"13 August 2018" Archive

Independence of Income tax audit report in Question due to GST?

Arjuna (Fictional Character): Krishna, On 15th August India’s Independence Day is celebrated enthusiastically. Nowadays its very difficult to maintain one’s own independence from slavery of another person. The introduction of new Income Tax Audit Report on August 20 for the financial year 2017-18 would require to give details of GST a...

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Posted Under: Income Tax |

GHOST EMPLOYEES – Forensic into payroll

Now a day’s accounting frauds are on rise to be reported related to Payroll in which a FRAUDSTER manages to create some employees master file which actually do not exists and manage to take away their all benefits by way of FRAUD....

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Posted Under: Income Tax |

GST: Mechanism to deal with High-pitched / Un-reasonable demands

Circular No. CCST ,Ref.No.GST/36/2018 13/08/2018

In continuation of the measures of this department relating to the grievances of tax payers, the department desires to create a mechanism to deal with high pitched/ un-reasonable demands. There will four Nodal Committees in the State as follows to receive grievances of the tax payers....

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Safeguard duty on Solar cells whether or not assembled in modules or panels

Instruction No. 12/2018-Customs 13/08/2018

Vide notification No. 1/2018-Customs (SG), dated the 30th July, 2018, safeguard duty has been imposed on Solar cells whether or not assembled in modules or panels falling under sub­heading 8541 or tariff item 8541 40 11 of the Customs Tariff Act, 1975 at specified rates for a period of two years....

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SEBI HLC Report on Settlement Mechanism

SEBI seeks public comments on the ‘Report on the Settlement Mechanism’ submitted by the High Level Committee (HLC) under the Chairmanship of Justice A. R. Dave (retd.)...

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Posted Under: Income Tax |

Should you use a credit card or a Flexi Loan for your CA firm

When it comes to raising unsecured finance for your chartered accountancy firm, a credit card and a Flexi Loan both appear to be viable options, as they are easy to access and provide you the funds that you need. However, it is worth spending a few extra minutes deciding which option suits your needs more closely and is more beneficial to...

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Posted Under: Income Tax |

GST on services related to degree course affiliated to specified universities

In re Emerge Vocational Skills Private Limited (GST AAR Karnataka)

In re Emerge Vocational Skills Private Limited (GST AAR Karnataka) Question- Whether the services provided by the applicant in affiliation to specified universities and providing degree courses to students under related curriculums are exempt from Goods and Services Tax vide entry no. 66 of the Notification No. 12/ 2017 – Central Ta...

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No GST on education board prescribed Lab manuals for School Students

In re Evergreen Publication (India) Ltd. (GST AAR Punjab)

In re Evergreen Publication (India) Ltd. (GST AAR Punjab) Lab manuals generally for class 6th to 12th printed by printing / publishing industry as prescribed by education boards and written by author(s), whether is tax free product falling under heading 4901 attract nil duty? The Lab Manual being published by the applicant which comprises...

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Tax Evasion Cannot Be Presumed If Goods In Transit were Not Marketable

Bhawani Automobiles a partnership firm Vs The State of Bihar (Patna High Court)

Dept. t explanation for cancellation of e-suvidha declaration. Appellant replied that the goods being transported were Auto three wheelers fitted with BS III Engines and because sale thereof were prohibited by the judgment of Hon’ble Supreme Court and the goods which were being transported stood reduced to scrap and were not marketable,...

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SEBI (Employees’ Service) (Third Amendment) Regulations, 2018

Notification No. No. SEBI/LAD-NRO/GN/2018/29 13/08/2018

SEBI makes the following regulations to further amend SEBI (Employees' Service) Regulations, 2001, namely SEBI (Employees' Service) (Third Amendment) Regulations, 2018....

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