not must in case Mother is single parent

F.No. 370142/40/2016-TPL (Part-I) (31/08/2018)

CBDT proposed to amend Income Tax Rule 114 related to PAN and proposed to make PAN compulsory for transactions of Rs. 250000 or more and also proposed to amend  Form number 49A and Form number 49AA to provide that in case of Kids of Single Mother father’s name shall not be mandatory in PAN application […]...

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Procurement Performance Balanced Scorecard & QDC Approach

Every Organization aspiring to improve its performance in many spears of functionalities. Procurement being a major area of spend, its performance is significantly attribute to the overall performance of the organization. Procurement needs to demonstrate value delivery to the organization. Procurement Performance Management, or PPM, refer...

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Posted Under: Corporate Law |

Aggregate Turnover Under GST

As per section 2(6) of CGST Act, 2017 'aggregate turnover' means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Numbe...

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Posted Under: Corporate Law |

Appeal to Commissioner of Income-Tax (Appeals)

At times it may happen that the taxpayer is aggrieved by an order of the Assessing Officer. In such a case he can file an appeal against the order of the Assessing Officer before the Commissioner Of Income-Tax (Appeals) {CIT(A)}. In this part you can gain knowledge about various provisions relating to appeals to CIT(A)....

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Posted Under: Corporate Law |

Calculation of interest under section 234A, 234B and 234C

Income Tax Act, 1961 requires Income tax returns to be filed on time; advance tax to be paid correctly and within the prescribed time limit under the act. In case the assessee fails to comply with the provisions of the Act, interest shall be chargeable under Sections 234A, 234B and 234C....

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Posted Under: Corporate Law |

Demonetisation & its impact on Tax collection & Formalisation of Economy

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited cur...

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Posted Under: Corporate Law |

CCI order regarding cartelisation in Indian Zinc-Carbon Dry Cell Batteries Market 

Re. Panasonic Corporation, Japan & Others (Competition Commission of India)

The Competition Commission of India (CCI) passed a final order imposing penalty on Panasonic Energy India Co. Limited Panasonic) and Geep Industries (India) Private Limited (Geep) for colluding to fix prices of zinc-carbon dry cell batteries in India. In respect of Panasonic, CCI granted 100 percent reduction in penalty by invoking the pr...

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Things to be done before March 31 by individual Assessee

Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same....

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Posted Under: Corporate Law |

All about Reverse Mortagage Scheme

Benefit of reverse mortgage scheme is that even if the property is mortgaged the person still can reside in that property. Section 10(43) - Any amount received as a loan , either in lump sum or in installment in a transaction of reverse mortgage is exempt from tax i.e. not be treated as income of the senior citizen although loan is a cap...

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Posted Under: Corporate Law |

TDS is deductible on ESOP

Employee Stock Options Plans (ESOPs) and its different variants like Employees Stock Purchase Plans, Stock Appreciation Rights, Stock Awards, etc, have been used by employers to attract, retain and motivate employees. ESOPs have been popular primarily in the knowledge-based industries like information technology, biotechnology, etc. Howev...

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Posted Under: Corporate Law |

Agricultural Income – Tax treatment / Taxability

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. Howev...

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Posted Under: Corporate Law |

Wrongful Prosecution (Miscarriage of Justice): Legal Remedies

The Delhi High Court, in the case of Babloo Chauhan @ Dabloo v. State Government of NCT of Delhi, 247 (2018) DLT 31, expressed grave concern about wrongful prosecution and incarceration of innocent persons, highlighting the need for a legislative framework for providing relief to such persons. An effective response from the State to the [...

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Posted Under: Corporate Law |

Investment in multiple houses for exemption under section 54/54F

Controversy always cropped between taxpayer and income tax department whenever taxpayer claim exemption under section 54 and 54F for investment made in multiple houses. Question that now arise whether the prefix ‘a’ used before the word residential house is interpreted in singular or plural sense. ...

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Posted Under: Corporate Law |

Sectoral Caps for FDI in INDIA

A foreign company can start its business operations in India by incorporating a company under the Companies Act, 2013 through either a Joint Venture (JV) or forming a Wholly Owned Subsidiary (WOS). Foreign equity in such Indian companies can be up to 100%, subject to Sectoral equity caps under the FDI policy. The Sectoral caps […]...

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Posted Under: Corporate Law |

Revocation of Cancellation of GST Registration

Provisions for revocation of cancellation of GST registration are contained under rule 23 of the Central Goods and Service Tax Rules, 2017. Circumstances Under Which Revocation Of Cancellation Of GST Registration Is Possible Revocation of cancellation of GST registration is possible only when registration is cancelled by the proper office...

