"02 August 2018" Archive

GST Charcha – Seizure Order of Goods: Appealable or Not?

This GST Charcha deciphers into relevant provisions of GST Law along with legal jurisprudence to determine whether the Order of seizure of goods by the Revenue is appealable or not under the provisions of the CGST Act?...

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Negotiable Instruments (Amendment) Act, 2018

NO. 20 OF 2018 (02/08/2018)

This Act may be called the Negotiable Instruments (Amendment) Act, 2018. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Subsidiary or WOS – In India (Foreign Company)

Welcome Initiative by merging the applications for the Permanent Account Number (PAN), Tax Account Number (TAN) along with incorporation process under the Ministry of Corporate Affairs (MCA). Further there is new online investor website providing support for investment queries and a single online portal- E Biz to access core services suc...

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Reverse Charge Mechanism Under GST Law: Complete Analysis

“Reverse charge mechanism under GST law is quite complicated. There is also misconception among the taxpayers. I have received a lot of queries related to the reverse charge mechanism. Therefore through this article, I have tried to prepare Critical analysis which may be useful to the taxpayers to avoid confliction.”...

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RERA: The Remedies – Where to file your Complaint under RERA, 2016

This article aims to guide person seeking justice under RERA, 2016 by consolidating various sections and rules relating to enforcement mechanism, in the state of Maharashtra....

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Appellate Orders Against Advance Ruling Start Pouring In

In March, 2018, Authority for Advance Ruling (AAR), Maharashtra had pronounced a ruling on job work vis-à-vis manufacture in relation to supply of goods (electricity). The advance ruling under reference is with reference to scope of ‘supply’ under section 7 of GST law....

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Analysis of Disclosure of Beneficial Interest

Article aims to bring clarity on new Section 90 of Companies Act, 2013 introduced by Companies (Amendment) Act, 2017 and Companies (Significant Beneficial Owner) Rules, 2018 ...

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FAQ on Mandatory Annual KYC of all Directors on or before 31.08.2018

Q.1 Who have to File DIR-3 KYC? Ans: Every Director who has been allotted DIN on or before 31st march, 2018 and whose DIN status is ‘Approved’....

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Caesarstone taxable at the rate of 18% GST: AAAR Maharashtra

In re M/s. Hafele India Pvt. Ltd. (GST AAAR Maharashtra)

AAAR Maharashtra held that We do not see any reason to interfere with the Ruling given by AAAR, Maharashtra holding that Caesarstone imported by the Applicant is to be classified under HSN code 6810....

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Brief Synopsis of Capital Gain Exemption u/s 54, 54EC & 54F

As we had discussed about the taxation rules on sale of immovable property, in the article on Capital Gain on Immovable Property we are here to understand the benefits that can be claimed under section 54, 54EC & 54F to save tax on long term capital gains...

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ITC form Errors in DATE format, How to Rectify?

As there are many error in ITC forms due to wrong Formatting for Date as text and not as Date Format due to which the excel file will throw errors as when you convert 01/01/2018 to text it’ll show 43101 and not 01-01-2018 to Convert the date format  01/01/2018 to 01-01-2018 automatically using excel formula […]...

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Matters to Be Included in Board’s Report For One Person Company and Small Company

MCA amends Companies (Accounts) Rules 2014 introduces rule 8A vide G.S.R. (E).- In exercise of the powers conferred by section 134 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014, namely Companies (Accounts) Amendm...

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Failure to pay advance tax attracts interest

Advance tax, as the name suggests, is nothing but taxes paid in advance on the estimated annual income. Advance tax, along with tax deducted at source (TDS) and self-assessment tax, constitute the three means by which income taxes are collected by the government....

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Housing Loans Come With Twin Benefits

Various tax benefit available under the Income Tax Act 1961, would help house aspirers to go in for housing loans which were a bit costlier till now. Taking loans for housing needs also makes an economic sense as it offers income tax incentives and exemptions....

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Penalty for Late Filing & incorrect information in TDS/TCS Statement

As per the existing provisions of the Income-tax Act, a deductor is required to furnish a periodical TDS statement (quarterly) containing the details of deduction of tax made during the quarter by the prescribed due dateA substantial number of the deductors are not furnishing their TDS statement within the prescribed due date. Delay in fu...

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Entertainment allowance & its deduction from salary

The provisions regarding the entertainment allowance and its deduction from salary are discussed below – Entertainment allowance as per Section 16(ii) is first included in salary income under the head “Salaries” and thereafter a deduction is given on the basis enumerated in the following points...

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Customs Rate of Exchange of Foreign Currency Conversion wef 03.08.2018

Notification No. 67/2018 - Customs (N.T.) (02/08/2018)

Customs Rate of Exchange of Foreign Currency Conversion wef 03.08.2018 notified vide Notification No. 67/2018 – Customs (N.T.) dated 2nd August, 2018...

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Additional Charge of Member (Admn.) CBDT to CBDT Chairman

Office Order No. 123 of 2018 (02/08/2018)

Order No. 123 of 2018 – Additional Charge of Member (Admn.) CBDT to Shri Sushil Chandra, Chairman, CBDT and additional charge of Member (IT&C) to Smt. S. Bhattasali, Member (A&J),CBDT along with zonal charges – reg F. No. A-35015/7/2012-Ad.VI Government of India Ministry of Finance Department of Revenue Central Board o...

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LIC to acquire controlling stake of IDBI Bank- Impact

LIC to acquire controlling stake of IDBI Bank Cabinet approves dilution of Government shareholding below 50% The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved conveying of no objection to reduction in Government of India shareholding in IDBI Bank Limited to below 50% by dilution.  It has also approved acquisitio...

