ser Archive - 18 August 2018

"18 August 2018" Archive

PHISHING – Awareness would be a key to save any financial loss

Phishing comes from the word FISHING which essentially means to trap someone into a fake identity by using either fake website, links or via spearing etc. This is one of the major areas which need awareness and at the same time it is really crucial for all FORENSIC ACCOUNTANTS to understand the concept who go for any kind of financial inv...

Read More
Posted Under: CA, CS, CMA |

Letters of Credit (LC): Basic Concepts – Part I

A letter of credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. ...

Read More
Posted Under: CA, CS, CMA |

Big Relief to 100% EOU on account of Waiver of Bank Guarantee for Imports

It has been noticed that the customs department was insisting to furnish the Bank Guarantee from 100% EOU units by virtue of circular no. 48/2017 Customs dated 8th Dec 2017. However, Foreign Trade Policy 2015-20 provides reverse view as below. “Unit will not be required to furnish bank guarantee at the time of import or […]...

Read More
Posted Under: CA, CS, CMA |

Tax-treatment of share of a company in income of an AOP

An Opinion was sought by a company relating to the tax-treatment of its share of income in an association of persons (AOP). Presently, a trend is visible in the Indian business circles, where certain entities including companies undertake big infrastructure jobs, etc. through the medium of a joint venture (JV) with other entities. In othe...

Read More
Posted Under: CA, CS, CMA |

GST Rate applicability on Rakhi

In earlier regime of Indirect Taxes, Rakhis were called Raksha Sutra or Kalava (like sacred Hindu threads Moli) and its HSN code or local VAT Code was given accordingly. After GST, shopkeepers were clueless about the code that should be on rachis....

Read More
Posted Under: CA, CS, CMA |

Duty free clearance of materials imported for Flood Relief in Kerala

Public Notice No. 10/2018 (18/08/2018)

CBIC is receiving numerous requests regarding procedure for duty free clearance of materials imported for relief and rehabilitation of people affected by floods in Kerala....

Read More

Register / Track PAN Card Related Complain / Status

Register and Track your PAN Card Related Complain online and Track Status - Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Card applied through NSDL or UTIISL and they can also check the status of their grievance online. Nature of Complain may be any of the fo...

Read More

Briefing about Restaurant Service under GST Regime

Definition A full service restaurant is defined as a sit down eatery where food is served directly to the customers’ table. These establishments may sell alcoholic beverages; provide takeout, delivery or present live entertainment. The term “full service” can encompass anything from a family-style eatery to an elegant restaurant; fr...

Read More
Posted Under: CA, CS, CMA |

Significant Beneficial Ownership- Lifting Corporate Veil

Companies Act, 2013 Act merely provided for the investigation into the Beneficial Ownership of the company by the central government (CG), if it deems fit. However, section 22 of the Amendment Act contains completely revamped provisions relating to SBO...

Read More
Posted Under: CA, CS, CMA |

Use of words Choice / Value / Superior on packing amounts to branding: AAAR

In re M/s. Aditya Birla Retail Ltd. (GST AAAR Maharashtra)

In re M/s. Aditya Birla Retail Ltd. (GST AAAR Maharashtra) Appellate authority held that the use or words ‘VALUE’,‘CHOICE’ or ‘SUPERIOR’ on the proposed packing, without altering the surrounding environment to take advantage of brand ‘MORE’, would be construed as ‘brand name’ for the purpose of Exemption Notification. ...

Read More