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Posted Under: Corporate Law |

Change is inevitable, muddle through changing opportunities

The first thought in mind on hearing the profession of chartered accountant creates an image of an auditor, tax consultant, accounting, shared services etc. The traditional practice started and followed for years together has seen changing trends in recent times. The challenge for chartered accountant does not gets confined only to audit ...

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Posted Under: Corporate Law |

ICAI Elections 2018 – Ringing Bells

A bells not a bell til you ring it, A songs not a song til you sing it, Love in your heart wasnt put there to stay, Love isnt loving til you give it away! So is our ALMA MATER ICAI, We have to take care in selecting the strong council and regional councils to cater our profession of chartered accountancy....

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Posted Under: Corporate Law |

GST (Compensation to States) Amendment Act, 2018

No. 34 OF 2018 (30/08/2018)

Govt notifies Goods and Services Tax (Compensation to States) Amendment Act, 2018 to amend Section 7 and 10 of Goods and Services Tax (Compensation to States) Act, 2017....

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Union Territory Goods and Services Tax (Amendment) Act, 2018

No. 33 OF 2018 (30/08/2018)

Govt notifies Union Territory Goods and Services Tax (Amendment) Act, 2018 / UTGST (Amendment) Act, 2018 on 30th August, 2018 by which it amended section 7  and 9 of Union Territory Goods and Services Tax Act, 2017 and inserted new sections 9A and 9B. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th […]...

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Integrated Goods and Services Tax (Amendment) Act, 2018

No. 32 OF 2018 (30/08/2018)

Govt notifies Integrated Goods and Services Tax (Amendment) Act, 2018 to amend Section 2, 5, 8, 12, 13, 17 and Section 20 of Integrated Goods and Services Tax Act, 2017....

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Central Goods and Services Tax (Amendment) Act, 2018

No. 31 OF 2018 (30/08/2018)

Govt notifies Central Goods and Services Tax (Amendment) Act, 2018 to notify amendments in Central Goods and Services Tax Act, 2017. ...

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‘Cattle Feed in Cake Form’ is exempt from GST: AAR Tamilnadu

In re C.P.R. Mill (GST AAR Tamilnadu)

In re C.P.R. Mill (GST AAR Tamilnadu) Classification of ‘Cattle Feed in Cake Form’ and exemption if any The product ‘Cattle feed in cake form’ manufactured by the Applicant is classifiable under Chapter Heading 23099010 and stands exempted as per vide SI.No. 102 of Notification No. 2/2017-Central Tax(Rate) dated 28th June...

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Appearance of Women before ED not contrary to Section 160 of Code of Criminal Procedure

Nalini Chidambaram Vs The Directorate of Enforcement (Madras High Court)

Nalini Chidambaram Vs Directorate of Enforcement (Madras High Court) It is an admitted fact that initially the appellant was permitted to appear through the authorised agent. The impugned notice was issued on finding certain new facts and contradiction in the statements given, which could not be satisfactorily explained ...

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Guide for Treatment of different Business Transactions in GSTR 3B & GSTR 1

It has been A year of GST and we are still figuring out exact treatment of different business transactions like  Export, SEZ, Merchant Export, Import, Deemed Export etc In GST returns. These all items need to be specifically shown in GSTR 3B & GSTR 1 at respective rows. I have prepared a complete Guide for […]...

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Posted Under: Corporate Law |

Q1 FY19 GDP Preview: Strong growth on the cards

Since the beginning of this fiscal year, the external environment has been challenging, Indias current account deficit has widened, oil prices have been volatile, and the rupee has dropped to all-time lows. In contrast to this backdrop, the GDP growth numbers for the first quarter are likely to bring some good news. ...

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Posted Under: Corporate Law |

28% GST Payable on ‘Disc Brake Pads’: AAR Tamilnadu

In re Brakes India Private Limited (GST AAR Tamilnadu)

'Disc Brake Pads' manufactured and supplied by the Applicant are classified under Heading 87083000 and covered under SI. No. 170 of Schedule IV of Notification No. 01/2017 CT (Rate) dated 28.06.2017 and SI.No. 170 of Schedule IV of G.O. (Ms) No. 62 dated 29.06.2017 No. ll(2)/CTR/532(d-4)/2017 attracting 14% CGST/14% SGST respectively....

