"10 October 2018" Archive

GST Practitioners Exam- Date for submitting Form extended

Examination For Confirmation Of Enrollment Of GST Practitioners- The last date of registration which was previously 10th October 2018, is now extended upto 15th October 2018...

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Refund of Maharashtra Voluntary VAT Registration security deposit

Trade Circular No.26 T of 2018. (10/10/2018)

Grant of refunds of the amount deposited by way of security deposit of Rs. 25000 at the time of Voluntary Registration under MVAT Act, 2002....

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Excise duty on Aviation Turbine Fuel reduced to 11%

Notification No. 22/2018-Central Excise [G.S.R. 1019 (E)] (10/10/2018)

Govt. cuts excise duty on Aviation Turbine Fuel to 11% vide Notification No. 22/2018-Central Excise Dated: 10th October, 2018...

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Compulsory Filing of Income Tax Return for Co-Op Housing Societies

Every Co operative Housing Society require to file Income Tax Return on or before due date to get deduction u/s 80P of Income Tax Act 1961 from A.Y. 2018-19...

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Is PPF as tax saving product better than ELSS now

First there was 10% tax on equity share and equity oriented mutual funds schemes (ELSS is an equity oriented scheme) and now the recent increase in the PPF rates accompanied with meltdown in the equity market has created a perception that PPF has become a better tax saving product than ELSS.  Is it really so? Let us […]...

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Priority of Tax Dues In Liquidation?

Leo Edibles & Fats Limited vs TRO (Andhra Pradesh High Court)

The manner of distribution of the assets of a company during liquidation is fraught with ambiguity and settlement of such claims arising out of it has inconvenienced the parties concerned since the advent of the Insolvency and Bankruptcy Code, 2016 (Code). ...

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GST Rate on tobacco leaves procured at auction platforms or from farmers

In re Pragathi Enterprises (GST AAR Andhra Pradesh)

In re Pragathi Enterprises (GST AAR Andhra Pradesh) Applicant has sough advance ruling on following issues- 1. What is the rate of GST applicable on tobacco leaves procured at tobacco auction platforms or directly from farmers, which are cured and dried by farmers themselves? 2. If the applicant purchases tobacco leaves form other dealers...

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Allow filing of GST TRAN-1 either online or manually: Rajasthan HC

SRF Limited Vs Additional Commissioner (Rajasthan High Court)

SRF Limited Vs Additional Commissioner (Rajasthan High Court) Hon’ble Rajasthan High Court after taking cognizance in a bunch of writ petition filed, relating to loss of right to avail balance of input tax credit on account of technical difficulties in filing TRAN 1 has  directed the additional Commissioner to provisionally enterta...

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Don’t know which Mutual Funds to invest in? Listen to experts

In an era plagued by an erratic financial climate, mutual funds have arrived as a breath of fresh air. Not only does it offer higher monetary returns but also provide people with an opportunity to own a diversified and a professionally managed basket of securities at a reasonably low cost....

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Tax Implications on Import of Software

In the recent years, the taxability of software payments has become hotly debated topic in the tax courts both in India and outside India. The term software is generally understood to mean computer software though the term software is not restricted only to computer software. ...

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FAQs – E-Filing Audit Report

After writing few articles of the intricacies of the E-filing of Tax audit report we are receiving regular queries from various fellow professionals , out of which we have selected some of the common questions which are being answered here for the benefit of other readers and fellow professions....

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Deeming Fiction for Real Estate: Is It beyond Reality?

One of the most controversial provisions, which had a huge impact on the taxation of Real Estate Transactions, was the introduction of concept of Deeming Fiction through Section 50C....

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Domestic Transfer Pricing Provisions in India

After the grand success of International Transfer pricing, through which huge transfer pricing orders slapped on companies with cross-border operations in the financial year 2011-12, Hon’ble Finance Minister has cast his net wider and deeper for the next one by including Specified Domestic Transactions in the purview of Transfer Pricing...

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Alternate Minimum Tax For Non Corporate Assessee

Alternate minimum tax means the Amount of tax computed on the adjusted total income.AMT is a way collecting the minimum tax from the tax payers. Assessee shall be liable to pay tax on such income at a rate eighteen and one-half per cent (18.5%).It is not an additional tax levied on the taxpayer....

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MVAT: Restoration of notification dt. 26/08/2009 regarding e-704

Notification No. No. VAT/AMD-2018/1B/ADM-8 (10/10/2018)

Commissioner of Sales Tax, Maharashtra State, Mumbai, (a) rescinds the Notification No. VAT/AMD-2018/1B/ADM-8, dated the 5th June 2018 and shall deemed to have been always rescinded with effect from the 5th June 2018....

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Scope for CS Under Intellectual Property Right (IPR) Law

INTRODUCTION Intellectual property (IP) pertains to any original creation of the human intellect such as artistic, literary, technical, or scientific creation. Intellectual property rights (IPR) refers to the legal rights given to the inventor or creator to protect his invention or creation for a certain period of time. These legal rights...

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No GST on supply of goods located outside India to customers within India without physically bringing goods to India

In re Enmarol Petroleum India Pvt. Ltd. (GST AAR Maharashtra)

In re Enmarol Petroleum India Pvt. Ltd. (GST AAR Maharashtra) Question 1:- Whether the applicant is liable to pay GST on the supply of goods located outside India to customers within India without physically bringing the goods to India? Answer :- Answered in the negative. Question 2:- Whether the out & out supplies in the […]...

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e-Book on Bahrain VAT – 48 Things you must know

This e-book on Bahrain VAT by CA Pritam Mahure contains the following- Contents Value Added Tax (VAT) in Bahrain About the Author Forewords 1. Basics of indirect taxation. 2. Primer on VAT. 3. VAT in GCC. 4. About Bahrain. 5. Taxes in Bahrain. 6. Things you must know about VAT. 6.1 VAT is payable on […]...

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