"07 August 2018" Archive

GST Composition Scheme for Restaurants

The government has introduced a composition levy under the GST law which provides a simple and easy taxing mechanism for small taxpayers to keep up with GST Compliance. Under this GST composition scheme, a small business having a turnover of less than 100 lakhs can enrol for this composition levy and can pay tax at a predetermined fixed r...

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Advance Ruling in GST

In the interest of avoiding litigations and trembling investor confidence, the advance ruling plays a very important role. Through this facility, an investor gets clarity over the ambiguous and complex provisions of the law and gets more stability as far as the taxation is concerned. The concept for Advance ruling was first introduced in ...

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All About Dormant Company Under Companies Act, 2013

Provisions regarding Dormant Company has been given in Section 455 of Companies Act, 2013 read with Rule 3 to 8 of Companies (Miscellaneous) Rules, 2014 under Chapter XXIX. ...

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Exempt, NIL rated, Non taxable and Non GST Supplies in GST

We have come too far from the date of applicability of GST law. Inspite of this there are lot of issues/ matters which are unanswered. One of these are the differences between Exempt and Nil rated Supplies and Non GST and Non Taxable Supplies due to missing the definitions of certain supplies in the Law. […]...

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How your home loan is computed from your salary

Have you ever wondered why your home loan eligibility may be lower than you think? This article explains why this happens. Buying a new home has been a cherished dream for years. The dream is bolstered every year as you spend a lot of money on rent and must move houses every couple of years […]...

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Why millennials should consider having a life insurance

For most of the millennials, life insurance happens to be one of the last things on their busy minds. Millennials today are too busy and preoccupied with their student loans, starting their careers, starting families, etc. Life insurance is an important component for a millennial looking to achieve the financial goals before getting mid...

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Contribution to Fishermen’s Welfare Fund allowable despite the fact that fund been held Unconstitutional by SC: HC

The Commissioner of income tax Vs Abad Exim (p) ltd (Kerala High Court)

CIT Vs Abad Exim (P) Ltd. (Kerala High Court) The question remaining is with respect to the deduction, insofar as the contribution made to the Fishermen’s Welfare Fund. The Fund itself was declared unconstitutional by a decision of the Honourable Supreme Court  in AIR 2002 SC 973 [Koluthara Exports Ltd. v. State of Kerala and Othe...

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Sec. 68 addition cannot be made merely for exorbitant premium

Principal Commissioner of Income Tax Vs M/s. Chain House International (P) Ltd.) (Madhya Pradesh HC)

Addition under section 68 on account of bogus share capital and exorbitant premium was not justified as where the funds had been received through banking channel  and there was no dispute about the identity, creditworthiness and genuineness of the investors. ...

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Ad-valorem BCD increase on 328 tariff lines of carpets, apparels & textile products

Notification No. 58/2018-Customs [G.S.R. 754 (E)] 07/08/2018

CBIC further amends notification No. 82/2017-customs dated 27th October 2017, to increase Ad-valorem component of BCD from 10% to 20% on 328 tariff lines of carpets, apparels and other textile products vide Notification No. 58/2018-Customs Dated: 7th August, 2018...

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15% customs duty on Screw or SIM socket for cellular mobile phone

Notification No.57/2018-Customs [G.S.R. 753 (E)] 07/08/2018

CBIC Seeks to prescribe effective rate of customs duty on Screw or SIM socket / other mechanical items (metal) for cellular mobile phone vide Notification No.57/2018-Customs Dated: 7th August, 2018...

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