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In absence of accumulated profit, section 2(22)(e) cannot be invoked

ACIT Vs Sanjay Passi (ITAT Delhi)

ACIT Vs Sanjay Passi (ITAT Delhi) We are of the considered view that Ld. CIT(A) has rightly observed that AO has wrongly made the addition u/s. 2(22)(e) by holding that there are accumulated profits in the hands of M/s Robin Software Pvt. Ltd. Ld. CIT(A) has also noticed that the AO has completed the assessment […]...

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Weighted deduction u/s 35(2AB) on expenditure outside the R & D unit

DCIT  Vs  Aurobindo Pharma Limited (ITAT Hyderabad)

DCIT  Vs  Aurobindo Pharma Limited (ITAT Hyderabad) We have considered the rival contentions and perused the case law placed on record. In the decision of Concept Pharmaceuticals Ltd (supra) the Coordinate Bench did not allow the expenditure spent outside the R & D unit but the Bench has not considered the explanation introduced ...

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CBDT Notifies Rule 11UAB Determination of fair market value for inventory

[Notification No. 42/2018-Income Tax [S.O. 4213(E)] (30/08/2018)

CBDT vide Notification No. 42/2018 Notifies Income Tax Rule 11UAB Determination of fair market value for inventory and amended Rule 11U related to Meaning of expressions used in determination of fair market value....

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Contribution towards construction of Cricket Academy incurred by RCB allowable as deduction

M/s. Royal Challenger Sports Pvt. Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

M/s. Royal Challenger Sports Pvt. Ltd. Vs DCIT Assessee challenges the addition on account of contribution made to Cricket Academy of Rs.45 lakhs holding it to be capital expenditure. The assessee made a contribution of Rs.45 lakhs to Karnataka State Cricket Association (KSCA) for the purpose of creating a cricket academy. The assesse...

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Features of Real Estate (Development & Regulation) Act, 2016

The post contains brief introduction of Real Estate (Development & Regulation) Act, 2016, its objects and its features throwing light on the fact that the act is applicable on not only real estate developers but also on real estate agents and buyers....

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Posted Under: Corporate Law |

License Fees paid to Consultant / Doctors abroad under Business Arrangement is Allowable as Deduction

DCIT Vs M/s. Teleradiology Solutions P. Ltd. (ITAT Bangalore)

DCIT Vs M/s. Teleradiology Solutions P. Ltd. (ITAT Bangalore) The learned Counsel for the assessee has contended that it is a business arrangement between the assessee and the consultants/doctors. If the assessee does not pay the licence fee on behalf of the doctors, he has to compensate the doctors by making additional payment for the s...

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Deemed rental of SOP should be determined as per municipal ratable value

Smt. Rekha Singh Vs ITO (ITAT Jodhpur)

The house which is not having any actual rental income but self occupied by assessee should be determined as per the municipal ratable value. Accordingly, the matter is restored to file of the Assessing Officer to find out the municipal ratable value of the house for computing income u/s 22 of the I.T. Act. We direct accordingly....

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Import of Peas (Yellow, Green, Dun & Kaspa) Restricted till 30.09.2018

Notification No. 32/2015-2020-DGFT (30/08/2018)

Import of Peas classified under Exim Code 0713 10 00 (including Yellow peas, Green peas, Dun peas and Kaspa peas) is Restricted till 30.09.2018 vide Notification No. 32/2015-2020, Dated 30 August, 2018...

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Reg. DGFT as Authenticating Officer on behalf of President of India in all Notifications published in Gazette

Trade Notice 29/2015-2020 (30/08/2018)

Trade Notice 29/2015-2020, Dated 30th August, 2018 on Director General of Foreign Trade (DGFT) as the Authenticating Officer on behalf of the President of India in all Notifications published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)....

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TDS U/s. 194C deductible on charges towards installation of set top boxes

JCIT Vs Bharat Business Channels Ltd. (ITAT Mumbai)

Installation of set-top box amounted to works contract and no technical expertise was required so as to make the assessee liable to deduct tax under section 194J....

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GST on outdoor catering services to clients: AAR Tamilnadu Ruling

In re Goodwill Industrial Canteen (GST AAR Tamilnadu)

In re Goodwill Industrial Canteen (GST AAR Tamilnadu) Clarification regarding applicable GST to the outdoor catering services rendered by them to their clients. The services of the applicant of supplying food and beverages on the premises of industrial unit/office, which are on the terms of the contract with M/s Kone Elevators and such ot...

