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Archive: 18 September 2018

Posts in 18 September 2018

Extend due date to submit Tax Audit Reports & ITR: ICAI requests 3rd time

September 18, 2018 234105 Views 256 comments Print

ICAI has for the third time in less than a month made a request for Extension for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018. Earlier ICAI has made representation dated 31st August, 2018 and 10th September, 2018. Read ICAI 1st Representation on […]

TDS provisions Under The GST Act- All About It

September 18, 2018 5934 Views 1 comment Print

The concept of TDS is simple concept. The recipient deducts tax at the notified rate from the payment due to the supplier and deposits the tax into the government treasury on behalf of the supplier. When the supplier files return, he can claim credit of the tax paid by the recipient on his behalf. Section 51 of the CGST Act deals with the issue of TDS.

GST Form ITC-03 – FAQs & Manual On Filing

September 18, 2018 36402 Views 5 comments Print

FAQs on GST ITC-03 Q.1 What is Form GST ITC-03? Ans: Form GST ITC-03 is to be filled up by those taxpayers who opts for composition scheme or where goods or services or both supplied by taxpayer becomes wholly exempt. This form is to be filed by taxpayers, to pay an amount, by way of […]

NAA penalises Builder for not passing GST Input credit Benefit to customers

September 18, 2018 3888 Views 0 comment Print

Shri Sukhbir Rohilla & 108 Ors Vs M/s Pyramid Infratech Pvt. Ltd. (National Anti-Profiteering Authority) Authority under Rule 133 (3) (a) of the CGST Rules, 2017 orders that the Respondent shall reduce the price to be realized from the buyers of the flats in commensurate with the benefit of ITC received by him as has […]

Extend Tax Audit Due date for Assessees of Kodagu & Malanadu Region: KSCA

September 18, 2018 7419 Views 7 comments Print

The Karnataka State Chartered Accountants Association (R) (in short ‘KSCAA’) is an association of Chartered Accountants, registered under the Karnataka Societies Registration Act, in the year 1957. KSCAA is primarily formed for the welfare of Chartered Accountants and represents before various regulatory authorities to resolve the professional problems faced by chartered accountants and business community.

NCLAT upheld Rs 6,700 cr CCI penalty for cartelisation on cement-makers’

September 18, 2018 1527 Views 0 comment Print

NCLAT Delhi affirms penalty on Ambuja Cements and others for anti-competitive practices. Detailed order upheld, cease-and-desist directive issued.

Bank of Baroda, Vijaya Bank & Dena Bank to be merged

September 18, 2018 2307 Views 0 comment Print

Govt. decided that Bank of Baroda, Vijaya Bank and Dena Bank may consider amalgamation of the three banks. The envisaged amalgamation will be the First-ever three-way consolidation of banks in India, with a combined business of Rs. 14.82 lakh crore, making it India’s Third Largest Bank.

HC set aside RoC’s Order Disqualifying Directors for Non-Filing of Financial Statements

September 18, 2018 4518 Views 0 comment Print

Bhagavan Das Dhananjaya Das Vs Union of India (Madras High Court) (a) When the New Act 2013 came into effect from 1.4.2014, the second respondent herein has wrongly given retrospective effect and erroneously disqualified the petitioner-directors from 1.11.2016 itself before the deadline commenced wrongly fixing the first financial year from 1.4.2013 to 31.3.2014. (b) By virtue of the […]

Deduction u/s 80IA can be claimed without excluding Deduction u/s 80HHC

September 18, 2018 2091 Views 0 comment Print

Parliament did not seek to disturb and / or affect cases where deduction is taken twice over i.e. under Section 80IA and 80HHC of the Act on the same profit, provided it was less than the gross total income as defined in Section 80IB(5) of the Act.

Employees can’t be Penalized if they are not benefitted by any act of Duty Evasion by Company

September 18, 2018 2604 Views 0 comment Print

Employee do not have knowledge or reason to belief that goods are liable to confiscation under Section 111 of Customs Act, 1962, the penalty is not imposable on employee.

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