"04 October 2018" Archive

How to Form GSTR-7 – FAQs and Manual

A. Form GSTR-7 – FAQ 1. What is Form GSTR-7? Form GSTR-7 is a return which is required to be filed by the persons who deduct tax at the time of making/crediting payment to suppliers towards the inward supplies received. Tax deductor has a legal obligation: To declare his TDS liability for a given period […]...

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Companies Amendment Act, 2017- Analysis

OBJECTS OF COMPANIES AMENDMENT ACT, 2017 √ Simplification of Compliances and doing away with unnecessary procedures. √  Lesser regulatory interference and greater self-regulation √  Clarity in the provisions of the Act. √  Encouragement for Startups √  Strengthen Corporate Governance Standard √  Strict Action against defa...

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Income of Indian Plastics Institute from technical lectures, seminars and workshop is exempt

M/s. Indian Plastics Institute Vs The Assistant Director of Income Tax Officer (ITAT Mumbai)

M/s. Indian Plastics Institute Vs Assistant Director of Income Tax Officer (ITAT Mumbai) Considering that the activities of the assessee-trust are for advancement and development for the benefit of its members and public, the art, science, technology and engineering of plastics, natural and synthetic and other related materials which is a...

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STT Rate on derivative contract settled by physical delivery of shares

Association of National Exchanges Members of India Vs SEBI (Bombay High Court)

Association of National Exchanges Members of India Vs SEBI (Bombay High Court) CBDT has clarified that where a derivative contract is being settled by physical delivery of shares, the transaction would not be any different from transaction in equity share where the contract is settled by actual delivery or transfer of shares. It further s...

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Who is Liable to pay GST ?

As you would know, GST is a dual levy with the Centre and States simultaneously levying tax on a common tax base. GST levied by the Centre on intra-State supply of goods or services would be called the Central Tax, while GST levied by the States and Union Territories would be called the State Tax/UT Tax respectively....

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5 Myths / Misconception about GST and Reality

The Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST). Myth 1: I need to generate all invoices on computer/ internet only Reality 1: invoices can be generated manually also. Myth 2: I need internet all the time to do business under G...

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270 Days Time Limit to Complete Insolvency Resolution Process Mandatory: SC

Arcelormittal India Private Limited Vs Satish Kumar Gupta & Ors. (Supreme Court of India)

Arcelormittal India Private Limited Vs Satish Kumar Gupta & Ors. (Supreme Court of India)  Any person who wishes to submit a resolution plan, if he or it does so acting jointly, or in concert with other persons, which person or other persons happen to either manage or control or be promoters of a corporate debtor, […]...

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Sec. 40A(3) applies only to revenue expenditure debited to P&L account

Kalyan Constructions Vs Income-tax Officer (ITAT Hyderabad)

Kalyan Constructions Vs ITO (ITAT Hyderabad) Provisions of Section 40A(3) mention that where an assessee incurs any expenditure in respect of which payments were made to a person otherwise than by way of crossed cheque or account payee cheque, no deduction shall be allowed in respect of such expenditure. It is humbly submitted that when ...

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Applicability of provisions of Customs Act to Cruise Tourism-reg

Instruction No. 15/2018-Customs (04/10/2018)

Ministry of Shipping has taken initiative to promote Cruise Tourism Industry in India. In meetings held in Shipping Ministry, various issues related to Cruise Tourism were discussed. Also, Cruise Companies have sought clarifications with regard to applicability of Customs provisions....

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Penalty U/s. 272A(1)(c) justified for deliberate defiance by assessee

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi)

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi) There was a deliberate defiance on the part of the assessee for non-submission of the same under the pretext that some of the details are available in the records of the Income Tax Department or some of the details are available in the Website of the Ministry of […]...

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