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GST on free usage of moulds/dies owned by OEM: AAR allowed withdrawal of application

In re M/s Amalgamations Valeo Clutch Private Limited (GST AAR Tamilnadu)

In re M/s Amalgamations Valeo Clutch Private Limited (GST AAR Tamilnadu) The applicant vide their letter dated 09.08.2018 has referred to the PH posted on 07.08.2018 in connection with the subject application seeking a ruling on the aspect of amortization. They have stated that subsequent to their application, a circular No.47/21/2018-GST...

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Uploading of Supporting Documents (eSANCHIT) in Exports

Circular No. 29/2018-Customs (30/08/2018)

Uploading supporting documents- The procedure for eSANCHIT on the export side is similar to the one prescribed for eSANCHIT in imports vide Circular No. 40/2017 dated 13.10.2017. Briefly, salient features are described as below: -...

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Excel Tool For Checking Monthly Tax Data of GSTR 3B

Excel Tool For Checking Monthly Tax Data of GSTR 3B FOR FY 17-18 It’s been a year for GST returns and Now it’s season of finalizing books of accounts for 2017-2018 (Atleast for Tax Audit purpose) . The first and foremost thing is to make sure that every GST return must had been  Filled  properly. Same data […]...

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Posted Under: Corporate Law |

Forwarding of samples for testing when jurisdictional laboratory does not have testing facility

Circular No. 28/2018-Customs (30/08/2018)

Circular No. 28/2018-Customs- CBIC clarified that in case the jurisdictional laboratory does not have testing facility for a given sample, it would be open to the field formations to send such samples to one of the other revenue laboratories which have the facility to test the given sample, instead of availing services of an outside [&hel...

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Press Trust of India notified as news agency for Sec. 10(22B) exemption

Notification No. 41/2018-Income Tax [S.O. 4211(E)] (30/08/2018)

CBDT notifies ‘The Press Trust of India Limited’ as news agency for the purpose exemption under section Section 10(22B) of Income Tax Act, 1961 vide Notification No. 41/2018 dated 30th August, 2018...

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CBDT extends time to send comments on framing rules related to ‘Significant Economic Presence’

F. No. 370142/11/2018-TPL (30/08/2018)

CBDT extends time for sending comments on framing rules related to ‘Significant Economic Presence’ till 30-9-2018 vide its Instruction F. No. 370142/11/2018-TPL dated 30th of August, 2018....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018

Notification No. No. FEMA.20(R) (3)/2018-RB (30/08/2018)

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018. (ii) They shall come into force with effect from the 1st day of September, 2018....

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Nil GST on services by commission agents to agriculturists of turmeric

In re Erode Manjal Vanigarkal Matrum Kidangu Urimaiyalargal Sangam (GST AAR Tamil Nadu)

In re Erode Manjal Vanigarkal Matrum Kidangu Urimaiyalargal Sangam (GST AAR Tamil Nadu) Agent, who is a member of the applicant stores the turmeric in their godown, the sales of which is as per the guidelines of EMC. Also from the invoices furnished, it is seen that the invoice is raised by the agent on the […]...

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19 Suggestions on GST return forms by ICAI

Indirect Taxes Committee of ICAI submits Suggestions on GST Return formats to Finance Minister Arun Jaitley. Suggestion include Suggestion on Monthly Return and Quarterly Return and other issues faced by Taxpayers. ICAI highlighted that 1. Turnover figure to identify the type of taxpayer not be auto populated; 2. Term “Turnover” is no...

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Posted Under: Corporate Law |

Setting up of Office of Commissioner (Investigation-Customs) created under CBIC

Circular No. 30/2018-Customs (29/08/2018)

Policy matters relating to search, seizure, arrest, prosecution and compounding offences under the Customs Act, 1962 [All legislative matters relating to chapter XIII, XIV and XVI of the Customs Act];...

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Tax Implications on House Property Income

Income Chargeable under the head house property Rental Income from a property whose owner is the tax payer is charged under the head Income from House Property. Rental Income from Subletting In the hand of the owner rental income received by him is charged under the head “Income from House Property” but if a tenant is […]...

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SC imposes 10 Lakh Penalty on Income Tax Department for giving misleading statement

CIT, Ghaziabad Vs. Hapur Pilkhuwa Development Authority (Supreme Court)

CIT, Ghaziabad Vs. Hapur Pilkhuwa Development Authority (Supreme Court) The Supreme Court on Monday imposed a fine of Rs. 10 Lakh on the Income Tax Department for its casual approach and for giving a totally misleading statement in the case.  This petition for special to leave has been filed by the Commissioner of Income Tax, Ghaziabad...

