"September, 2018" Archive - Page 40

Exemption to interest income on specified off-shore Rupee Denominated Bonds

Interest payable by an Indian company or a business trust to a non-resident, including a foreign company, in respect of rupee denominated bond issued outside India before the 1st of July, 2020 is liable for concessional rate of tax of five percent....

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Posted Under: Income Tax |

Personal Guarantors and Moratorium under IBC

There was ongoing debate with regards to interpretation of Section 14, Insolvency and Bankruptcy Code that whether moratorium will apply to personal Guarantors as various High Court and NCLAT gave conflicting decision. The Article analysed the same lacuna and states how the law is now settled by the Apex Court Pronouncement....

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Posted Under: Income Tax |

Reasons why GST Annual Return is another disaster in GST implementation

Back to Basics! As per Section 44 of the CGST Act, every registered person (except Casual Taxable person,  Input Service Distributor, Non resident Taxable Person, Person paying tax u/s. 51 or Section 52) must file an Annual Return for the financial year before 31st December following the end of the financial year. If the turnover [&helli...

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Posted Under: Income Tax |

E- Assessment: 167 Income Tax offices have Bandwidth Constraint

F.No. Pr. DGIT(Systems(/ADG(S)-4/E-Assessment/2017-18 17/09/2018

As per the list provided by Directorate Of Income Tax (Systems) 167 Income Tax buildings across the couyntry have limited bandwidth and rest of the buildings are ready for Income Tax e-assessment proceedings....

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Advance Ruling Under GST and Implications of Recent Orders

Article explains about Advance Ruling Under GST, Authority for Advance Ruling (AAR), Constitution of Authority for Advance Ruling under GST, Constitution of Appellate Authority for Advance Ruling (AAAR) under GST, Scope of Advance Rulings under GST, Qualification and appointment of members of the Authority for Advance Ruling, Applicabilit...

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Posted Under: Income Tax |

Use of SUMIF function in excel

Writing an article to appraise readers, how they can use SUMIF in analyzing the financial data. Use of SUMIF in excel: ♠ SUMIF is used to sum up the values of a given range as per the specified criteria. ♠ For example: You are working on GST liability computation and analyzing your ITC register to […]...

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Posted Under: Income Tax |

Analysis of Modification of procedure for interception of conveyances

The CBIC has issued the Circular No. 64/2018 stating the Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances. In these article we will see the detailed analysis of the Circular. 1. Section 68 of the CGST Act read with [&hel...

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Posted Under: Income Tax |

No Government Approval Needed for Remuneration of Top Executives

Ministry of Corporate Affairs vide notification dated September 12, 2018 has effected certain amendments in Section 197 of Companies Act, 2013 relating to Managerial Remuneration payable top executives....

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Posted Under: Income Tax |

TDS Provision under GST

There are certain category of persons for whom registration under GST act is mandatory irrespective of their turnover limits as specified in Section 22 (i.e. Rs. 10 lakhs for special category states and Rs. 20 lakhs for others). These categories have to get register themselves on mandatory basis under GST act by virtue of Section [&hellip...

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Posted Under: Income Tax |

GST Annual Return- A Surgical Strike by Government

If you think GST is a ‘Good and Simple Tax’, you are mistaken. GST is all about technical glitches, daily amendments, and confusions. More the Government tries to put to rest the confusions, the poorer its implementation becomes....

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Posted Under: Income Tax |

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