"06 September 2018" Archive

MCA extends last date of filing Form BEN-2

General Circular No. 07/2018 (06/09/2018)

Time limit for filing the BEN-2 form would be 30 days from the date of deployment of BEN-2 e-form on the MCA-21 portal and no additional fee shall be levied if the same is filed within 30 days from the date of deployment of the said e-form. General Circular No. 07/2018 F.No.01/01/2018-CL-V GOVERNMENT OF INDIA […]...

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All About Proposed Simplified GST Returns – Sahaj And Sugam

Sahaj and Sugam returns are already popular amongst the income tax assessee. Goods and Service Tax council has also come up with the similar returns in order to simplify the return filing process under GST. ...

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Posted Under: Company Law |

Issues with GST like rates & compensation may take some time to settle: N. K. Singh

Acknowledging that there are issues with GST like rates and the compensation which may take some time to settle, he said that Commission will try to make realistic GST projections for states considering that 14% compensation will not be there for states in the last three years of award period of this commission....

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Posted Under: Company Law |

Wharfage Charges is not Rent: TDS not deductible U/s. 194I

M/s. MCC PTA India Corp.Pvt. Ltd. Vs ACIT (ITAT Kolkata)

M/s. MCC PTA India Corp. Pvt. Ltd. Vs ACIT (ITAT Kolkata) Section 35 of Major Ports Act 1963 empowers the Board to execute works providing appliances which includes wharves, quays, docks, stages, jetties, piers and other works within or without the port limits and also moorings and cranes, scales and all other necessary needs and [&hellip...

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5 ways how Flexi Term Loans help your CA firm grow

As a CA/CS/CWA running an independent practice, there are a plethora of situations that may require extra funding. In such scenarios, a loan can help you tackle the expenses that you are likely to incur with ease. While you choose amongst various loans, here’s what you should know about a Flexi Loan that is the […]...

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SC clarifies Retirement Age of ITAT President and Members

Kudrat Sandhu Vs union of India & ANR (Supreme Court of India)

We make it clear that the person selected as Member of the ITAT will continue till the age of 62 years and the person holding the post of President, shall continue till the age of 65 years....

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Reopening Notice is without jurisdiction if it do not specify quantum of tax which escaped assessment

Dulraj U. Jain Vs ACIT (Bombay High Court)

Dulraj U. Jain Vs ACIT (Bombay High Court) Section 147 / Section 148– Reasons recorded do not specify, prima-facie, the quantum of tax which has escaped assessment but merely states that it would be atleast be Rs.1,00,000/-. Prima-facie, we are of the view that the reasons recorded do not indicate reasonable belief of the Asses...

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Mere genuineness of Transaction not enough for non levy of Penalty U/s. 271D

Deepak Sales & Properties Pvt. Ltd  Vs  ACIT (ITAT Mumbai)

Deepak Sales & Properties Pvt. Ltd  Vs  ACIT (ITAT Mumbai) There is no dispute between the parties that bonafide nature of transactions alone would not be sufficient to escape the clutches of sec. 271D of the Act. As per the decision rendered by Hon’ble Supreme Court in the case of Kum. A.B. Shanthi (supra), it […]...

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No Penalty U/s. 271AAA if Assessee substantiated the manner in which undisclosed income was derived

Mahavir Prasad Jaipuria Vs Assist. CIT (ITAT Delhi)

As the assessee had discharged his onus by substantiating the manner in which undisclosed income was derived, being the savings of his wife, and had paid the due tax thereon, no penalty proceedings could be initiated against assessee....

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Monetary limit raised for filing application in Debts Recovery Tribunals

Notification No. S.O. 4312(E) (06/09/2018)

Central Government has considered it necessary to raise the pecuniary limit from ten lakh rupees to twenty lakh rupees for filing application for recovery of debts in the Debts Recovery Tribunals by such banks and financial institutions....

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