"10 August 2018" Archive - Page 3

PAN Meaning, Significance, who can apply & Procedure

Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN....

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Posted Under: Income Tax |

View Tax Credit Form 26AS from net banking a/c

If your company hasn’t given your Form 16, which gives details of your tax deducted at source (TDS), don’t fret yet. Taxpayers can check online if the tax deducted from the salary has actually gone to the department on a facility set up by the income tax (I-T) department. Also, in the absence of Form 16, a taxpayer can use this faci...

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Posted Under: Income Tax |

Interest U/s. 234B cannot be levied on payee for failure of payer to deduct TDS

DCIT Vs Reuters Transaction Services Ltd. (ITAT Mumbai)

Reuters case: When a duty is cast on the payer to deduct tax at source, on failure of the payer to do so, no interest can be imposed on the payee under Section 234B of the Act...

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SFIO arrests Neeraj Singhal in connection with Bhushan Group investigation

Mr. Neeraj Singhal, erstwhile Promoter and Managing Director of Bhushan Steel Limited was arrested by the Serious Fraud Investigation Office (SFIO). He was produced before the court of Competent Jurisdiction today and was sent to Judicial Custody till 14thAugust, 2018....

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Posted Under: Income Tax |

Circular- Notice for Meetings of the Committee of Creditors

Circular No. IBBI/CIRP/016/2018 (10/08/2018)

The Committee deliberated on who should be on the creditors committee, given the power of the creditors committee to ultimately keep the entity as a going concern or liquidate it. The Committee reasoned that members of the creditors committee have to be creditors both with the capability to assess viability, as well as to be willing to mo...

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Simplification & rationalization of processing of AEO-T1 application

Circular No. 26/2018-Customs (10/08/2018)

Reference is drawn to the Circular 33/2016- Customs dated 22.7.2016 as amended. The Indian AEO Programme is governed by this circular. Multiple suggestions have been received from various field formations, wherein it has been emphasised that the compliance requirements for AEO T1 are not commensurate with the benefits allowed to AEO T1 en...

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Representation on Extension/ Deferment & Relaxation of E-Form DIR3 KYC

KCAS has requested Corporate Affairs Minister Shri. Piyush Goyal that DIR-3 KYC for the year 2018-19 be should be deferred to January 2019 keeping in view of efficiency of transacting and form filing without hindrance of blockage of DIN as it suits for the directors and professionals to plan efficiently for updation. Text of the […...

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PROTECTIVE RIGHTS – If to consider for controlling percentage?

While analyzing the control aspect on any investments made by an entity, we usually go by the definition which suggests that while evaluating such rights which provides right to variable returns from the entity in which such investment has been made. In other words the control is usually defined to have power over the investee’s [&helli...

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Posted Under: Income Tax |

GST Rate Slabs – 1, 2, 3 Or More !!

Goods and Services Tax (GST) is levied and collected under four broad tax rates, viz, 5%, 12%, 18% and 28%. However, there is a upper ceiling of 40% GST under the law upto which GST would be levied....

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Posted Under: Income Tax |

UAE – VAT (Value Added Tax)

Legal enactment of VAT in UAE: In line with the said Economic Agreement 2001, based on the decision of Supreme Council of GCC, held in December 2015, and keeping in mind the uniformity in imposition of VAT by the GCC States, the decision to establish a unified legal framework for the introduction of a general tax on consumption in the GCC...

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Posted Under: Income Tax |