"08 August 2018" Archive

What are the tax benefits available to an HUF?

Being a separate tax entity an HUF enjoys certain tax benefits along side the individual also claming it which I am going to explain this article....

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Posted Under: Income Tax |

Provision for warranty expenses should be reliable: Apple India case

India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

ITAT opined that the assessee derived advantage by deferring its income to the extent of excess warranty provision to subsequent years. Therefore, such excess provision cannot be allowed as a deduction as it cannot be said to be reliable. ...

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Why has GST Reverse Charge been delayed till 2019?

As of late, the Central Board of Indirect taxes and Customs (CBIC) has told obviously that the arrangements as regards the Reverse Charge Mechanism (RCM) under GST have been additionally Deferred by Government till the following year....

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Posted Under: Income Tax |

Govt. introduces 4 GST Amendment bills in Lok Sabha

Govt. introduces in Lok Sabha today Central Goods and Services Tax (Amendment) Act, 2018, Integrated Goods and Services Tax (Amendment) Act, 2018 , Union Territory Goods and Services Tax (Amendment) Act, 2018 and Goods and Services Tax (Compensation to States) Amendment Act, 2018. Bills are likely to get passed in this session of Parliame...

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Posted Under: Income Tax |

SOP for discharge of bonds related to Gold imported for Export

Circular No. 25/2018-Customs (08/08/2018)

CBIC has decided that following standard operating procedure will henceforth be followed for the expeditious discharge of bonds executed by the nominated agencies/ banks under Notification no. 57/2000-Customs dated 08.05.2000, while importing gold for the purpose of export of gold jewellery/ articles vide Circular No. 25/2018-Customs Da...

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Income Tax Notification No. 37/2018, Dated 08.08.2018

Notification No. 37/2018-Income Tax [S.O. 3942(E)] (08/08/2018)

Central Government, in consultation with the Chief Justice of the Gauhati High Court hereby designate the Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the North Eastern Region for the purposes of SECTION 280(1)...

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Enhancement of MEIS rates for certain HS codes for exports made on or after 01.11.2017

Public Notice No. 28/2015-2020-DGFT (08/08/2018)

The MEIS rates for certain items has been enhanced for exports made on or after 01.11.2017 and the rate for one HS Code 62142010 which was at 5% before Public Notice 42/2015-20 dated 24.11.2017 and was incorrectly notified as being increased from 2 to 4%, has been re-notified to 5%....

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Now you can Apply IEC online without DSC & Take Print of IEC

Public Notices No. 27/2015-2020-DGFT [S.O. 3940(E)] (08/08/2018)

Procedure for filling online application for IEC/ modification in IEC/e-IEC is laid down. IEC will henceforth be system generated & an applicant will have the facility of taking a print out of IEC. Further, a requirement of Digital Signature for submitting IEC appl. is done away...

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Govt amends Para 2.05 of HBPs related to Importer-Exporter Code

Notification No. 24/2015-2020-DGFT [S.O. 3941(E)] (08/08/2018)

Central Government hereby amends and revises the provision in Para 2.05 of the Foreign Trade policy (2015-20) on Importer-Exporter Code (IEC) and procedure is shifted to para 2.08 of Handbook of Procedures vide Notification No. 24/2015-2020 dated: 08 August, 2018....

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Online IEC applications – Revised Guideline

Trade Notice No. 23/2018-19-DGFT (08/08/2018)

Following the integration of PAN web service of CBDT with DGFT's web server and automatic system based verification of PAN details with PAN database of CBDT, requirement of Digital Signature for submitting IEC applications is being done away with and Para 2.08 and 2.14 on IEC have been accordingly revised....

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Direct and Indirect Tax Due date calendar- August 2018

Article Compiles month wise Due dates for E-­payment of Service Tax for by Companies, Submission of Form No. 27C (TCS), Payment of TDS/TCS , Return of TDS, Payment of Advance Income tax by All Assessees (100%)(including 44AD cases), E-­Payment of Provident Fund (PF), TCS Return in form 27EQ, Due date for issue of Form 16B in respect of ...

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Posted Under: Income Tax |

Dilemma of Single group or Both groups while filling CA Exam Form

The examination forms of the CA Final and CA Intermediate exams for November’2018 attempt is already out. Last Date for Online Submission of form without late fees: 27-08-2018 Last Date for Online Submission of form with late fees: 04-09-2018 The one of the most important question that is in the minds of each CA aspirant […]...

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Posted Under: Income Tax |

General Provisions of Tax Audit U/s. 44AB

The Tax Audit season has started and it’s the time when the Assessees rush to their Chartered Accountants (CA) to get their Tax Audit done in time and CA’s work overnight to get the audits of their clients done in time. In this article we have summarized some of the general provisions related to the Tax Audit U/s 44AB....

