"18 September 2018" Archive

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

ICAI/DTC/2018-19/Rep–36 (17/09/2018)

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 […]...

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Posted Under: Income Tax | ,

TDS provisions Under The GST Act- All About It

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...

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Posted Under: Income Tax |

GST Form ITC-03 – FAQs & Manual On Filing

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 […]...

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Posted Under: Income Tax |

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

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 pro...

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Posted Under: Income Tax | ,

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

Ambuja Cements Limited Vs Competition Commission of India & Ors. (NCLAT Delhi)

Ambuja Cements Limited Vs CCI & Ors. (NCLAT Delhi) The ‘Builders Association of India’ filed information under Section 19(1) (a) of the Competition Act, 2002, alleging anti-competitive agreement against the ‘Cement Manufactures’ Association’ (hereinafter referred to as “CMA”- the ‘Opposi...

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Posted Under: Income Tax | |

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

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....

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Posted Under: Income Tax |

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

Bhagavan Das Dhananjaya Das Vs Union of India (Madras High Court)

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...

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Penalty U/s. 271E not valid in absence of finding in order of AO with regard to applicability of section 269T

CIT Vs Manohar Lal Thakral (Punjab and Haryana High Court)

Where in case of assessee there was only processing of return under section 143(1)(a) and, there was no finding in order of AO with regard to applicability of section 269T to assessee’s case, no penalty under section 271E was permissible....

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

M/s. Indian Gum Industries Ltd. Vs  JCIT (Bombay High Court)

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....

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

M/s Global Cambay Marine Service Pvt Ltd Vs C.C. (CESTAT Ahmedabad)

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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