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No TDS on Soft Purchased and capitalised in books required to be made

Vogue Vestures Pvt. Ltd. Vs Dy. CIT (ITAT Bangalore)

Vogue Vestures Pvt. Ltd. Vs Dy. CIT (ITAT Bangalore)  This issue was now covered by the decision of the Punjab and Haryana High Court in the case of CIT v. Mark Auto Industries Ltd (2013) 358 ITR 43 (P&H). wherein the High court held that in absence of any requirements in law for making deduction of […]...

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GST Practitioner- Registration, Procedure, Exam, Documentation

With the introduction of Goods and Service Tax in India, crores of taxable persons have registered under GST and are now required to comply with various GST compliances. In order to make the compliance easy for businesses registered under GST, the Government has taken various initiatives such as GST Facilitation Centres and GST Practition...

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Do expeditious adjudication for release of goods detained under GST

Ajith A.R. Vs State Tax Officer (Kerala High Court)

Ajith A.R. Vs State Tax Officer (Kerala High Court) Petitioner seeks release of the goods detained by the first respondent under Section 129 of the Central Goods and Services Tax Act as also the Kerala State Goods and Services Tax Act. 2. It is seen that an identical matter has been disposed of by a […]...

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Tax laws recognise siblings relationship

Article discusses Expenses incurred by An Assessee for his Sibling for which he can claim Tax Benefit under Income Tax Act, 1961 and includes Tax Benefit in respect of Leave Travel Assistance (LTA), Interest on education loan, Medical expenses incurred for medical treatment of siblings with disability and Exemption of gifts received. Sibl...

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Posted Under: Corporate Law |

Portfolio Management Scheme (PMS) fees not deductible while computing capital gain

Mateen Pyarali Dholkia Vs DCIT (ITAT Mumbai)

Mateen Pyarali Dholkia Vs. DCIT (ITAT Mumbai) In the instant case, the profit arising from the sale of shares was received by the assessee directly which constituted its income at the point when it reached or accrued to the assessee. The fee for PMS on the other hand was paid separately by the assessee to […]...

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Section 50C not applies to transfer of booking rights and to right to purchase flats

Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata)

Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of […]...

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GST Audit and Reconciliation

With a year passed on after the implementation of GST and also the 1st financial year ended on 31st March, 2018, time is to be ready for filing of GST Annual Return and conducting GST Audit along with Reconciliation with books of accounts. GST is a trust based taxation regime wherein the registered dealer is […]...

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Posted Under: Corporate Law |

IBBI: Cleaning the Cleaners – Found IP contravening Code of Conduct & IBC, 2016

On 23rd August 2018, the IBBI issued a 19 page order signed by the WT Director and also by the Chairman of IBBI. It was dedicated to ONE man, Mukesh Mohan, who had contravened provisions of sections 17, 18(f), 20, 23, 25(2)(h) and (j), 29A, 43, 45, 50, 66, 196 (1)(g), 206, 208 (2)(a) and (e) of the Insolvency Code. Not just that, he ha...

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Mere charging of fee from student would amount to uncharitable activity

Rama devi memoria society Vs Jcit (ITAT Delhi)

Rama devi memoria society Vs Jcit (ITAT Delhi) Ld. CIT(A) while denying the exemption of Section 11 to assessee society has held that, since imparting of education is a matter of pure charity, therefore, the educational institution is not permitted to receive or recover the cost of charity from its beneficiary by way of fees, […]...

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2% hike in DA for central government employees wef 1st July 2018

Cabinet approves additional 2 percent Dearness Allowance (DA) for Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 1st July, 2018 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modihas approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearn...

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Annual expenses on WAN and & local hardware are allowable as revenue expenditure

ACIT Vs M/s Linde Engineering India Pvt. Ltd. (ITAT Delhi)

ACIT Vs M/s Linde Engineering India Pvt. Ltd. (ITAT Delhi) Assessee incurred license expenses towards WAN and local hardware, annual fee which has been treated by Assessing Officer to be capital expenditure. It is observed that assessee has to incur these expenses annually on which tax has been deducted. Assessee claimed license expenses ...

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Arun Jaitely Puts 15 Questions on Rafale before Rahul Gandhi & Congress

Arun Jaitley Why these questions? Considering the security environment around India, the highest standards of defence preparedness are required. After the Kargil experience, the Armed Forces and the Raksha Mantralaya were of the opinion that combat ability of the Indian Air Force to strike at targets needs to be radically improved. This n...

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Posted Under: Corporate Law |

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