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CBDT signs nine UAPAs in July, 2018

CBDT has entered into nine more Unilateral Advance Pricing Agreements (UAPAs) during the month of July, 2018. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 232, which includes 20 Bilateral Advance Pricing Agreements (BAPAs)....

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Present And Future of Labour & Industrial Laws in India

Indian Government is untiringly working towards making India as one of the top spots in Ease of Doing Business global rankings. The World Banks Doing Business assessment covers aspects of business regulation and their implications for firm establishment and operation sin about 190 countries....

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Notification No. 38/2018-Customs (ADD), Dated: 02.08.2018

Notification No. 38/2018-Customs (ADD) [G.S.R. 732 (E)] (02/08/2018)

Notification No. 38/2018-Customs (ADD) Whereas, the designated authority vide initiation notification No. 7/15/2018-DGAD, dated the 3rd May, 2018, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 3rd May, 2018, has initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 ...

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Details of Black Money unearthed, prosecution, Search, Seizure & Surveys in last 3 Years

Income-tax Department takes appropriate action against black money which is an on-going process. Such action under the Direct Tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever applicable....

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GST Revenue collections for July 2018

The Total Gross GST Revenue collected in the month of July 2018 is Rs. 96,483 crore of which CGST is Rs. 15,877 crore, SGST is Rs. 22,293 crore, IGST is Rs. 49,951 crore (including Rs. 24,852 crore collected on imports) and Cess is Rs. 8,362 crore (including Rs. 794 crore collected on imports). This is broadly on expected lines....

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ICAI President’s Message – August 2018

ICAI turned a new leaf in its glorious history by completing 69 years of working for nation-building and in public interest, and stepping into the Platinum Jubilee Year on 1st July 2018....

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ICAI Election 2018: Unsolicited SMS, WhatsApp & emails

ICAI started receiving complaints from members that they are receiving unsolicited SMSs, WhatsApp and emails from prospective candidates/their representatives seeking support for their candidature at the forthcoming elections to the Council and Regional Councils to be held in December, 2018....

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Inapt amendments in Tax Audit Report for AY 2018-19

Chartered Accountants Association, Surat has made a representation on recent Inapt amendments in Income Tax Audit Report / From CD for AY 2018-19 vide CBDT Notification No. 33/2018 dated 20th July 2018 which are to come into effect from 20th August 2018. It highlighted following points- 1. Timely Availability of Forms and Utilities 2. Imp...

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Davis Cup Matches: Tax on Incidental & Commercial Activity Income

Chandigarh Lawn Tennis Association Vs ITO (ITAT Chandigarh)

Income of the assessee from the incidental and commercial activity i.e. income from organizing of Davis Cup up to the limit prescribed as per the second proviso to section 2(15) of the Act, which for the assessment year under consideration is Rs. 25 lacs, will be treated as income from ‘charitable purposes’...

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Ambiguous nature of From RD1- Removal of Auditor

Ambiguous nature of From RD1 form when filed for approval regarding auditor removal before it's term of service with Central Government (Regional Director)....

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Key features of Draft Simplified GST Returns

The Note on draft format of GST simplified return, inter alia, contains brief note which lists the salient features of the new GST return format and business process for the information of trade and industry...

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Analysis of Amendments In Form 3CD Pertaining To GST

In this article we will discuss the clauses pertaining to the GST in the revised FORM 3CD as amended vide CBDT Notification No. 33/2018 dated 20.07.2018. ...

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Exemption Notifications must be interpreted strictly: Supreme Court

In case of ambiguity in a charging provision, benefit must necessarily go in favour of assessee but the same is not true for an exemption notification. When there is ambiguity in exemption notification which is subject to strict interpretation, the benefit of such ambiguity cannot be claimed by the subject/assessee and it must be interpre...

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Simplified GST Returns and Return formats- 58 Must know FAQs

Note on Simplified Returns and Return formats has been published on 30th July 2018. This write up is an attempt comprehend the underlying concepts of new regime of GST returns....

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Brief note on tax implication on Amalgamation

When there is amalgamation, the accumulated losses and unabsorbed depreciation of the amalgamating company shall be deemed to be loss or, as the case may be, allowance for the unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was effected....

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Registration of GST with practical issues

Every one know that GST registration is required the moment you cross threshold limit of Rs. 20 lacs and Rs. 10 lacs in NE States. But the most important is the GST registration is mandatory from the day one without any threshold limit. ...

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E-Form DIR-3KYC- Everything You want to know

As the Ministry of Corporate Affairs has started overhauling and cleaning its records and registry, it has initiated the process of Annual KYC of all the Directors (e-form DIR-3KYC) and giving a snag to the irregularities occurred due to outdated filing and unsystematic procedures. In the Editorial, Author has made an effort to throw ligh...

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Content of Director’s Report for FY Ended on March 31, 2018

Director’s Report pursuant to section 134 of the Companies Act, 2013 along with Rule 8 of Companies (Accounts) Rules, 2014 1. The Board’s Report shall be prepared based on the stand alone financial statements of the company and shall report on the highlights of performance of subsidiaries, associates and joint venture companies and th...

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GST Notification denying ITC on Output Services harming Repairs & Maintenance Service Industry

Why GST Notification No.1/2018-Central Tax (Rate) Dt.18.01.2018 Denies ITC on Out Put Services Falling Under Sac 9987(Ii) to harm Repairs & Maintenance Service Industry? ...

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