"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 |

Interest for TDS Default levied on Buyer of Property even if NRI Seller Already Paid Taxes in his Return

Sh. Harpal Singh Vs DCIT (ITAT Chandigarh)

The issue under consideration is whether interest u/s 201(1A) will be levied on assessee even if NRI seller had already paid taxes as per his return?...

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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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S. 263 CIT must show that view taken by AO is wholly unsustainable in law

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad)

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad) Revisional Commissioner is expected show that the view taken by the AO is wholly unsustainable in law before embarking upon exercise of revisionary powers. The revisional powers cannot be exercised for directing a fuller inquiry to merely find out if the earlier view taken is erroneous...

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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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