"17 August 2018" Archive

No need to report clause 30C (GAAR) & 44 (GST) of Revised 3CD Report till 31.03.2019

Circular No. 6/2018 (17/08/2018)

Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred....

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Insolvency and Bankruptcy Code (Second Amendment) Act, 2018

NO. 26 OF 2018 (17/08/2018)

Ministry of Law and Justice notifies Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 vide notification No. 26 of 2018 dated 17th August, 2018....

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Educational Material on Ind AS 115, Revenue from Contracts with Customers

The objective of Ind AS 115 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The core principle of Ind AS 115 is that an entity recognises revenue to dep...

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Posted Under: Income Tax |

Exposure Draft of ASLB 23, Revenue from Non-Exchange Transactions (Taxes and Transfers)

Keeping in view the significance and volume of non-exchange transactions in Government sector, the Exposure Draft of ASLB 23 is being issued which provide guidance on recognition & measurement principles and disclosure requirements in respect of revenue arising from non-exchange transactions in Local Bodies....

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Posted Under: Income Tax |

Know your General Insurance Rights

Before you learn about your rights on general Insurance, you need to first understand what exactly general insurance is and how important it is to claim your rights on it. General insurance is a kind of risk management, used primarily to tide over any sudden loss, risk of a contingent and individuals or institutions are […]...

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Posted Under: Income Tax |

Sec. 10(46) exemption: CBDT notifies ‘Madhya Pradesh Real Estate Regulatory Authority’

Notification No. 39/2018 (10/08/2018)

S.O. 3960(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Madhya Pradesh Real Estate Regulatory Authority, a body constituted by Government of Madhya Pradesh, in respect of the following specified in...

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DGFT Allows import of 125 MT of Peas (under Exim Code 07131000)

Trade Notice No.-25/2018-19  (17/08/2018)

Allowing import of 125 MT of Peas (under Exim Code 07131000) or less (entire quantity as applied) per contract irrespective of advance payment made before 25.04.2018. Reference is invited to the Notification No. 04, dated 25.04.2018 and Trade Notice No. 19/2018-19, dated 05.07.2018, wherein it was provided that RAs shall issue Registratio...

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Amendment of import policy condition of Petcoke

Notification No. 25/2015-2020-DGFT (17/08/2018)

S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby, inserts chapter policy condition No.6 in Chapter 27 of ITC (HS) 2017, Schedule 1 (Import Policy):...

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An Overview of GST Composition Scheme

Goods and Services Tax (GST) introduced to the Indian economy to bring a new regime of business compliance by subsuming most of the indirect taxes such as excise, VAT, service tax etc. In order to minimize the tax compliances for Start-ups and Small and Medium Enterprises, the government has introduced the concept of Composition levy unde...

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Posted Under: Income Tax |

Highlights of Draft Circular on lapse of Input Tax credit on Fabric

The Tax Research Unit of CBIC has issued a draft circular to address the controversy arising due to lapse of credit in respect of fabrics vide Notification 20/2018. The circular deals with calculation of ITC to lapse, impact of lapse of ITC on exports, input services and capital goods and also deals with situations of fabrics where tax ra...

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Posted Under: Income Tax |