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Posted Under: Income Tax |

Audit of Banks- RBI issued guideline for Audit and Auditor appointment

With regard to Statutory Audit, Reserve Bank of India (RBI) has informed that it has issued Guidelines for appointment of Statutory Central Auditors (SCAs) and Statutory Branch Auditors in Public Sector Banks (PSBs), which covers the norms on eligibility, empanelment and selection as well as the procedure for appointment of such auditors....

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Posted Under: Income Tax |

Control and resolution of NPAs

 The Gross Advances of Scheduled Commercial Banks (SCBs) increased from Rs.25,03,431 crore as on 31.3.2008 to Rs. 68,75,748 crore as on 31.3.2014, as per the Global Operations Data of the Reserve Bank of India (RBI). As per RBI inputs, the primary reasons for spurt in stressed assets have been observed to be, inter-alia, aggressive lendi...

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Posted Under: Income Tax |

Action on those Converting Black Money into White during Demonetization

Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization. Such actions by the Income-tax Department included among others, conducting search and survey actions in relevant cases. During the period November 2016 to March, 201...

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Posted Under: Income Tax |

Giving-up of Indian addresses may not result in escaping scrutiny

In respect of Income Tax department, the persons are liable for taxation on income/transaction originated/attributed to India irrespective of their addresses. Giving-up of Indian addresses may not result in escaping scrutiny by the Department. Specific cases of NRIs giving-up Indian addresses solely for this purpose have not been noticed....

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Posted Under: Income Tax |

SFIO investigating 21 cases involving 225 entities in 2017-18

Government has established Serious Fraud Investigation Office (SFIO) to look into serious corporate frauds including Multi-National Companies (MNCs). The details of investigations assigned to SFIO are:...

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Posted Under: Income Tax |

Forensic Audit – ROBBERY / THEFT Using Facebook Information

Now a days, using social media sites like Facebook, twitter or some other similar web portals become an integral part for updating our lives within friends and or relatives. Whatever we do, wherever we go, whatever we buy or intended to buy all goes at public domain and it is very easy to find out […]...

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Posted Under: Income Tax |

Legality of Form GST REG -17 for Cancellation of Registration in the light of Opportunity of bring heard

Cancellation of GST registration shall also put a complete halt to the business of the person as in absence of the availment of ITC, no one would like to purchase from him. Therefore, cancellation of GST registration is a huge penal provision of GST....

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Posted Under: Income Tax |

Treatment of Advance Received For Future Supply under GST

All suppliers of goods who have not opted for composition scheme, have been exempted from the burden of paying GST on Advances received but supplier of services are not...

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Posted Under: Income Tax |

Special procedure to complete migration of taxpayers to GST

Central Government, on the recommendations of the Council, hereby specifies the persons who did not file the complete FORM GST REG 26 of the Central Goods and Services Tax Rules, 2017 but received only a Provisional Identification Number (PID) may now apply for Goods and Services Tax Identification Number (GSTIN)....

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Posted Under: Income Tax |

The UnFair Liquidation Waterfall

How does one make a perfect Insolvency Process? Can it be perfect or do we make do with a less than perfect process. Is the less than perfect process still good enough to deliver results, or does the need for Imperfection create known additional new imperfections in the process....

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Posted Under: Income Tax |

Presumptive Taxation under Section 44AD and 44ADA

How to Pay Less Tax for Professionals and Small Businesses under Income Tax Act, Presumptive Taxation under Section 44AD and 44ADA Presumptive Taxation under 44AD There are small businessmen who are unable to keep and maintain books of accounts for various reasons, can opt for presumptive taxation and declare profits at 8% under section 4...

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Posted Under: Income Tax |

Income tax Refund Re-issue for change in Address & Bank Details

For the change in Address and all address related issues. Taxpayer has to Login to http://incometaxindiaefiling.gov.in. a. Login to the above website, where in the login id will be the PAN Number and Password is which is created when logging in for the first time. b. Now Go to ‘My Account’. In the drop down click on ‘Service Request...

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Posted Under: Income Tax | ,

FAQs on (PCH) Programme Credit Hours for CS in employment / practice

Question Answer based on (PCH) Programme Credit Hours for CS in employment or in practice...

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Posted Under: Income Tax |

Take all, leave none – while filling your Income tax return!

Here I have covered items of incomes which are taxable, but unknowingly we tend to ignore, thus remain unaccountable in our return of income due to sheer ignorance. But it is important to take these into account to make your life easier....

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Posted Under: Income Tax | ,

Income Tax – Provisions of Section 269SS and Section 269T

Provisions regulating mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of Income Tax Act 1961....

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Posted Under: Income Tax |

Tedious (TDS) Deduction Scheme- Practical Issues

In business parlance these days, the word ‘TDS’ has become synonymous with ‘tedious’. The deductor and the deductees who are the affected parties in these transactions are having a tough time. They not only have to ensure their role and play it well, they also have to take care that the other party (deductor/deductee ) have play...

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Posted Under: Income Tax | ,

Issues which may invite TDS surveys & inspections

Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the implementation is not done directly by state govern...

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Posted Under: Income Tax |

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